Key Takeaways:
- Consisting of 10,000 generative manga avatars, Azuki NFTs entered the top 10 all-time NFT sellers at $565.3 million in sales.
- Azuki sales are hitting the charts, Chiru Labs, the official team’s company, may even outcompete BAYC.
- The Azuki team partnered with WorldWide Webb last month, a play-to-own social metaverse.
There are cartoons and there are manga cartoons. The latter diverge from childhood hyper-reality in that they withhold the test of time as kids grow up.
For this reason, Japanese manga, encompassing comics, cartoons, and animations, penetrated the global market and into the digital world like Azuki NFT.
To illustrate, just Demon Slayer: Kimetsu no Yaiba sold 82 million copies in 2020.
In fact, one of the top sci-fi movies of the last decade, Edge of Tomorrow with Tom Cruise, is based on the manga novel All You Need Is Kill. On the back of this unique art style and growing popularity came Azuki NFTs.
Although foresight is better than hindsight, Azuki investors were proven right for taking the leap into this 10,000-strong manga collection.
Azuki NFTs Gain Ground
Consisting of 10,000 generative manga avatars, Azuki NFTs entered the top 10 all-time NFT sellers at $565.3 million in sales. This puts it at rank 8, sandwiched between CloneX and VeeFriends. Since March, the average Azuki price tripled, from around Ξ10 to over Ξ30, according to OpenSea data.
Presently, the average Azuki floor price stands at Ξ25 ($80k), with the top seller being Azuki #9605, selling for Ξ420.7(at the time $1.4m). Interestingly, the claimer going by the Twitter handle @treboomin is a member of the RedBeanDAO.
This decentralized autonomous organization (DAO) serves as a pooling fund for those who are laser-focused on acquiring Azuki NFT avatars.
As you can see from the chart above, Azuki NFTs are gradually but firmly increasing in price between the periods of stagnation, which could have served as a prime buy-the-dip opportunity.
You may wonder why the DAO is called Red Bean. To make Azuki truly global, the team’s slogan has been “Take the Red Bean.” This is reminiscent of the Bored Apes Yacht Club (BAYC) approach, in which community engagement created a self-fulfilling prophecy of BAYC millionaires.
Those who paid attention could have seen Azuki’s success coming. In just four minutes, the first 8,700 Azuki’s sold for $29 million, marking one of the fastest launch sales since NFTs became a thing.
At the rate Azuki sales are hitting the charts, Chiru Labs, the official team’s company, may even outcompete BAYC.
Out of every Azuki NFT, Chiru Labs makes 5% royalty resale. Azuki #9605 is the second-rarest its collection. Out of 12 generative attributes, including the core attribute type — human, blue, red, spirit — it is the last spirit category that is the rarest one with only 97 Azuki NFTs.
The average price has come a long way from the original mint price of Ξ1 on January 12th. In fact, because of the minting mechanic allowing for up to 5 Azuki mints, that Ξ1 price had dropped by Ξ0.05 every 20 min until reaching Ξ0.15.
It was three days later, on January 15th, that the public sale commenced, with the price having been equalized with the last Azuki NFT sold on Dutch Auctions, which was Ξ2.74.
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What Is the Azuki Ecosystem Like?
Judging by the fact that many Azukis hold weapons, one might have guessed that they would eventually do this actively in a blockchain game. This would be correct, as the Azuki team is poised to create a flourishing metaverse ecosystem dubbed “The Garden.” The plan is to make it into:
- Azuki 3D, a blockchain game
- Airdrops
- IRL – events, collectibles, streetwear, and even a record label
- DAO
- $BEAN Token
As with other similar projects, such as ApeCoin, BEAN tokens will be the centerpoint of Azuki experience. In fact, the Azuki team members have been calling themselves “human beans” from the beginning.
As a phonetic mispronunciation of “being”, the human bean meme has a long history, hailing all the way back to 1952 from the children’s novel The Borrowers. In that story, there were two types of humans in size, so the smaller ones referred to average-sized humans as human beans.
Speaking of Azuki beans, they are mostly located in the US, Los Angeles, covering a wide work history, from Google and Facebook to DeFi and esports.
As far as the current state of the roadmap goes, they launched a clothing lineup in late February, spearheaded by red jackets to fit in with the theme. Now, more sophisticated and exclusive-looking offerings are coming online.
As for events, the Azuki team partnered with WorldWide Webb last month, a play-to-own social metaverse. They co-hosted the Bobu Bash event. Virtual attendees who visited the Kyoto Gardens in-game area received pixel avatars and other giveaways.
The beans strategy of supplying anime/manga art to the market has been a massive success so far. Given the popularity metrics of this perennial art style, one wonders why we haven’t seen a similar high-quality project from the beginning of the NFT emergence. Azuki NFTs are certainly making up for the delay.
Azuki NFT Could Be the Next Big NFT Phenomenon
Azuki brings some interesting ideas to the NFT and metaverse space and investors are certainly flocking to it. With partnerships, the BEAN token, and even a clothing lineup, this could result in a new trend that could take the community by storm. It’s a project well worth looking at.
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