Summary, History and Status of Azuki

Summary, History and Status of Azuki

Summary, History and Status of Azuki

…and what to do with it?

NFTs

·

20 min

Summary, History and Status of Azuki

…and what to do with it?

NFTs

·

20 min

Summary, History and Status of Azuki

…and what to do with it?

NFTs

·

20 min

Summary, History and Status of Azuki

…and what to do with it?

NFTs

·

20 min

TL;DR: With a new update or NFT collection being released almost every day, it’s clear the crypto ecosystem is constantly evolving. Azuki is one of the NFT collections paving the road to the digital universe — but it’s just the beginning. Knowing what brought it here and why it was created will lead you to make better decisions when investing or simply interacting with Azuki.

In this article, we’re gonna dive into the Azuki lore, answer all the Azuki related questions and even more. Prepare yourself for a fantasy story and a journey to the future of Azuki!

What is Azuki?

Azuki is an NFT collection of 10,000 anime-based avatars that live on the Ethereum blockchain.

The lore of Azuki is actively being developed by the community. However, the creators have set a base for the community to add to the story.

In the heart of a vibrant city lies a hidden gem known as "The Alley." Bustling with life and a medley of aromas from street food stalls, it's a place where people from all walks of life gather. However, for Azukis, this bustling alley holds a secret, a key to a mystical world within the Azuki universe—the enchanted Garden.

Amidst the lively ambience, an Azuki named Shao embarks on a journey. In the midst of this bustling scene, Shao's eyes catch sight of a mystical red bean. It's no ordinary bean; it possesses magical properties. This is the key to unlocking the Torii gate that guards the entrance to the Garden.

After the bean is consumed, a magical transformation occurs. The Torii gate, invisible until this moment, begins to materialize, revealing itself to those who have partaken in this mystical act. It's a breathtaking sight—a faint blue portal shimmering with an invitation to venture beyond, into the mysterious realm of the Garden.

As the Torii gate shimmers before Shao, the mystical invitation from the Garden beckons them closer. With a sense of purpose and an adventurous spirit, Shao steps through the gate, crossing the threshold into the magical Garden.

Upon arrival, a sprawling city, Hilumia, comes into view. A metaverse masterpiece crafted by the Azuki community, it is an embodiment of creativity and collaboration. The skyline adorned with vibrant lights, the bustling streets, and the distant laughter of children in the toy store—all are a testament to the dedication of Azuki enthusiasts.

The landmarks within Hilumia hold stories of their own, inspired by past product drops and community badges. Each corner tells a tale, bringing to life the essence of Azuki's journey thus far. It's not just a virtual city; it's a living tapestry of the Azuki community's shared experiences and aspirations.

Amidst the various attractions, a gym stands tall, a symbol of resilience and strength—characteristics cherished by the Azuki community. An arcade center echoes the joy and playfulness that Azukis embody. And then, there's "Love Island," a realm of romance and connection, showcasing the bonds formed within the community.

Shao explores this captivating metropolis, soaking in the unity and passion that built Hilumia. The PBT in Shao's possession resonates with the digital pulse of this vibrant city, a symbol of the fusion between Azuki's digital world and the very real impact of its community.

In this immersive and interactive landscape, Shao realizes that the Garden, with its heart in Hilumia, is a testament to the incredible journey of Azuki. The Garden, shaped by the community's creativity, embraces each Azuki with open arms, inviting them to be a part of something greater than themselves.

The lore of Azuki introduces a new set of characters called the BEANZ. These friendly legumin creatures are the sidekicks of Azukis. 

These tiny beanz aren't just your ordinary quiet types; they're the chatterboxes of the NFT world. They gossip and gab with each other through quirky noises, like a bunch of cryptic code-breaking parrots. And that's not all—their communication isn't just auditory; they're like the mimes, waving their tiny hands and splattering digital walls with graffiti to get their points across.

The BEANZ collection is made out of 19,950 NFTs.

The latest addition to the Azuki collection is Elementals, a collection of characters within the four domains of the Garden: Earth, Fire, Lightning and Water.

The Elementals collection is made out of 20,000 NFTs.

Because they are the newest addition, there is an open gap for the community to build on top of their lore. 

You too can be part of the Azuki journey by owning an Azuki, BEANZ, or Elementals NFT!

