Tuesday, November 29, 2022

Azuki NFTs Doubled in Price. Then Holders Got an Airdrop

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Key Takeaways

  • Azuki announced an NFT airdrop for its holders Wednesday night.
  • For each Azuki NFT held, the owner has received two unrevealed “something” NFTs.
  • The floor price for the airdropped NFTs currently sits at 3.14 Ethereum, putting the new collection’s cumulative value at over $213 million. 

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Azuki has airdropped 20,000 “something” NFTs to its holders. The new NFTs currently have a floor price of 3.14 Ethereum on the secondary market, putting the cumulative value of the airdrop at over $213 million. 

Azuki Holders Receive Airdrop

Another NFT airdrop is making waves in the crypto space.

Azuki, an anime-inspired NFT project that describes its members as the “skaters of the Internet,” unveiled an airdrop last night at a private NFT LA party for its holders. Each Azuki NFT holder has received two unrevealed “something” NFTs, currently represented by an airdrop crate with an eye peeking out from between two of the wooden panels. 

Spot the eye (Source: OpenSea)

“We’re building Azuki, and together we’re shaping the future of Web3,” said Azuki team member ZAGABOND, who took to the stage at the beginning of the Azuki Garden Party in Los Angeles Wednesday night. “So let’s see how deep this rabbit hole goes; the Azuki universe is just beginning to unfold,” he continued before telling the audience to check their wallets. 

Azuki is one of several NFT avatar collections to soar in value in recent months. Despite only launching in early January, the collection currently has the seventh-highest all-time trading volume on NFT marketplace OpenSea, coming in at over 154,000 Ethereum, or $523 million at current prices. 

While no information on what the “something” NFTs will reveal has been released, it hasn’t stopped speculators from trying their luck on the secondary market. The floor price for the airdropped NFTs currently sits at 3.14 Ethereum, putting the cumulative value of the 20,000 “somethings” at over $213 million. With every holder receiving two new NFTs, that equates to a payout of about $21,000 at current prices. 

However, one Twitter user who goes by FastandLucid believes they have worked out that the airdropped NFTs will reveal pigs from several clues in the NFT artwork. A Wordle hint on the airdrop crate matches part of a puzzle posted in a previous Azuki tweet and leads to the word “bacon.” Additionally, the text at the bottom of the crate reads, “Fine exports from the farm,” further hinting at a connection to a farmyard animal. Whether FastandLucid has worked out the puzzle or just found a wild coincidence remains to be seen. 

Azuki minted at about 1 Ethereum, while the cheapest on the secondary market today come in at over 18 Ethereum, over $60,000 at current prices. Demand for the NFTs has recently soared, with a rare piece from the collection selling for $1.4 million Wednesday. Interestingly, a floor price Azuki cost around 9 Ethereum two weeks ago, but the collection rallied in the days leading up to the airdrop. 

A similar trend played out before Yuga Labs acquired the CryptoPunks and Meebits collections earlier this month. The floor price for Meebits NFTs almost tripled ahead of the announcement, leading several Web3 sleuths to uncover what appeared to be insider trading from individuals who knew about the deal ahead of time. In the unregulated NFT market, it’s certainly possible that traders who knew about the forthcoming airdrop bought the NFTs in anticipation, in turn contributing to the sudden surge. 

Disclosure: At the time of writing this piece, the author owned ETH and several other cryptocurrencies. 

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