The irreplaceable token market has experienced another week of downturn, with trading volume further declining and the floor price showing some resilience. Despite the downward trend, the founder of Azuki remains optimistic and insists that the irreplaceable token collection will continue to exist.
Zagabond’s Arrogance towards NFT
In a blog post on June 27th, Zagabond, the founder of Chiru Labs, shared his views on the current state of the irreplaceable token market. Despite reaching historic lows in the past few days, Zagabond remains steadfast in his belief in NFTs. The sales volume of NFTs has dropped by more than 3% in the past seven days.
Expensive collectible NFTs will exist. There will be high-supply and low-priced NFTs. NFTs offering membership, NFTs for gaming items… NFTs with 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. Chiru Labs is a digital asset incubation studio and the home of 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, which is a limited collection of 19,950 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 that are expensive collectibles, some with high supply and low prices, some offering membership, 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 Azuki, the flagship irreplaceable token collection of Chiru Labs, experienced a 5.9% surge in sales today. Over the past 24 hours, Azuki accumulated a trading volume of 83 ETH, with a market value of $108 million and a floor price of $10,885.
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