Owning an NFT is different than screenshotting a JPEG - just like holding an original Rembrandt is more valuable than owning a replica. As their name suggests, NFTs are non-fungible by design. This is different from digital tokens like Bitcoin and Ethereum. 

Fungible assets can be exchanged for another asset of the same type, much like BTC, ETH, or even fiat. NFTs, on the other hand, are unique assets where their ownership details are documented on the blockchain, ensuring digital scarcity and unique attributes for each asset.

But how exactly is digital scarcity being enforced? 

The concept of NFTs first emerged in 2012 with the creation of Colored Coins, which could be used to represent real-world assets on the blockchain. However, Colored Coins only worked in a permitted environment, making it more similar to a database than anything else. 

As the crypto industry became more popular, people have continued to experiment with the idea of a digitally scarce asset. This led to the creation of ERC-721 and ERC-1155.

The ERC-721 standard is like a set of rules for making NFTs. These actions help in making special tokens with their unique information, making them different from one another.

Behind the scenes, ERC-721 smart contracts keep a list of who owns which token, making it safe to pass tokens from one person to another. The contract also keeps count of how many tokens there are altogether and how many each person has.

As previously mentioned, Azuki NFTs are secured by the Ethereum blockchain. Ownership and transaction history are publicly visible on the Ethereum blockchain along with other important info such as the NFT's metadata.

Understanding how to access an NFT's metadata is essential for holders to grasp the specifics of what they're buying.

Metadata usually includes visual attributes like color, type, wearables, and so on. On the blockchain, it looks something like this:

Azuki have their own set of traits that make up their uniqueness. These are background, clothing, ear, eyes, face, hair, headgear, mouth, neck, offhand, special, and type. 

Meanwhile, BEANZ have a dozen distinctive traits: clothes, wearables, eyes, mouth, and, notably, their personality. In comparison to Azuki NFTs, which usually have a laid-back and serene appearance, BEANZ showcases a wider range of diversity. They can exude energy, positivity, and chaos, or even exhibit a noisy and assertive demeanor. Conversely, some BEANZ displays a more contemplative and tranquil style.

Some traits are rarer than others, which makes a specific NFT stand out from the rest. For example, there are only 97 spirit-type Azukis in existence. Overall, rarity is determined by the mix of these traits. 

The Azuki NFT collection has been autogenerated. This means that out of the potential combinations, only 10,000 Azuki NFTs will ever exist!

What is the utility of Azuki?

Azukis make for an awesome avatar pic, but it’s also your ticket to the exclusive holders-only Discord channel and many more perks.

Owning an Azuki NFT grants you access to an exclusive world of streetwear, NFT drops, and live events. In 2022, exciting events like the Azuki Garden Party and NFT.NYC unfolded, offering unique experiences for holders. Moreover, holders were treated to various Azuki merchandise, including the limited-edition Twin Tigers Jacket.

On April Fool’s Day 2022, the team surprised the community with not one but two unexpected airdrops for all Azuki NFT holders. Initially appearing as a pile of dirt, some thought it was a playful April Fool’s prank. To their surprise, this dirt blossomed into the delightful Beanz collection, becoming the trusted companions to every Azuki character.

Currently, the team is conducting a web3 experiment to fractionalize Azuki #40, also known as Bobu. Essentially, this NFT will be securely stored in a vault, and its fractions will be owned by various individuals. Each fraction grants the owner a vote in the governance of the vault, which influences Bobu's destiny. An example of a governance proposal might revolve around decisions like, 'Should the Bobu treasury fund an animated short featuring Bobu and other Azukis?’

In addition to this, the team is exploring the potential of RPGs or Anime utilizing the community’s NFTs. They are also considering the formation of a DAO and even contemplating the creation of a $BEAN cryptocurrency down the line. Many ideas, and even existing examples in the NFT space, inspire these possibilities. However, the team is committed to ensuring that if they pursue these endeavors, they do it meticulously and effectively.

Azuki's intricate lore unveils a captivating world with diverse locations like The Alley, The Ruins, and Hilumia. Each locale promises distinct experiences, activities, and opportunities for exploration.

Besides owning the bragging rights, Azuki owners have access to Hilumia, a metaverse city crafted by the community. This metropolis is made out of several attractions where Azuki holders can be publicly interacted with. 

