The Azuki NFT collection moved from a floor price (the minimum cost to buy one) of under 10 ETH in mid March, to around 20 ETH in the run-up to an airdrop.
The NFT airdrop was announced by the Azuki team the night of March 30th at an NFT party event in Los Angeles. All existing holders of Azuki NFTs were airdropped two mystery NFTs.
A total of 20,000 new NFTs were part of the giveaway (the total supply of Azuki NFTs is 10,000, the same number in the Bored Ape Yacht Club and CryptoPunks NFT collections.).
Azuki Floor Price Rise
Azukis are now the fifth most valuable NFT collection in the world according to NFTPriceFloor.com whose ranking is based on floor cap – similar to market cap in cryptocurrency, it’s the floor price multiplied by the supply.
Their floor price is up 12.9% in the past day, 29.5% in the past week, and 114.9% in the past two weeks.
213 sales of Azuki NFTs have been made in the last 24 hours, for around 20 ETH ($65,000+) or more. This week one the most expensive NFT sales in history took place and it was Azuki #9605 which was sold for $1.4 million on the largest NFT marketplace, Opensea.
Azuki’s one month trading volume of $85 million has exceeded that of the CryptoPunks collection, and is gaining ground on the Mutant Ape Yacht Club.
We wrote our Azuki price analysis piece when the Azuki floor price was 9.4 ETH, tipping them to be bullish. Early investors who minted one for 1 ETH in January 2022 are now up 20x on their NFT investment.
Azuki Airdrop Controversy
Some of crypto Twitter praised the airdrop, @MoonOverlord tweeted:
Azuki finally did an airdrop right. No sketchy site, no weird password or connect, no gas fees for the user, just dump the NFTs right into people wallets.
Others suggested insider trading as the floor price pumping 100% suggests someone must have had inside information about the airdrop in advance. User @kerfunki posted:
BAYC – they knew before us
MEEBITS – they knew before us
AZUKI – they knew before us
NIKE / CloneX – they knew before us
Others pointed out though that Azuki had been dropping hints that something was coming, and the Azuki Garden party event was a tell-tale sign.
In early March the floor price of Meebits pumped before the announcement that Yuga Labs, owners of BAYC, would acquire the rights to Meebits and CryptoPunks from Larva Labs.
Note – beware of NFT airdrop scams that have seen Bored Apes and other NFTs get stolen. This legitimate Azuki airdrop was sent to existing holders. Don’t trust random websites or Twitter accounts, even if verified, when they ask you to connect your wallet to receive an NFT airdrop.
Cryptoassets are a highly volatile unregulated investment product.