Zagabond, a pseudonymous founder of the popular Azuki non-fungible token (NFT) collection, has triggered a wave of criticism after posting a blog statement saying the project has failed to form a "lasting community." In the post published on Mirror.xyz, Zagabond says the team "did everything" it could to gain traction for the project:
Ultimately, we realized that although memes were powerful, they could only take us so far. Although the community loved the story behind the blind chef who had an equal chance of cooking up a golden “tendie” or burning the restaurant down (Story Product), a project needed real substance to create a lasting community.
Zagabond also tried to explain the move saying that "builders need to experiment and innovate for web3 to be able to challenge web2." However, that argument didn't work well as users blamed the artist for rug pulling the NFT community for the third time.
According to data from OpenSea, Azuki generated over 211,000 ETH (~$487 million) in trading volume, with the floor price standing at the 15.4 ETH mark.
Shortly after the news broke, the price of an Azuki NFT on the secondary market dropped by 45% to 10.9 ETH (~$24,000), according to CoinDesk. Zagabond says the team behind Azuki will continue to share its learnings in order to "push the space forward."
Prior to Azuki, Zagabond's team worked on CryptoPhunks, Tendies and Cryptozunks. As of press time, all of the projects are abandoned by the original team.
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