Azuki Founder Zagabond Remains Bullish On NFTs Despite Market Downturn

The non-fungible token market has experienced another week of downturn, marked by further slides in trading sale volume and some strong resilience in floor prices.

Non-fungible token sales have declined once again this week, with some collections experiencing a strong resilience in floor prices despite the downtrend. However, the founder of Azuki has remained bullish on NFTs, maintaining that they will continue to be present in various forms.

The non-fungible token market has seen a further decline this week, with NFT sales volume dropping 3.4% over the last seven days. The downturn comes amid a broader bearish trend in the crypto market, with bitcoin and ether both trading down more than 5% over the last 24 hours.

Despite the downtrend, some NFT collections have managed to maintain a strong floor price. For example, the floor price of Bored Ape Yacht Club NFTs has risen by 1.4% over the last 24 hours, reaching 98 ether. Other collections, such as Azuki and CloneX, have also seen their floor prices increase slightly.

One person who remains bullish on NFTs is Zagabond, the founder of Chiru Labs. In a blog post on June 27, Zagabond said that he believes NFTs will continue to be present in a wide range of applications.

“There will be NFTs that are expensive collectibles. There will be NFTs that are high supply and cheap. There will be NFTs that provide memberships. And there will be NFTs that are gaming items. There will be NFTs with token yield & much more… NFTs are here to stay.”

Chiru Labs was founded in 2021 by Zagabond and his team. The digital asset incubation studio is home to several NFT collections, including Azuki, a non-fungible token collection featuring a limited set of 10,000 NFTs, which are hosted on the Ethereum network, and Azuki Elementals, a non-fungible token featuring a fixed supply of 20,000 Ethereum-based NFTs.

Other NFTs created by Zagabond include Beanz, a non-fungible token collection featuring a fixed edition of 19,950 NFTs, which are hosted on the Ethereum blockchain network, and Azuki Elemental Beans, a non-fungible token collection featuring a limited supply of 5,387 NFTs, which are hosted on Ethereum.

Don’t Worry NFTs Are Here To Stay

In his recent remarks, Zagabond expressed confidence that NFT collections will continue to be present in the long term. However, he anticipates a significant divergence in the NFT landscape in the coming days. According to the founder of Azuki NFT, there will be some NFTs that are valued as expensive collectibles, while others will be available in high supply at a low cost, and still others will provide access to memberships. Furthermore, there will be NFTs that can be used as gaming items and some NFTs that offer token yield.

Data compiled by CoinGecko.com, an on-chain crypto market data aggregator and a multi-chain non-fungible token explorer, reveals that Chiru Labs’ flagship non-fungible token collection, Azuki, has experienced a 5.9% increase in sales volume today. Over the last 24 hours, Azuki has generated a trading sales volume of 83 ETH. Azuki currently has a market cap of $108 million and a floor price of $10,885.

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