Zagabond Posts Blog Admitting Abandonment of Projects

Zagabond, a pseudonym of the founder of Azuki non-fungible tokens, admitted abandoning projects in the past, with three projects in one year as the major highlight. These are related to Cryptophunks, Cryptozunks, and Tendies.

The Azuki NFT founder said that the original teams initially dropped these projects in the blog post.

The NFT community did not take this in a good spirit and raised concerns that the identities of the NFT Founders should remain transparent. This debate made its way onto the internet in February last time, and however, it has again emerged after Zagabond’s revelation.

The floor price for the Non-fungible token dropped drastically. It earlier stood at 19ETH, falling to 10.9 ETH. Both figures come to $42,000 and $24,000, respectively. The price has rebounded to 12 ETH – $31,000 – when drafting this article.

In the tweet published by Zagabond, the founder said that Azuki was building the future of Web3, and the team was in for the long-term irrespective of whether the market was bullish or bearish. Zagabond added that Web2 could only be challenged if developers experimented with Web3.

The tweet concluded with the final point, saying that Azuki was built on learning from creating Phunks and other projects.

Followers reacted to the tweet by saying that he may have just admitted to founding and abandoning three projects in a year. Another follower replied, asking if Web3 was equivalent to rugging three projects in less than 12 months.

BuzzFeed last revealed the identities of the creators of Bored Ape Yacht Club in February. When the entire community buzzed, it centered around whether the identities should be kept a secret. The debate peaked in the same month, only to resurface on the internet in May.

Azuki is the sixth most valued non-fungible token with a total sales volume of at least 200,000 ETH, which comes to $526 million. The achievement is important as the NFT was released only in February.

Zagabond credits this success to learning from the failure of other projects.

Debate remains alive if the development team’s identity and progress should remain confidential.

Non-Fungible Tokens still have a lot to achieve in the times to come. The industry has realized its potential, with many brands connecting with the target audience. It is not just artists that get support from their creation but also other communities like iGaming that integrate digital assets into their ecosystem for further enhancement.

The power of NFT can rightly be guessed by the fact that despite Zagabond admitting to abandoning three projects in less than a year, the NFT collection bounced to a higher value with estimates that the price will reach a higher value.

The community was expecting some piece of information to be made public through on-chain sleuthing. Not everyone is surprised, but it has moved the majority of the members.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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