As the Azuki brand expands, NFT holders will be able to continually earn rewards. Whether you are hodling for a season or longer, the Azuki ecosystem continues to explore new ways of keeping holders engaged.

Who created Azuki?

Azuki was created by Chiru Labs in January 2022. Chiru Labs is a Web3 studio made up of 5 core members. 

The creators of Azuki are pseudonymous, but their short bio reveals they have extensive experience in the DeFi space as well as the VC space.

One of the co-founders, HOSHIBOY, has earned acceptance into YCombinator twice and leads the design aspect within the Azuki ecosystem.

Another co-founder, 2 PM.FLOW brings a background as a former Google engineer and alumnus of YCombinator.

A third co-founder, LOCATION TBA, previously worked at Facebook and is presently focused on constructing the Azuki metaverse.

In the course of their journey, the team has successfully brought on board other vital talents to enhance the Azuki ecosystem:

Arnold Tsang, the former art director for Overwatch and a passionate pixel art enthusiast, now serves as the art director.

NJOO, an artist renowned for their work in the legendary Street Fighter comics, contributes to Azuki as an artist.

Daph, with expertise in esports, plays a vital role as the community manager for Azuki.

DEMNA, a former product manager at Google, now directs Azuki products.

Out of all the Azuki founders, Zagabond is the only one who revealed his face. His moniker was inspired by Musashi Miyamoto, the Japanese samurai protagonist from the manga “Vagabond.”

Growing up, Alex Zu aka Zagabond, led a nomadic life, moving from China to Germany, then to New York, and later settling in New Jersey during middle school. He attended seven different schools by the age of 18, always seeking challenges and growth in each new place he called home.

In his adult years, working at Amazon and Google made him feel like a small cog in a massive machine. He yearned for a more meaningful path, ultimately finding it in the decentralized world with 0xProject. This experience illuminated the potential of NFTs, particularly inspired by the success of projects like Bored Ape Yacht Club.

Before Azuki, Zagabond launched three NFT projects: Phunks, Tendies, and Zunks. Despite encountering setbacks with these ventures, he garnered invaluable insights emphasizing storytelling, originality, and a clear purpose. With these lessons, he took a bold step, quitting his job in September 2021 to establish Azuki.

Zagabond believes that the secretive nature of the Azuki founders adds an allure of mystery. Eventually, all their identities will be doxxed due to the inquisitive nature of the internet.

The emergence of Chiru Labs is somewhat of a mystery too. The Azuki NFTs dropped out of the blue and quickly gained the attention of the crypto community for their art quality. 

Originally, Azuki was planned for a Dutch Auction, where the sale starts at a set price and decreases over time until it reaches the final sale price. The starting Azuki mint price was 1 ETH, with a gradual reduction of 0.05 ETH every 20 minutes, eventually aiming for 0.15 ETH. However, Azuki never dropped to 0.15 ETH. In fact, it sold out within three minutes at the initial 1 ETH mint price, barely reaching the first price reduction.

To provide context, Azuki released 8,700 NFTs in its public sale, initially priced at 1 ETH ($3,400 at the time). This resulted in the founders initially amassing approximately 8,700 ETH, valued at over $29 million on the sale day. The following day, a private whitelist sale began, where an undisclosed number of Azuki NFTs were minted at 0.5 ETH each, adding an extra $2 million per NFT to the team.

In the weeks after the Azuki launch, the collection achieved approximately $300 million in secondary sales volume across numerous major NFT marketplaces. The initial success rapidly propelled the Azuki project's floor price into the double digits in ETH, significantly enhancing its popularity within the NFT space.

On May 22, five months after Azuki launched, it was discovered that Zagabond was behind three “failed” NFT mints: Phunks, Tendies, and Zunks. Because these NFTs were regarded as rug pulls by the NFT community, many collectors and enthusiasts began suspecting that Azuki would be just another rug pull.

Upon discovering the past projects Zagabond was involved in, the Azuki community witnessed a sharp drop in the floor price from 20 ETH to 10 ETH within a single day. In order to rebuild trust, Zagabond promptly transferred ownership to the Phunks community and issued a formal apology on Twitter. Despite the controversy, he has remained actively involved in shaping the Azuki brand.

Who is developing Azuki now?

Azuki is being maintained exclusively by Chiru Labs. As of 2023, the Azuki DAO was formed, but they hold no real decision power as we are about to see. 

