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Azuki is one of the most well-known projects in the NFT track. Even after the founder’s self-exposure on Mirror and the dispute between Azuki DAO and ZAGABOND, Azuki is still attracting much attention. Recently, speculation about Azuki’s upcoming coin issuance has brought Azuki back into the public eye.

Speculations about Azuki's coin issuance caused a huge market shock

On January 6, Azuki’s official X account followed and retweeted Weeb3 Foundation’s tweet about its move toward an open anime universe. The profile of Weeb3 Foundation’s X account is “Building an open metaverse, driven by $ANMIE.” The community speculated that Azuki might be brewing some plans, or even that $ANMIE is a token that Azuki is about to issue.

Immediately afterwards, affected by the news, the transaction volume of this series of NFTs continued to rise. Azuki’s 24H transaction volume was 4934.65 ETH, an increase of 336.18%; Azuki Elementals’ 24H transaction volume was 1267.28 ETH, an increase of 1,510.45%; Beanz’ 24H transaction volume was 308.85 ETH, an increase of 932.08%.

However, with the fluctuation of the overall market, due to the lack of follow-up dynamics and information release, Azuki's 24-hour trading volume has fallen sharply. As of 14:00 on January 8, the author's 24-hour trading volume of Azuki fell by -47.77%, and the 24-hour trading volume of Azuki Elementals fell by -73.39%, which is in sharp contrast to the previous rise.

After all the twists and turns, Azuki is still highly concerned

Azuki has been smooth sailing since its birth, and has quickly become one of the three giants along with CryptoPunks and BAYC. As an NFT with a strong Japanese comic style, its success lies not only in its artistic value (recognition of its benefits and painting level), but also in its successful fusion of Eastern and Western cultures.

But Azuki's subsequent journey was extremely bumpy: the founder ZAGABOND self-destructed and was irresponsible, and the same image appeared when Elementals went on sale. In the end, it relied on the power and trust of the community to save itself, but the project's bad deeds and conflicts of ideas have always existed. The community can save it once or twice, but it cannot save it all the time, even though it has 66 communities created by Azuki enthusiasts.

The dramatic market fluctuations caused by community speculation not only prove Azuki’s fusion magic and community influence, but also show that Azuki has always been highly concerned by people and has extremely high expectations for it.

FOMO emotion dominates, the power of market testing

In fact, Azuki and SanFranTokyo both retweeted Weeb3 Foundation’s tweets, so some people speculated that the two organizations may have established some kind of cooperative relationship and planned to develop and operate NFTs around the anime brand ecosystem. The token $ANIME will help Azuki rebrand through Weeb3 Foundation.

Let’s not worry about whether Azuki will issue coins, or what the relationship is between Weeb3 Foundation and Azuki, or even what plans Azuki has in the works. I believe that this “incident” is still driven by the market’s FOMO sentiment.

Mainstream currencies led by BTC and ETH, as well as the recent rotation of sectors affected by the market, have given people more expectations for NFT. As expectations for the landing of ETFs and a new round of bull market cycles continue to strengthen, NFT, once the focus of the market, has been mentioned repeatedly, but the long-term sluggish market of the NFT track is not enough to carry the emotional power of the entire market, until Azuki forwarded the tweet of Weeb3 Foundation. It can be said that this is another test of market forces.

From an industry perspective, the NFT market has not undergone any greater direct or indirect changes due to this incident. As industry builders, we agree that the NFT project focuses on operations and narratives, which is also the only way for traditional brand building. However, at this stage, NFT is a complex composed of communities, circles, tickets, and subject matter. It has neither jumped out of the public's perception of the underlying financial tools, nor has it been able to complete its own evolution and appreciation through its own nature and capabilities.

Whether it is ApeCoin or Azuki's coin issuance, if we only look at it from a market perspective, it is only the project's own operation strategy and attempt, and it cannot be said to have an impact on the NFT track. Whether the NFT momentum can be revived depends on whether there are more honest and reliable projects that do practical things; it depends on the continuous innovation and attempts of leading projects and emerging projects; it depends on whether NFT can play its role well in the new round of market cycle while making new breakthroughs.

In short, in the new cycle, NFT has a promising future, but more efforts are still needed, especially for projects like Azuki that have huge community power and market influence.

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