Big Vision of Azuki: Azuki’s Sales Volume Surpass BAYC

1. Recently, the sales volume of the Azuki series NFT soared again, surpassing the Bored Ape Yacht Club.

2. The connotation of PFP projects has gone far beyond a picture. They not only have speculative value, but also have more social value, which is also called "status as a service".

3. Azuki's target audience is extremely clear, that is, generation Y and generation Z, who have widely recognized this kind of American street style art, watching Japanese animation grow up.

4. On March 7, Azuki's fragmented NFT project "Bob, the Bean Farmer" was officially minted, which decomposed Azuki#40 into 50,000 pieces through Fractional.art. The first minted projects produced 20000 NFT out of 50000 pieces, and each NFT sold for 0.01 ETH.

In our blog post “What You Need to Know About Azuki - the Popular NFT Project”, released on February 28, we introduced Azuki, an animated avatar NFT project that was released in January this year. Recently, the sales volume of the Azuki series NFT has soared again. According to Coinmarketcap data, the total sales volume of Azuki series NFT reached 15000 ETH on the 7th, surpassing the famous Bored Ape Yacht Club, and ranking first in all NFT projects.


In addition to the sharp increase in total sales, the number of Azuki NFT whales also increased by 24, or 16.44%, in one week. In addition, several cryptographic KOLs also purchased the Azuki series NFT recently. According to Etherscan data, on March 24, dingaling (NFT collections) purchased a total of 13 Azuki NFTs with approximately 100 Ethereum through Gem; On March 27, crypto KOL Shenyu (Discusfish.eth) purchased 20 Azuki NFT in a cluster via Gem for a total price of 374.9ETH, followed by five more.

It is reported that the recent growth of Azuki NFT may be related to the theft of Arthur's hot wallet, founder of Defiance Capital. On March 22, Arthor's hot wallet was hacked, causing a loss of approximately $1.6 million, including 17 Azuki NFTs, which were sold on Opensea at a lower price. The theft also boosted Azuki's popularity to a certain extent.

Azuki and the culture behind NFT avatars

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NFTs such as Azuki, CryptoPunks and Bored Apes are also referred to as the PFP project (Profile for Picture). They are generally used as personal profile photos for display on social networks, which are often called avatars in the Chinese media space. Several social media including Twitter, Facebook and Instagram have launched or plan to launch NFT avatar authentication function, and the real owner of NFT can obtain special identification on his personal account.

The number of PFP projects is only approximately 20% of all NFT projects, but its market value exceeds half of the whole NFT market. Now, the connotation of PFP projects has gone far beyond a picture. They not only have speculative value, but also have more social value, which is also called "status as a service". Holding and using NFT avatars of a certain category has become an "identity" on social media, which can highlight their social status, or help holders show their taste, shape their positioning and image, and quickly explore the same kind in the vast crowd. The high popularity also brings a wide range of commercial value. In reality, giant enterprises such as Adidas have also begun to cooperate with PFP project parties to jointly launch image related peripheral products. NFT images such as CryptoPunks and Bored Apes are gradually becoming a trend and a "cultural symbol" of our times. Using and owning NFT avatars are also considered to be representatives of avant-garde, fashion and rebellion.


From this perspective, Azuki's target audience is extremely clear, that is, watching Japanese animation, generation Y and generation Z, who are widely recognized for this kind of American street style art. This generation can be said to be the aborigines of the Internet, the rebels of the current mainstream culture, and the promoters of Web 3.0. As stated in its roadmap, Azuki is expected to establish the largest decentralized brand established and owned by the community in the metaverse.

But at present, NFT projects such as Bored Apes are often criticized as games that only the rich can participate in because the price of one token is too high. In order to reduce the threshold of project participation and expand the scale of the community, Azuki also took the lead in the attempt of NFT fragmentation. On March 7th, Azuki's fragmented NFT project "Bob, the Bean Farmer" was officially minted. The project decomposed Azuki#40 into 50,000 pieces through Fractional.art. Each fragment is represented by BOBU tokens, the concurrent ERC-1155 tokens, which also represents ownership and governance rights. The first minted projects produced 20000 NFT out of 50000 pieces, and each NFT sold for 0.01 ETH.

Conclusion

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On March 30, Azuki #9605 traded at 420.7ETH, approximately $1.42 million, the highest trading price in the history of the NFT series. Since Yuga Labs (the parent company of bayc) announced the acquisition of CryptoPunks and Meebits on the 12th of this month, Yuga series NFT has occupied a dominant position in the whole NFT market. Presently, Azuki is expected to become a major challenger of Yuga series NFT.



Author: Gate.io Researcher: Ashley H.
* This article represents only the views of the researcher and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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