In the past 24 hours is rough in the NFT market – especially if you’re the holders of Azuki and Beanz. As you might have known, both projects’ floor prices fell off the cliff – about 40-50% drop, actually. Azuki fell from 20-sih ETH to below 10 ETH. Beanz from 5-ish ETH to below 2 ETH.
The reasons? Read this thread by the project creator himself, Zagabond.
I fucked up.
After the spaces today, I realized my shortcomings in how I handled the prior projects which I started. To the communities I walked away from, to Azuki holders, and to those who believed in me — I’m truly sorry.
— ZAGABOND.ETH (@ZAGABOND) May 11, 2022
There are plenty to discern here. And plenty of takeaway from the tweets. But as I see the holders are fleeing away from Zagabond’s projects, it’s easy for me to conclude a couple of things:
#1. Cancel Culture
Today is the year of cancel culture. When someone is misstepping, the hate is on. Zagabond admitted (for whatever reasons) that he rugged the 3 projects before Azuki. Instead of taking it as it is – revealing the truth – people take it even further, hating on the next projects, Azuki and Beanz.
People also demand apology from Zagabond – which is understandable, though. Even I discover one tweet not worth posting here, spreading Asian hate due to this. SMH.
Zagabond said that the 3 rugpulled projects are considered as a “learning” process. IHMO, rugpulling on NFT projects isn’t necessarily a good way to learn, especially when you involve other people’s money. To me, it’s just bad intention. Even noobs know that not keeping your promise alway means a bad thing.
But again, “learning” is different to each and every person. To be fair, Azuki has risen to the blue chip level, and remains a great project, which is proven by the plenty of derivative NFT projects & strong floor price (before Zagabond tried to come clean.)
As we all know, the crypto and NFT market is very much emotionally driven. FOMOing, going degen, HODLing, FUDding – all are often without any backing from proper researches.
The twitterverse and cryptoworld is full of FUDs on the whole situation, scaring and worrying holders – many of whom chose to sell their Azukis and Beanz and bail out from the troubled NFT collections – leaving HODLers / project believers in the dry, holding the bag, hoping for the prices to somehow recover, so that they can recover some ETH from the collections.
The Result: The “Demise” of Azuki?
Will all of those cause the demise of Azuki? Maybe. Maybe not. The collection is still holding on, but as the time of this blog published, the floor price is still below 10 ETH, with no sign of recovering, whilst other projects are rebounding from the red NFT market yesterday.
I truly hope that Azuki will return to its glory, but to be honest with you, the toothpaste has gone out of the tube; what’s been said and done can’t be retracted, and Zagabond and his projects’ NFT holders’ can only life by the impact and carry on – wherever it will be.
It’s a sad situation, really.