The founder of the $723.5 million Azuki NFT project, known online as ‘Zagabond’, caused a sh*tstorm yesterday after revealing he had previously participated in three non-abandoned projects had worked on NFT projects. After facing heavy backlash from the NFT community, they have since apologized for their “shortcomings.”
The three projects in question are CryptoPhunks and Cryptozunks clones of Tendies and CryptoPunks. Zagabond suggested that all three failed due to a lack of community support and other factors such as the departure of team members or high Ethereum (ETH) gas fees.
After the blog was published via Twitter, most of the replies supported Zagabond’s honesty on the trial and error path that led to Azuki NFTs, however other parts of the NFT community were not so pleased.
Really don’t get the whole FUD.
Just like trading, if one of your projects is underperforming and poorly performing, you should cut your losses.
Why keep building on a failed project and waste more time and effort?
— fomo maxi (@fomomaxi) May 9, 2022
User zachxbt didn’t mince words when he posted “So Web 3.0 = Rugging means three projects in less than a year?” before listing some alleged misdeeds related to the Cryptozunks developers pretending to be women to market the project.
Other users like dxv_eth claimed that Zagabond agreed to build a marketplace for the Cryptozunks project and also to buy Metaverse to boost the ecosystem, but didn’t do so before eventually ghosting the community.
After being slammed by the community and holding a Twitter Spaces chat, Zagabond apologized earlier today, noting the following:
“I recognized my shortcomings in handling previous projects I had started. To the communities I left, to the Azuki owners and to those who believed in me – I’m truly sorry.”
Madonna x Beeple
Legendary pop musician Madonna and NFT heavyweight Beeple have teamed up to launch a tokenized art collection that humbly portrays the singer as the mother of creation, evolution and technology.
There are three different NFT artworks in total, all depicting Madonna giving birth to either various trees, butterflies, or mechanical centipedes.
The NFTs are scheduled to be auctioned off on May 11th via SuperRare, and Madonna said all proceeds will go to three different charities called National Bail Out, V-Day and Voices of Children.
Since the dawn of time…….. Lean into a new virtual world with @beeple
Check back here on Wednesday, May 11 at 3:00pm PST / 6:00pm EST for the Nativity. NFTs stand out @very rare.
– Madonna (@Madonna) May 9, 2022
Instagram to support flow NFTs
After Dapper Labs this week announced the $725 million ecosystem fund to spur growth on its Flow blockchain, the team also announced that it has signed a partnership supporting Flow-based NFTs on Instagram.
A summary of what happened for Flow Blockchain:
It feels like things are just heating up.
— Flowverse – Discover Flow Blockchain (@flowverse_) May 11, 2022
Dapper Labs CEO Roham Gharegozlou noted on Twitter today that the move will be a “game changer” for NFT projects on Flow such as NBA Top Shot, NFL All Day and UFC Strike as it gives them a massive presence at a global audience will offer.
It is also one of the first major blockchain partnerships for Instagram. The social media company will also introduce support for NFTs on Ethereum and Solana.
The CEO also clarified that the $725 million in funding will be “principally investment capital” rather than grants for projects looking to build on the ecosystem.
CryptoPunk is sold at a huge loss
An NFT from one of CryptoPunk’s original NFT projects was sold on May 8th at a whopping 86% loss.
CryptoPunk #273 sold for a whopping $1.003 million in October, which was worth 265 ETH at the time, but has since fallen out of favor amid a turbulent time for the crypto and blockchain sectors, trading for just $139,836 as of Sunday morning sold.
Larva Labs’ CryptoPunks have enjoyed widespread popularity throughout 2021, and the project was recently acquired in March by Yuga Labs, the team behind the widely successful Bored Ape Yacht Club NFTs. In the short term, however, the move doesn’t seem to have done much for the market.
8 of the last 10 Cryptopunks sold were sold at a loss, led by this one – Cryptopunk #273.
It was bought for $1,026,499 six months ago and sold for $139,530 this morning. pic.twitter.com/vSAonBerbl
— Darren Rovell (@darrenrovell) May 8, 2022
Related: On the other hand, NFTs are falling below the mint price while cheaper ETH is seeing an increase in sales volume
Other Nifty news:
Meta CEO Mark Zuckerberg said the company will begin testing digital collectibles on photo and video sharing platform Instagram this week, signaling a move toward adding NFTs.
Billionaire investor Mark Cuban has called the launch of commercial smart contracts the next catalyst for the crypto and blockchain sectors, arguing that networks offering NFTs and DeFi purely for their own sake will eventually collapse.
https://cointelegraph.com/news/nifty-news-azuki-founder-under-fire-cryptopunk-sells-for-a-major-loss Azuki Founder Under Fire, CryptoPunk Sells At Huge Loss…