Project Azuki records its first NFT sale for $1 million

Azuki, the hottest non-fungible token (or NFT) project in terms of transaction volume in 2022, just reached a new milestone.

The avatar project developed on ethereum debuted in January with its first sale of over $1 million on Tuesday night (29th).

Azuki #9,605 sold on the OpenSea marketplace for 420.69 ETH, which is equivalent to $1.42 million at the time of sale. That’s more than double the project’s previous record sales: Azuki #4,666 sold for 204 ETH (or $586K at the time of sale) on February 13.

Twitter user”Trebmin” tweeted that he and other members of the Red Bean DAO — a decentralized autonomous organization (or DAO) centered on Azuki — sold Azuki #9,605 for 120 ETH (~296,000 ETH) in January USD) price.).

The buyer listed on the market is the user Bitcoin 4 Freedom on Twitter.

Azuki is an avatar project with 10,000 avatars – each with multiple traits and random visual elements. Its approach is similar to projects like Bored Ape Yacht Club (or BAYC) and CryptoPunks, although it has an anime-inspired aesthetic.

NFTs act as blockchain-powered receipts proving the governance of digital projects. Profile pictures and other items such as sports collectibles and interactive video game items are in high demand in the NFT industry.

According to the website DappRadar, the transaction volume of the NFT industry will reach $25 billion in 2021.

Azuki was founded by Chiru Labs, a team of four anonymous developers that reportedly includes former Facebook and Google employees, as well as former startup founders who participated in the Y Combinator accelerator program.

The pseudonymous approach is similar to that of BAYC’s creator, Yuga Labs, although some of the Yuga founder’s identity was revealed in a controversial article buzzing Published in February.

Azuki launched in January and quickly became one of the most popular projects, garnering hundreds of millions of dollars in transaction volume within a few weeks. According to the CryptoSlam website, the project has generated about $456 million in transaction volume to date.

It was one of OpenSea’s record-breaking January major projects, with major NFTs processing more than $5 billion in transaction volume between Ethereum and Polygon.

Polygon is a sidechain (parallel blockchain) scaling solution for Ethereum that enables cheaper, faster and more energy efficient transactions.

The market has since calmed down, with OpenSea trading at $3.65 billion. Data from Dune Analytics suggests that March was much less computationally intensive.

During the downturn, Azuki was one of the biggest projects in February, trailing only Bored Ape Yacht Club and Mutant Ape Yacht Club (or MAYC) over the past 30 days, according to CryptoSlam.

According to Rarity Sniper, Azuki #9,605 is listed as the second rarest image in the NFT collection, which ranks NFTs based on their characteristics. The project’s largest NFT, Azuki #2,152, sold for 500 ETH (nearly $1.69 million) on the OpenSea marketplace.

The creators of the project are exploring future expansions, as well as the boring ape yacht club, including the launch of a holder-only product, a possible development of a metaverse, and an ecosystem token called BEAN (like ApeCoin).

*Translated by Daniela Pereira do Nascimento with permission Decrypt the website.

Leave a Comment

Your email address will not be published.