The popular collection of Azuki NFTs seems to be experiencing an increase in its floor price, thanks to rumors of a possible partnership with Weeb3 Foundation. The sharing of a tweet by Azuki from Weeb3 has sparked these rumors. 

Azuki NFT: the floor price rises thanks to rumors about the partnership with Weeb3 Foundation

It was Saturday, January 6, 2024, when Azuki, the popular NFT collection, shared on its X account, the tweet from the Weeb3 Foundation.

This move would have generated a series of rumors about a possible partnership between the two, to the point that the prices of the NFT collection experienced a rapid surge. 

And indeed, according to what CoinGecko shows, on that January 6th the floor price of Azuki NFT was 6.06 ETH, while the following day the price skyrocketed to 7.96 ETH.

From that moment, Azuki NFT has reached a price of 6.09 ETH on Saturday, January 13th, while for all the other days the floor price has been above 7 ETH. At the time of writing, in fact, the minimum price of Azuki NFT is 7.238 ETH. 

In these 12 days since the retweet triggering a possible partnership with Weeb3 Foundation, there have been no official announcements regarding it. This means that the rumors have remained just that. 

Azuki NFT and the rumors of a partnership with Weeb3 Foundation

In addition to retweeting, however, it seems that there are other factors that connect the two projects. On one hand, the rebranding of the Weeb3 Foundation, led by the ANIME token, appears to be very similar to Azuki’s marketing. 

In this regard, rumors indeed speak that ANIME could become the next token of Azuki. 

Another factor that leads to believing in the partnership is that SanFranTokyo, another NFT project that has heavily invested in the ANIM3 token, has retweeted these posts further consolidating the idea of a joint venture.

In general, the partnership could be the beginning of an ecosystem for anime brands, which in NFT collections is a rather unexplored realm.

However, considering that the NFT project is based in the United States, there are concerns about potential legal ramifications with the SEC.

The recovery of the floor price 

The Azuki NFT collection, famous for its profile pictures used by the crypto-community, is in a phase of recovering its floor price. 

And indeed, looking at its price chart, it seems that the last crash occurred at the end of June 2023, when the price dropped from 17 ETH to 6 ETH. 

Not only that, by mid-August 2023, the minimum price of Azuki’s NFT collection was at 3.5 ETH. 

The curve then made a change of direction starting from October 2023. In fact, in just one month, the floor price of the collection has risen by 47%, reaching 5.3 ETH.

With the beginning of 2024, then, Azuki NFT has not yet returned to 5 ETH, especially after the pump of the first Saturday of the year. 

The floor price of the NFT Azuki collection, famous for its profile images used by the crypto-community, has risen 47% in the past month. Specifically, the price has risen from 3.7 ETH thirty days ago to the current 5.3 ETH. 

NFT Azuki and the 47% increase in floor price over the past thirty days

According to CoinGecko‘s platform, it appears that the floor price of the Azuki collection has increased by 47% in the past thirty days. Specifically, the price has increased from 3.7 ETH to 5.3 ETH. 

Azuki is an NFT collection with a total market cap of more than $90 million and currently priced at 5.3 ETH, the equivalent of $9,039. 

The collection, launched in early 2022, represents 10,000 unique NFTs, in the pfp format, and that is commonly used as a profile image by the crypto-community. The unique Azuki prices are generative NFT avatars inspired by anime-style artwork, with a distinct artistic style. 

All 8,700 Azuki NFTs, available for mint, were sold for 1 ETH, in a Dutch auction that sold out in 4 minutes. In addition, an unspecified number of the remaining NFTs were minted through a private whitelist sale, which sold for 0.5 ETH each.

NFT Azuki: the price trend of the collection since launch

At the time of writing, there are as many as 4,219 unique owners of the NFT Azuki collection, but viewing the total graph of its floor price, the story is quite different than it seems. 

And in fact, after launch, the floor price of the NFT collection of Azuki’s pfp profile images peaked at 31.8 ETH on 3 April 2022. 

