Trials and Errors
Zagabond, the founder of the famous Azuki NFT project now valued at about $723.5 million spent Tuesday creating an uproar online. The founder revealed that he had formerly tried to build up to three now-abandoned NFT projects. Following a series of criticisms from the NFT space, the founder has apologized for his statement.
The three projects Zagabond was referring to are CryptoPhunks, Cryptozunks, and Tendies. Zagabond’s tweet claims that the projects failed since they did not have the needed community support. Other reasons he claimed were responsible for their collapse were the early exit of team members as well as the expensive gas fees required on Ethereum.
When Zagabond made his tweet, a lot of replies supported him for being honest on the journey that led to the founding of Azuki NFTs. The hostile section of the same NFT space was not so pleased with him.
A user who goes by “zachxbt” asked in his reply if Web 3.0 is the same as shutting down three projects in under one year? The user further named some alleged misconducts related to Cryptozunks developers who pretended to be women in order to sell the project.
Another user who goes by “dxv_eth” made allegations that Zagabond once agreed that he was going to build a marketplace project for Cryptozunks. The user claimed he also promised to buy Metaverse for it so the ecosystem could be strengthened but he failed to do any of those before abandoning the ship.
After several criticisms from some part of the NFT community, Zagabond held a Twitter Spaces where he offered an apology. He said he recognized he had shortcomings with the way he handled the previous projects.
CryptoPunk’s Heavy Loss
A piece of NFT from the original project of CryptoPunks got sold at a huge loss of 86% on the 8th of May. The #273 on the CryptoPunk project was sold at 265 ETH, worth about $1.003 million last October. The NFT has since gotten off the high level in the midst of the bad times going on in the crypto market.
The NFT sold for just $139,836 over the weekend. It was a devastating experience for observers and those familiar with the CryptoPunk collection.
The CryptoPunk project from Larva Labs had a period of boom all through 2021 and it just got bought over by Yuga Labs in the month of March. Yuga Labs is the brain behind the popular Bored Apes Yacht Club NFT project. The takeover by Yuga Labs does not seem to have much impact in the NFT space right now.
Meanwhile, Dapper Labs has announced that it is now in partnership with Instagram which will allow its NFTs to be supported by Instagram. It came after Dapper Labs secured $725 million in funds to boost its Flow blockchain.