Chiru Labs is tasked with building the technology stack that powers the Azuki metaverse. In the vision of Zagabond, in order to stay true to its vision of building a decentralized brand, Azuki had to move beyond digital products. 

So far, Chriu Labs has been responsible for two major breakthroughs in NFT infrastructure:

The first one is the Physical Backed Token. Inspiration struck Zagabond when he witnessed the community's genuine enthusiasm firsthand—first during the Garden Party event in Los Angeles in March, and then at the Enter the Alley exhibition during NFT NYC. It was during these events that the idea of PBT (Physical Backed Token) was born.

On October 22, 2022, Chiru Labs revealed this groundbreaking technology. PBT represents a unique category of NFTs that can't be digitally transferred unless the possessor has the physical item with a BEAN Chip. By scanning this chip using a smartphone, a PBT is minted, confirming ownership and introducing the concept of "scan-to-own."

A proof of concept was implemented in eight skateboards fully coated in 24K gold. This marked Azuki's first venture into tangible goods, proving highly successful by achieving a staggering sale of $2.5 million in ETH on October 23rd. 

Chiru Labs is also responsible for the ERC721A token standard, an improved implementation of the IERC721 standard that supports minting multiple tokens for close to the cost of one.

Investors are also an important component of the Azuki ecosystem. Although they don’t get involved directly in the governance of the project, they do exert an influence over the brand’s expansion into the mainstream. 

In October 2022, Zagabond revealed that Chiru Labs plans to raise at least $30 million in an upcoming Series A funding round – valuing Chiru Labs at $300-400M. As of 2023, the investment hasn’t been confirmed.

As previously mentioned, Azuki is being led by Chiru Labs and the Azuki DAO. The story of Azuki DAO is linked to the latest mint from Azuki, the Elementals.

For more context, Azuki launched a new collection called Elementals in June 2023. Elementals were exclusively mintable by those who held the original Azukis and BEANZ. These fresh NFTs constituted half of a collection encompassing 20,000 PFPs, and all of them were swiftly sold within a mere 15 minutes.

This sale generated an impressive 20,000 ETH (equivalent to $39.4 million) for Chiru Labs. The mint price stood at 2 ETH ($3,900). As for the original Azukis, a set of 10,000 PFPs, their floor price presently stood at 6.3 ETH ($12,400).

As it turns out, Elementals were just like the original Azukis – nothing new was added. This realization infuriated the community, which accused Chiru Labs of pulling out a “slow rug.” Basically, Azuki holders would have the value of their NFTs diluted by another collection that looks almost identical to the originals.

In Web3 fashion, Azuki holders united under the Azuki DAO to retrieve the 20,000 ETH from Zagabond. 

Azuki DAO initiated a proposal on July 2 to take legal action against Zagabond, using his previous activity in the NFT industry as fuel. 

It is crucial to highlight that this DAO hasn't been formally instituted and comprises approximately 70 members at present. There's an ongoing discussion about whether it genuinely reflects the perspectives of Azuki NFT holders. Furthermore, some community members hold the belief that pursuing legal action against Zagabond may not genuinely advance the project.

In order to vote on the proposals, AzukiDAO has issued the $BEAN token based on the number of Azuki, Elementals, and BEANZ NFTs. 

As of 2023, AzukiDAO is still fighting to reclaim ownership over the Azuki ecosystem and become what they’ve always aspired to a community-driven project, owned and governed by those who cherish it.

How does Azuki make money?

Now, let’s get to the juicy part – how does Azuki make money?💰 (No, flipping and rug pulling are not the correct answers)

The answer to this question is strongly related to intellectual property. 

Think of popular trademarks such as Mickey Mouse, Spider-Man, or Coca-Cola. Every time you see movies, books merch, or posters with them, know that the owners of the IP get a share of the profits. The same thing goes for NFT holders, in theory. 

When it comes to NFTs, it’s quite challenging to fit them into the traditional framework of copyright law. To give more context, owning an NFT doesn’t mean holders have automatic control over the creative work. This creative control needs to be granted by the creator. 

As such, NFT holders should pay attention to what IP rights, if any, come with owning the NFT. Chiru Labs has authorized the use of the IP of any individual's Azukis. This means NFT holders have full commercial rights to the art in their owned wallets. The limits on derivatives or other commercial uses are stipulated in the Azuki License Agreement.