Then from 11 May 2022, the price dropped to as low as 8.3 ETH. From there, the price fluctuated, always remaining above that floor price. 

At the beginning of July 2023, however, the floor price fell below the threshold, initially touching 6.43 ETH, down to 3.55 ETH in August. In this past month alone, the price of the NFT collection has been pumping. 

The launch of Elementals 

Last June 2023, Azuki launched its new Elementals collection, consisting of 20,000 NFTs, also on Ethereum. 

Again, the Dutch auction mode was chosen for the initial sale, with a starting price of 2 ETH per NFT, the equivalent of $3,750 each at that time. 

The idea expressed by Chiru Labs, the Web3 startup behind Azuki, is to expand the original anime-themed project with additional profile images. 

The previous owners of NFT Azuki received one of the Elementals, leaving half of the supply for public sale. 

In this regard, in July 2023, the decline in Azuki’s floor price was associated precisely with the NFT Elementals collection, which was accused of mismanagement by the team.

Not only that, critics also accused the team of holding 20,000 ETH with no progress in the past year.

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The recent decline of Azuki, a major NFT project, has raised concerns about the possibility of an NFT bear market. 

The decline of Azuki’s floor price from its peak of 16.5 ETH to 5.5 ETH, representing a significant drop of 67%, was triggered by a FUD (Fear, Uncertainty, and Doubt) event surrounding the project. 

The community accused Azuki’s new series, NFT Elementals, of team mismanagement and holding 20,000 ETH with no progress in the past year. 

This led to the filing of a lawsuit by Azukidao, composed of whales and community members, against Zagabond, the founder of Azuki, and a proposal to refund the 20,000 ETH.

Azuki is not the only case; the NFT sector is on edge

Azuki‘s decline was not an isolated case. Other leading NFT projects, such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), have also suffered significant declines in their base prices. 

BAYC’s base price fell below 30 ETH with a 23% drop in the last 7 days, while MAYC experienced a 30 % drop in the same period. 

This downward trend has also affected NFT lending platforms, with significant decreases in Total Locked Value (TVL) in one day. Paraspace’s TVL fell 11% in the last 24 hours, BendDAO’s by 53%, and Blur lending’s by 26.7%.

Despite the drop in floor prices, trading volume on NFT platforms has increased in recent days. 

This indicates that there is intense market activity and significant turnover on the fund. The market is going through a period of adjustment, and panic selling can lead to short-term price declines. 

However, it is essential to recognize that a decline in the NFT market does not necessarily indicate the decline of the entire industry.

In fact, the NFT market is at a crossroads, where price fluctuations become more pronounced in the short term due to the emergence of NFT derivatives. 

These derivatives include lending platforms, indexes, perpetual contracts, and other innovative products that have gained ground. 

While the current market settling may bring challenges, it also presents opportunities.

The importance of approaching these situations with a balanced perspective should be emphasized

Once the FUD surrounding Azuki and other projects subsides, there will often be room for recovery and growth. 

Projects such as Blur, which demonstrate technological innovation and overall growth in product data, may experience a brief rebound after the sharp decline in the NFT market. 

This presents an opportunity for users interested in short-term trading to pay attention and potentially capitalize on this market fluctuation.

It is critical to approach the situation with a balanced perspective. While the decline of Azuki and other blue-chip NFT projects causes concern, it is important to consider the broader NFT ecosystem and the potential for recovery and new opportunities. 

The NFT market has proven resilient in the face of past challenges and is likely to adapt and evolve in response to the current situation.

FUD events, such as the one involving Azuki, can have a significant impact on investor confidence and lead to only temporary bearish sentiment. 

The recent decline should be seen as a correction rather than a complete collapse of the NFT ecosystem. 

Projects that can weather the storm, address the concerns raised by the community, and demonstrate their long-term viability have the potential to recover and thrive.

In addition, the current drop in ground prices presents an opportunity for collectors and investors who have been sitting on the sidelines due to high entry costs. 

Lower prices may entice new participants to enter the market and diversify their NFT portfolios. Increased trading activity during market downturns often provides opportunities for value investments and strategic acquisitions.

