The irreplaceable token market has experienced another week of sluggishness, with trading volume further declining and a certain degree of resilience in the floor price. Despite the downward trend, the founder of Azuki remains optimistic and insists that irreplaceable token collections will continue to exist.
Zagabond’s Arrogance about NFT
In a blog post on June 27, the founder of Chiru Labs, Zagabond, shared his views on the current state of the irreplaceable token market. Despite the market reaching historic lows in the past few days, Zagabond remains steadfast in his belief in NFTs. NFT sales volume has decreased by over 3% in the past seven days.
There will be expensive collectible NFTs. There will be high supply and cheap NFTs. There will be NFTs that offer membership, there will be NFTs for gaming items… There will be NFTs for token yields, and so on… NFTs will continue to exist — ZAGABOND. ETH (@ZAGABOND) June 27, 2024
Zagabond and his team founded Chiru Labs in 2021, a digital asset incubation studio and home to many irreplaceable token collections, including Azuki and Azuki Elementals. The former is a limited collection of 10,000 irreplaceable tokens hosted on the Ethereum network, while the latter is a fixed supply of 20,000 Ethereum-based NFTs.
Other NFTs created by Zagabond include Beanz, a collection of 19,950 fixed version NFTs hosted on the Ethereum blockchain, and Azuki Elemental Beans, a limited collection of 5,387 NFTs hosted on Ethereum.
Don’t Worry, NFTs Will Persist
In a recent speech, Zagabond expressed his belief that irreplaceable token collections will continue to exist. However, he anticipates significant divergence in NFTs in the coming days. The Azuki NFT founder mentioned that there will be some NFTs as expensive collectibles, some with high supply and low prices, some offering memberships, as well as NFTs for gaming projects and some with token yields.
Data compiled by CoinGecko.com, an on-chain cryptocurrency market data aggregator and multi-chain irreplaceable token browser, shows that Chiru Labs’ flagship irreplaceable token collection Azuki saw a 5.9% surge in sales today. In the past 24 hours, Azuki accumulated a trading volume of 83 ETH, with a market value of 108.85 million USD and a floor price of 10,885 USD.
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