Azuki NFT had a significant fall to its lowest level for the first time since the late-March.
Azuki, one of the most popular NFT collections, saw its prices fall after its founder disclosed a previous affiliation with abandoned NFT projects.
The NFT collection prices dropped by approximately 50 percent. The NFT’s floor price dropped 21 percent to 11 Ether (approximately $26,200), its lowest level since late March.
Azuki Floor Price Falls By 23% In The Last 24 Hours
In a blog post, Zagabond disclosed that he founded and abandoned three projects within one year. The fictional founder disclosed his involvement in abandoned projects such as CryptoPhunks, CryptoZunks, and Tendies. Azuki received a tremendous amount of online backlash. As a result, buyers and investors are uncertain about the projects.
The trading volume on the Azuki NFT has increased by 1,329 percent in the past 24 hours due to rumors and fear. The current floor price for the Azuki is 14.88 ETH (approximately $35,500). Over the past twenty-four hours, prices have decreased by over 23.81 percent. Despite contrary sentiments, the NFT collection appears to have recovered somewhat. According to the data, the 24-hour trading volume is 11,700 ETH (approximately $27.9 million) with approximately 760 sales.
However, the Azuki NFT collection has fallen to eighth place among the leading projects. Its total floor cap is 148,800 ETH (approximately $354.8 million). On May 4, 2022, Azuki reached a recent high of 31.04 ETH (approximately $73.7K).
This is the result of a recent surge in the project’s prices, which caused it to briefly surpass the Bored Ape Yacht Club as the most valuable NFT collection.
Zagabond stated in his revelation letter that Azuki was constructed using the lessons learned from previous projects. They instructed him “to lead, not to follow.” In the meantime, he dropped the assertion that Azuki is in for the long haul and enjoys previous projects. Regardless of Bull or Bear market conditions, the Azuki is aiming for the Web3. However, the transition will be challenging.
Some developers believe that the Zagabond did not make this announcement emotionally. He may have done this to protect the company’s projects, as this information would have quickly spread.