The founders of the $723.5 million Azuki NFT project, posted online via “Zagabond,” caused a stir yesterday after revealing that they had previously worked on three NFT projects that haven’t been abandoned. After a backlash from the NFT community, they apologized for their “shortcomings”.
The three projects in question are Tendies and CryptoPunks imitators CryptoPhunks and CryptoZunks. All three failed due to lack of community support, as well as other factors such as team members leaving or high gas fees on Ethereum (ETH), Zagabond said.
After blogging via Twitter, most replies supported Zagabond’s honesty on the trial-and-error path that led to the Azuki NFT, but the rest of the NFT community wasn’t so happy.
Really don’t understand all the FUD.
Just like in trading, if one of your projects is underperforming and underperforming, you should cut your losses.
Why keep building on failed projects and waste more time and effort?
– fomo maxi (@fomomaxi) May 9, 2022
User zachxbt made no secret of his words when he posted: “So Web 3.0 = three projects in less than a year?” in recounting some alleged misconduct related to Cryptozunks developers pretending to be women to market the project Before.
Other users such as dxv_eth claim that Zagabond has agreed to build a marketplace for the Cryptozunks project and buy the Metaverse to strengthen the ecosystem, but failed to do so before eventually becoming a ghost of the community.
After being blasted by the community and holding a Twitter Spaces chat, Zagabond issued an apology earlier today, stating:
“I realize my shortcomings in dealing with the projects I started before. To the community I left, to the Azuki holders, and to those who believed in me — I am truly sorry.”
Madonna x Beeple
Iconic pop musician Madonna and NFT heavyweight Beeple have teamed up to launch a tokenized art collection, humbly describing the singer as the mother of creation, evolution and technology.
There are three different NFT artworks in total, all of which depict Madonna giving birth to various trees, butterflies or mechanical centipedes.
The NFTs will be auctioned through SuperRare on May 11, and Madonna said all proceeds will go to three different nonprofits, National Bail Out, V-Day and Voices for Children.
Since time immemorial….. Lean into a new virtual world @beeple
Check back here on Wednesday, May 11 at 3pm PST/6pm EST for the Nativity. NFT decline @super rare.
– Madonna (@madonna) May 9, 2022
Instagram supports streaming NFTs
Announced at Dapper Labs $725M ecosystem This week, in a bid to boost the growth of its Flow blockchain, the team also revealed that it has signed a partnership that will support Flow-based NFTs on Instagram.
Summary of what happened to Flow Blockchain:
It feels like things are heating up.
— Flowverse – Discovering the Flow blockchain (@flowverse_) May 11, 2022
Dapper Labs CEO Roham Gharegozlou noted on Twitter earlier today that the move would be a “game-changer” for NFT projects on Flow, such as the NBA Top Shot, NFL All Day and UFC Strike, as it would allow them to play in the Massive exposure to a global audience.
It also marks one of Instagram’s first major blockchain partners.The social media company will also launch support For NFTs on Ethereum and Solana.
The CEO also clarified that the $725 million worth of funding will be “primarily investment capital” and not grants to projects that want to grow on the ecosystem.
CryptoPunk sold at huge loss
An NFT from one of the original NFT projects, CryptoPunks, was sold for a whopping 86% loss on May 8.
CryptoPunk #273 sold for $1.003 million in October, worth 265 ETH at the time, but has since fallen out of favor during turbulent times in the crypto and blockchain space, selling for just $139,836 on Sunday morning.
Larva Labs’ CryptoPunks is a huge hit in 2021, and the project was recently acquired in March by Yuga Labs, the team behind the wildly successful Bored Ape Yacht Club NFT. However, this move does not appear to have much impact on the market in the short term.
8 of the last 10 sold Cryptopunks have been sold at a loss, led by Cryptopunk #273.
It was bought for $1,026,499 six months ago and sold for $139,530 early this morning. pic.twitter.com/vSAonBerbl
– Darren Rowell (@darrenrovell) May 8, 2022
Other good news:
Meta CEO Mark Zuckerberg said the company this week began testing digital collectibles on the photo and video-sharing platform Instagram, Marks a move towards adding NFTs.
Billionaire investor Mark Cuban He sees the adoption of business smart contracts as the next catalyst to drive the crypto and blockchain space, as he believes that networks that only offer NFTs and DeFi will eventually collapse.