The pseudonymous founder of the popular Azuki non-fungible token (NFT) project revealed his fraught history with abandoned projects Monday night, sending NFT Twitter into a frenzy and the collection’s floor price dropping.
The project’s founder, who goes by the name “Hachinuki,” announced on the Azuki Discord server that he had been working on an NFT project called “NekoPara” for two years before abandoning it. NekoPara was a popular Japanese dating sim game featuring catgirls, and Hachinuki had been working on an NFT-based version of the game.
However, he said that he “gave up” on NekoPara due to “circumstances beyond his control,” and that he had decided to work on Azuki instead. Nekopara ’s floor price immediately dropped by 50%, and Hachinuki’s admission has called into question the long-term viability of the Azuki project.
The founder, known as the Twitter user Zagabond, chronicled his NFT history in a blog post that detailed his involvement with the projects Cryptophunks, Tendies and Cryptozunks, all of which were abandoned by their original founding team.
Hachinuki’s blog post has been criticized by some in the NFT community, who argue that he is not being transparent enough about his past failures.
Zagabond credited much of Azuki’s success to learning from the other project’s failures.
“I was able to learn a lot from my experience with those other projects and apply it to Azuki,” he said. “I think that’s one of the reasons why we’ve been so successful.”
Azuki has minted over 1.5 million NFTs since launching in March, making it one of the most successful NFT projects to date.
Hachinuki has said he plans to continue working on the project for the foreseeable future.
Azuki has been one of the most popular NFT projects in recent months, with celebrities like Paris Hilton and NBA player Spencer Dinwiddie getting involved.
The project allows users to mint, buy and sell digital art, and has generated over $1 million in sales. Zagabond said that he plans to continue working on Azuki “for the foreseeable future” and that he is “dedicated to making it the best NFT platform out there.”
Despite Azuki’s success, Zagabond remains humble about his role in the project.
“I am just a cog in the machine,” he said. “There are so many people working on this project that are way more talented and skilled than I am. I am just lucky to be able to work on something that I am passionate about with such an amazing team.”
While Zagabond may have abandoned his past projects, it looks like he’s found success with Azuki.
The admission came as a shock to the NFT community, which has been eagerly awaiting the launch of Azuki. The announcement was met with backlash from the broader NFT community, with many believing the information was going to be made public in the coming days by way of on-chain sleuthing.
What do you think about Hachinuki’s admissions? Do you think it is important for NFT project founders to be transparent about their past failures?