The founder of the $ 723.5 million Azuki NFT project, run by “Zagabond” online caused a stir yesterday after revealing that they had previously worked on three abandoned NFT projects. After dealing with a harsh response from the NFT community, they have since apologized for their “shortcomings”.
The three projects in question are Tendies and CryptoPunks. Zagabond suggested that all three failed due to a lack of community support, and other factors such as staff leaving or high fuel costs in Ethereum (ETH).
After posting the blog via Twitter, most of the responses supported Zagabond’s integrity in the trial and error path that led to the Azuki NFTs, however other sections of the NFT community were not so pleased.
Really do not understand all the FUD.
Just like in trading, if one of your projects is performing well and low, you need to reduce your losses.
Why continue to build on a failed project and waste more time and effort?
– fomo maxi (@fomomaxi) May 9, 2022
The user zachxbt did not skimp when he posted: “So is Web 3.0 = meeting three projects in less than a year?” Before we count some of the alleged crimes related to the developers of Cryptozunks impersonating women in an attempt to market the project.
Other users like dxv_eth claimed that Zagabond agreed to build a market for the Cryptozunks project and also to acquire Metaverse in order to strengthen the ecosystem, but failed to do so before eventually healing the community.
After the community was devastated by the community and conducted a Twitter Spaces chat, Zagabond issued an apology earlier today, noting that:
“I realized my shortcomings in how I handled the previous projects I started. For the communities I moved away from, for the Azuki holders and for those who believed in me – I’m really sorry.”
Madonna x Biffle
Iconic pop musician Madonna and Bipple in heavyweight NFT teamed up to launch a token art collection depicting the singer humbly as the mother of creativity, evolution and technology.
In all there are three different NFT artworks, all depicting Madonna giving birth to different trees, butterflies or mechanical centipedes.
The NFTs are set to go on auction through SuperRare on May 11 and Madonna has announced that all proceeds will be donated to three different non-profit organizations called National Bail Out, V-Day and Voices of Children.
Since the beginning of time …… .. leans on a new virtual world with @ Biffle
Check back here on Wednesday 11th May at 15:00 PST / 18:00 EST for Christmas. NFTs are falling @ Super rare.
All proceeds go to these organizations: @NationalBailOut@vday @voices_org_ua pic.twitter.com/ab2RkP47kv
– Madonna (@ Madonna) May 9, 2022
Instagram to support NFT flow
After Dapper Labs announced this week the $ 725 million eco-fund to boost growth in its blockchain Flow, the team also revealed that it has signed a partnership that will see support for Flow-based NFT on Instagram.
Summary of what happened for Flow Blockchain:
1. @Instagram Will support @flow_blockchain NFTs
$ 725 million $ FLOW Ecological Foundation
3. @Billboard Launches NFTs #onFlow Driven by @onunblocked This weekendFeels like things are just getting warmer.
What next?
– Flowverse – Discover Flow Blockchain (@flowverse_) May 11, 2022
Dapper Labs CEO Roham Gharegozlou said on Twitter earlier today that the move would be a “game changer” for NFT projects on Flow like the NBA Top Shot, NFL All Day and UFC strike because it would offer them massive exposure to a global audience.
It also marks one of the first major blockchain partnerships for Instagram. The social media company will also distribute support for NFTs in Ethereum and Solana.
The CEO also clarified that the $ 725 million funding will be “primarily investment capital” and not grants that will be distributed to projects that want to be based on the ecosystem.
CryptoPunk was sold at a huge loss
NFT from one of the original NFT projects CryptoPunks was sold for a huge loss of 86% on May 8th.
CryptoPunk # 273 sold for a hefty $ 1.003 million in October, valued at 265 ETH at the time, but has since fallen from grace in a tumultuous era of the crypto and blockchain sector, going for just $ 139,836 on Sunday morning.
Larva Labs’ CryptoPunks have grown in popularity throughout 2021, and the project was recently acquired by Yuga Labs in March, the team behind the Bored Ape Yacht Club’s highly successful NFT. However, the move does not seem to have done much for the market in the short term.
8 of the last 10 cryptocurrencies sold were sold at a loss, led by Cryptopunk # 273.
It was bought half a year ago for $ 1,026,499, it sold early in the morning for $ 139,530. pic.twitter.com/vSAonBerbl
– Darren Rubell (@darrenrovell) May 8, 2022
Related: Other NFTs fall below the price of mint while cheaper ETH sees an increase in sales volume
Other nice news:
Meta CEO Mark Zuckerberg said the company is starting to test digital collectibles on Instagram’s photo and video sharing platform this week, signaling a move towards adding NFTs.
Billionaire investor Mark Cuba pointed to the adoption of a smart commercial contract as the next catalyst to propel the crypto and blockchain sector, as he argued that networks offering only NFTs and DeFi for it would eventually crumble.