Azuki NFTs are OpenSea’s most sought-after collection
Soaring since the beginning of this year, Azuki NFTs, created by Chiru Labs, is a collection of 10,000 Anime-styled profile pictures that live on Ethereum.
The NFTs gives members access to Azuki’s metaverse, The Garden, which showcases NFT drops, live events, streetwear collabs and more.
THE START TO NOW
The first batch of Azuki NFTs sold out within a speedy three minutes, resulting in a profit of $29 million.
This week, the NFTs became the most sought-after collection on OpenSea—appealing to more than 5,500 buyers and trading at a total of 168,000 ETH ($591 million).
WHAT MAKES AZUKI SPECIAL?
The drop of NFTs instant success boils down to the innovation the project supplies in the crypto sphere.
Collectors are drawn to Azuki’s fast and efficient minting process and sensible sales model—giving the collection the potential to leap over Bored Ape Yacht Club entirely.
Azuki NFTs mint using the token standard ERC721A, which allows buyers to mint numerous NFTs in one transaction to reduce gas fees and the process time.
Another strategy that impresses investors is its three sales models:
- Dutch Auction: The Dutch Auction is a price reduction model that reduces the cost of an NFT after a set amount of time. For example, the first batch of NFTs sell for 1 ETH and drops 0.05 ETH every 20 minutes, before hitting the lower bound of 0.15 ETH.
- Mintlist: The Mintlist sale is half the price of the Dutch Auction and allows members to finish the minting process in 48 hours. It also screens its social media members and only selects active community participants.
- Public sale: The public sale is self-explanatory – the sale is open to the public – anyone can invest. An Azuki NFT sold for $1.42 million via a public sale just two days ago (March 30). What a time to be alive.
Following this, sales have doubled since January, resulting in one Azuki NFT, in particular, selling for $1.4 million. It’s undoubtedly a joyous time for Chiru Labs.
I WANT ONE!
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