The NFT market does not depend solely on the price performance of major projects such as Azuki

It is worth mentioning that the NFT market does not depend solely on the price performance of individual projects. 

The growth of NFT derivatives, such as lending platforms, indexes, and perpetual contracts, indicates the expansion of the NFT ecosystem beyond just collectibles. 

These derivative products offer investors additional opportunities to participate in the market and hedge against price volatility. 

As the market matures, these innovative financial instruments are likely to play a more significant role in stabilizing the overall NFT market.

In addition, regulatory developments and industry standards may also play a crucial role in shaping the future of NFTs. 

As the industry gains mainstream attention and adoption, regulatory frameworks may be established to protect investors and ensure transparency. 

Greater regulatory clarity can bring stability and confidence to the market, attracting institutional investors and fostering further growth.

In conclusion, although the recent decline of Azuki and other first-rate NFT projects has created a sense of uncertainty, it is essential to view this phenomenon as part of the natural evolution of the market. 

The NFT ecosystem is still in its early stages and fluctuations are predictable. However, as the industry continues to mature, opportunities for growth and innovation remain abundant. 

Investors and collectors who conduct thorough research, evaluate project fundamentals, and stay informed about market developments can weather the current downturn and position themselves for long-term success. 

Ultimately, the future of the NFT market will depend on the resilience of projects, the introduction of innovative financial products, regulatory developments, and the continued interest and support of participants in the ecosystem.

Azuki launches a new Elementals collection of its own, consisting of 20,000 NFTs on Ethereum, the sale of which will begin today. 

Azuki and the new 20,000 NFT collection on Ethereum: Elementals

Azuki, the NFT project that has quickly become one of the most popular on the PFP (profile images) scene, has launched its new collection: Elementals. 

It consists of as many as 20,000 Ethereum-based NFTs scheduled to be sold today via Dutch auction, with a starting price of 2 ETH per NFT, the equivalent of more than $3,750 each. 

The Azuki Elementals sale opens on Tuesday, June 27 at 9:00 AM PT. ⁰Elementals will be available to reveal immediately after sale ends.

Full details below. pic.twitter.com/hKBwzIUE58

— Azuki (@Azuki) June 25, 2023

The idea of Chiru Labs, the Web3 startup behind Azuki, is precisely to expand the original anime-themed project with additional profile pictures (PFPs) through Elementals. 

To that end, owners of the previous 10,000 NFT Azuki collection have already received one of the Elementals, leaving half of the supply for public sale.

Azuki and the new 20,000 NFT collection on Ethereum: the art has not yet been revealed

What is special about this NFT sale is that for those who received the Elementals via airdrop, the art has not yet been revealed. Not only that, what we know is that the NFT Elementals will consist of randomized attributes of varying rarity. 

The collection will contain four levels of Elementals that will be randomly distributed during both the pre-sale and public sale.

In addition to that, from what the tweet suggests, the same owners of Azuki NFTs (the previous collection), will have a preferential presale for ten minutes to participate in the Dutch auction of Elementals. 

Owners of Beanz NFTs, a collection derived from Azuki, will also have an additional 10 minutes later to grab Elementals NFT.

And finally, the public sale will be on at 9:20 AM (PST). The Dutch auction will see the initial price drop every 5 minutes, until stocks run out. 

Blockchain ranking in the Non-Fungible Token sector

Recently, it was analyzed how among the blockchains that facilitate NFT transactions, Ethereum continues to be the leader, accounting for a substantial portion of the sales volume. 

Just like Azuki, the majority of popular NFT collections continue to use the smart contract blockchain par excellence. 

So much so that in the past week, ETH-based NFT sales increased by 18.11% in seven days, while Bitcoin (BTC)-based NFT sales also saw an increase but only by 10.84%. 

Besides Ethereum and Bitcoin, Solana, BNB Chain and Mythos blockchains also seem to be gaining ground, remaining in the top five blockchains for weekly NFT sales.

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