NiftyNoon: Can Azuki Possibly Live Up to the Hype?

As the Azuki floor price soars, questions about expectations management have begun to spread (June 8,2023)

Nifty Thought

• Azuki’s steady climb in floor price has been staggering at a time when most other major collections are collapsing. This time last year, 1 Moonbird was worth almost 2 Azukis. Today, 1 Azuki is worth more than 8 Moonbirds with the cheapest Azuki selling for more than the most rare Moonbirds do. However, with a high floor price comes high expectations. As discussed previously on NiftyNoon, much of this move up has been in anticipation for the upcoming Azuki Las Vegas event. The last time Azuki saw such widespread excitement was in the days leading up to their 2022 NFT LA event. The parallels are striking. In both cases, the floor price had crept to around 18 ETH in anticipation for the event.

• The outcome of NFT LA rewarded true believers with each holder being airdropped 2 Beanz worth 8 ETH each (nearly $25K each at the time) and the Azuki floor itself climbing to a staggering 33 ETH. This was, however, during the frothiest era of the NFT profile picture market where projects such as Bored Ape Yacht Club saw floor prices reach a staggering 160 ETH. Today’s market is clearly very different with a fraction of the market participants and liquidity. With this context in mind, it seems highly unlikely that any NFT project from any team can possibly live up to these lofty expectations. However, Chiru Labs has shown time and time again that they are the exceptions to the NFT market rules. While it is likely logical to de-risk on Azuki assets during this floor price pump, the team may surprise everyone with a few tricks up their sleeves.

Highlighted News

• CZ addresses multiple FUDs currently going on:

  

  https://twitter.com/cz_binance/status/1666456108863479816?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• A majority of Crypto and NFT Twitter seems to have been shadowbanned over night:

  

  https://twitter.com/mb__nft/status/1666462203447263234?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Controversial BAYC holder sells pfp:

  

  https://twitter.com/onftsven/status/1665913908023148545?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Project and Community News

• SEC seeks restraining order to freeze Binance US assets:

  https://twitter.com/watcherguru/status/1666179626404642819?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Coinbase “Numbers don't lie” video:

  https://twitter.com/coinbase/status/1666135834062467083?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Coinbase CEO shares Stand with Crypto commemorative NFT:

  https://twitter.com/brian_armstrong/status/1666256488950812672?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Bored Ape Yacht Club shares issue 3 of the Animated Comic on YouTube:

  https://twitter.com/boredapeyc/status/1666505441860263949?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Alts by Adidas presents transition to Chapter 2 with Rift Valley Motel Vending Machine coming soon:

  https://twitter.com/altsbyadidas/status/1666463653275525121?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Bean List is dedicated to securing the best opportunities for Azuki holders, no matter the chain:

  https://twitter.com/thebeanlist/status/1666130967231094790?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Blur announces Bidding Points have been updated to reward bidders who take real risk with the most points:

  https://twitter.com/blur_io/status/1666569172837625856?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• RTFKT shares RTFKT x RIMOWA Forging event is extended until June 30th:

  https://twitter.com/rtfkt/status/1666520474925277189?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Franklin (@franklinisbored) announces he will be joining the NFT Inspect council:

  https://twitter.com/franklinisbored/status/1666462040796413956?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• The Eternal Pump #9 receives $175K bid:

  https://twitter.com/michaelbouhanna/status/1666501620832542732?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Background info on yesterday's sale of Fidenza #545 for 625 ETH (1.17 million):

  https://twitter.com/nf_suzanne/status/1666496425868288020?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Quick Stats:

• OpenSea ETH Daily Volume: 2,081 ETH (▼ 18.14%)

• Blur ETH Daily Volume: 8,795 ETH (▼ 42.91%)

• BTC: $26,463.49 (▼ 0.57%)

• ETH: $1,844.66 (▼ 0.75%)

• Solana: $18.73 (▼ 5.63%)

• Polygon: $0.78 (▼ 1.81%)

NFT Daily Winners:

• 🥃 Proof Collective: 7.50 ETH (▲ 2.74%)

• 🦉 Moonbirds: 2.19 ETH (▲ 2.08%)

• 🏴‍☠️ Captainz: 9.15 ETH (▲ 1.23%)

• ⛩️ Azuki: 17.56 ETH (▲ 0.63%)

• 🏳️‍🌈 Chromie Squiggles: 10.90 ETH (► 0.00%)

NFT Daily Losers:

• 🧬 Clone X: 2.67 ETH (▼ 0.36%)

• 🧝🏼‍♀️ DigiDaigaku: 3.18 ETH (▼ 0.63%)

• 🧟 Mutant Ape Yacht Club: 9.86 ETH (▼ 1.02%)

• 🐈‍⬛ VeeFriends: 1.93 ETH (▼ 1.03%)

• 🦧 Bored Ape Yacht Club: 46.06 ETH (▼ 1.57%)

• 🐧 Pudgy Penguins: 4.55 ETH (▼ 1.58%)

• 🚬 CryptoPunks: 50.99 ETH (▼ 1.85%)

• 🌈 Doodles: 2.19 ETH (▼ 2.07%)

• 🥔 Potatoz: 2.83 ETH (▼ 3.41%)

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