Another way of generating revenue is via royalties. Chiru Labs perceive a 5% royalty fee from any secondary sales.

Chiru Labs successfully leveraged the NFT bull run in the initial half of 2022, amassing a total revenue exceeding $90 million from various income streams throughout that year.

The lion's share of the revenue was derived from Azuki, the primary collection, contributing $30 million from mints and $44 million from royalty earnings. The second collection, Beanz, added $12.5 million in royalty earnings. 

Additional income included the Golden Skateboard auction ($2.5 million) and the sale of Azuki hoodies ($1 million).

The mission of Azuki is to be featured in movies, animes, and games. With the popularity they’ve gained overnight, Azuki has been part of several collaborations with Web3 brands and beyond.

Over the course of one year, Azuki has managed to become the 5th most popular NFT collection. Their fame has attracted a number of collaborations with brands from Web3 and beyond.

The first mainstream appearance of Azuki was via a partnership with K-pop sensation Epik High at Coachella 2022. For the duration of the set, Azuki visuals have been featured on the stage.

On April 14, it was announced that Azuki NFT “Bobu the Bean Farmer” was set to join the outer space mission ‘Crew-4’ to the International Space Station with SpaceX and NASA on April 23.

The NFT was to be sent via a private key stored inside the crypto hardware wallet Ledger. After this mission, Bobu became the first NFT to travel to space.

One month prior, Azuki got a bit experimental. They took Bobu and diced it into 50,000 governance tokens using fractional.art (now Tessera).

Bobu holds a significant role in the Azuki universe, like the MVP of their story. If you've got some Bobu tokens, you get to vote on IP stuff, merch ideas, and how the treasure chest is spent.

On November 7, 2022, Azuki made a limited-edition collaboration with AMBUSH.

The Azuki x AMBUSH collection featured four pieces: two hoodies and two pendants. The silver pendant was engraved with Azuki's rally-cry IKZ (ikuzo, meaning "let's go" in Japanese) on the inside, resembling an inkan stamp. As for the gold version, the pendant hosted a detailed sculpted dragon and IKZ engraving.

Meanwhile, the hoodies were modeled after the AMBUSH WORKSHOP series, showcasing the inkan stamp, red IKZ, and notably, Azuki's PBT (Physical Backed Token). For the AMBUSH sweatshirts, users could scan the chip using their phone, resulting in the minting and digital transfer of the PBT to the owner's wallet.

On November 18, 2022, Azuki became the first NFT collection to be featured on a Formula One racing car. Bybit and Chiru Labs have joined forces with Oracle Red Bull Racing to make groundbreaking NFT history. They've collaborated on an NFT collection centered around Azuki #8494.

The new NFT collection was minted on the Tezos blockchain and celebrated the anime character “Lei the Lightning Azuki”. It was a fitting name for Formula One. Lei the Lightning Azuki rode shotgun for F1 drivers Max Verstappen and Sergio Perez as they chased a final victory of the season.

Lei, an original Azuki from Chiru Labs, represented the transcending of worlds, symbolized by the real and virtual worlds. This was fitting, considering the diverse backgrounds of partners involved in the project

On February 3, 2023, Azuki teamed up with Bilibili's international division and Web3 content platform CryptoNatty. The aim is to explore Web3 advancements in media content, emphasizing animation.

Those who own NFTs from Azuki's digital collectables, BEANZ, and Cheers Up (an NFT collection introduced by CryptoNatty) will be granted "Bilibili Cheers" badges through this collaboration. These badges will be visible on the profiles of Azuki collectors.

Moreover, there are plans to introduce a distinctive certified diamond label to the profiles of Azuki's community members, enabling users to authenticate their NFT profile images on Bilibili International. Additionally, the collaboration between Cheers Up and BEANZ includes the creation of an exclusive emoji sticker pack for holders, usable on Discord and the Bilibili app. These initiatives demonstrate the effort to link NFTs with tangible privileges that users can utilize across a wider spectrum, encouraging the adoption of NFT-based creations.

On April 12, 2023, the digital intellectual property platform firm, IPX (previously LINE FRIENDS), has joined forces with Chiru Labs Through this collaboration, IPX intends to venture into Chiru Labs' NFT-centric intellectual property business and present a diverse range of intellectual property collaborations rooted in Web3.

Where can I buy Azuki?

You can buy Azuki on OpenSea.

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