Video version: https://youtu.be/t-pEuEPPfBQ
Blue Chips. They’re the ones that are supposed be the safe bet. This week has shown us that at any given moment though “blue chips” can inch up to the edge of meme status in just a matter of a few heartbeats. Crypto has proven this many times before, but this week we witnessed this occur in both the crypto and NFT markets with $LUNA and Azuki.
$LUNA felt the wrath of outside attacks while Azuki felt attacks from within as one of its cofounders who goes by the Twitter handle Zagabond either cleared his conscience or tried to get out in front of bad PR.
The Azuki fam seems to be holding strong and making a comeback though. After all, this is a community built upon literal swords in their backs. A bit on the nose.
I jest. I jest.
Either way, this past week has been pure mayhem.
$LUNA made the most impressive nosedive I have ever seen in the crypto space. Some tried to throw cash at it as it was in freefall. Patient degens at the bottom have been making out like bandits on their gamble though as there is a bit of a splash. People are either still holding onto hope or just considering it to be more of a lottery ticket. Where this is going in anybody’s guess, but all things considered, it’s highly doubtful as to whether this LUNA pops back up in any meaningful way, especially when Do Kwon (the mastermind behind LUNA and UST) writes this on Twitter:
He does go on to also state:
But, the trust is gone. LUNA is far too toxic for any reputable institution to jump in at this point.
Plus, this tweet that’s aged like 2% milk:
WAGMI?
Projects that fail can rise from the ashes like phoenix, but that’s when there is good leadership. People you want to root for. I don’t see anyone coming to throw Do Kwon a lifeboat.
Now as for Azuki:
The floor price dropped quite a bit after Zagabond came out and discussed his involvement in previous projects, or I should say his “quick departure from said projects.” The Azuki community wasn’t quite sure how to react at first. Many people sold their NFTs. Outside communities delivered fervent criticism. After a period of cooling off though, many Azuki fans stated that this project is way more than just one person now. Also, many voiced that Zagabond didn’t really rug people in his previous projects, he just left because they were failures. Either way, there are mixed feelings to say the least and Azuki has a lot of egg on their face. This will probably not be enough to directly end the project. However, it does add a greater deal of scrutiny. One such scrutiny is to whether Azuki has really been delivering and innovating. Their frontend development is beautiful, but people are asking what they have delivered on the technicals.
The ERC-721A is a noteworthy innovation when it comes to gas fees while minting. However, beyond that, Azuki hasn’t really delivered much from the technical side. If Azuki wants to make this Zagabond drama be just a small footnote in their development, then they are really going to have to deliver in the near future.
Most people will probably forget about the fiasco from this week for Azuki. But for NFT culture, which teams you support by putting your money where your mouth is, matters. Principals go a long way.
Let me know what you think in the comments. Are you still bullish on Azuki? Do you still support the community?
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