The non-fungible token (NFT) market experienced another down cycle week, with transaction sales falling further, but reserve prices showing some resilience. Despite the market trend, the Azuki founder remains bullish and insists that non-fungible token collections are here to stay.
Zagabond is bullish on NFTs
In a blog post on June 27, Zagabond, founder of Chiru Labs, expressed his views on the current state of the non-fungible token market. Despite the market reaching historic lows in the past few days, Zagabond remains steadfast in his stance on NFTs. In the past seven days, NFT sales have dropped by more than 3%.
There will be expensive collectible NFTs
There will be high supply and cheap NFTs
There will be NFTs that provide membership
There will be NFTs for gaming items
There will be NFTs with token returns
And much more…
NFTs are here to stay
– ZAGABOND.ETH (@ZAGABOND)
June 27, 2024
Zagabond and his team founded Chiru Labs in 2021. Chiru Labs is a digital asset incubation studio that owns a number of non-fungible token collections, including Azuki, a non-fungible token collection consisting of a limited set of 10,000 NFTs hosted on the Ethereum network, and Azuki Elementals, an Ethereum-based non-fungible token with a supply of 20,000.
Other NFTs created by Zagabond include Beanz, a non-fungible token collection with a fixed supply of 19,950 NFTs hosted on the Ethereum blockchain network, and Azuki Elemental Beans, an Ethereum-hosted non-fungible token collection with a limited supply of 5,387 NFTs.
Don’t worry, NFTs are here to stay
In his recent speech, Zagabond expressed confidence in the continued existence of non-fungible token collections. However, he expects a huge divergence in NFTs in the coming days. The Azuki NFT founder mentioned that there will be expensive collectible NFTs, some high-supply and cheap NFTs, and some NFTs that provide memberships. In addition, there will be game item NFTs and some NFTs with token benefits.
Data compiled by Coingecko.com shows that Chiru Labs’ flagship non-fungible token collection Azuki has seen sales increase by 5.9% today. In the past 24 hours, Azuki’s transaction sales volume reached 83 ETH. Azuki has a market cap of $108 million and a reserve price of $10,885.
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