Azuki founder under fire, CryptoPunk sells for a major loss…

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The founder of the $723.5 mil­lion Azu­ki NFT project who goes by “Zagabond” online caused a sh*tstorm yes­ter­day after reveal­ing that they had pre­vi­ous­ly worked on three noa­ban­doned NFT projects. After fac­ing strong back­lash from the NFT com­mu­ni­ty, they have since apol­o­gized for their “short­com­ings.”

The three projects in ques­tion are Tendies and Cryp­toP­unks copy­cats Cryp­to­Phunks and Cryp­tozunks. Zagabond sug­gest­ed all three had failed due to a lack of com­mu­ni­ty sup­port , and oth­er fac­tors such as team mem­bers leav­ing or high gas fees on Ethereum (ETH).

After releas­ing the blog via Twit­ter, most replies were in sup­port of Zagabond’s hon­esty on the tri­al and error path that led to Azu­ki NFTs, how­ev­er oth­er sec­tions of the NFT com­mu­ni­ty weren’t as pleased.

User zachxbt didn’t mince their words when they post­ed: “So does Web 3.0 = rug­ging three projects in less than a year?” before going to recount some alleged mis­deeds relat­ing to the Cryp­tozunks devel­op­ers pre­tend­ing to be women in a bid to mar­ket the project. 

Oth­er users like dxv_eth alleged that Zagabond had agreed to build a mar­ket­place for the Cryp­tozunks project and also pur­chase Meta­verse in a bid to strength­en the ecosys­tem, but failed to do so before even­tu­al­ly ghost­ing the community. 

After being slammed by the com­mu­ni­ty and hold­ing a Twit­ter Spaces chat, Zagabond issued an apol­o­gy ear­li­er today, not­ing that: 

“I real­ized my short­com­ings in how I han­dled the pri­or projects which I start­ed. To the com­mu­ni­ties I walked away from, to Azu­ki hold­ers, and to those who believed in me — I’m tru­ly sorry.”

Madonna x Beeple

Icon­ic pop-musi­cian Madon­na and NFT heavy­weight Beeple have teamed up to launch a tok­enized art col­lec­tion that humbly depicts the singer as the moth­er of cre­ation, evo­lu­tion and technology. 

There are three dif­fer­ent NFT art pieces in total, all of which depict Madon­na giv­ing birth to var­i­ous either trees, but­ter­flies or mechan­i­cal centipedes. 

Beeple and Madonna

The NFTs are set to go up for auc­tion via Super­Rare on May 11 and Madon­na stat­ed that all of the pro­ceeds will go towards three dif­fer­ent non-prof­it orga­ni­za­tions called Nation­al Bail Out, V‑Day and Voic­es of Children.

Instagram to support flow NFTs

After Dap­per Labs announced the $725 mil­lion ecosys­tem fund to boost growth on its Flow blockchain this week, the team has also revealed that it has signed a part­ner­ship that will see Flow-based NFTs sup­port­ed on Instagram. 

Dap­per Labs CEO Roham Ghare­go­zlou not­ed on Twit­ter ear­li­er today that the move will be “game-chang­ers” for NFT projects on Flow such as NBA Top Shot, NFL All Day and UFC strike as it will offer them mas­sive expo­sure to a glob­al audience.

It also marks the one of the first major blockchain part­ner­ships for Insta­gram. The social media com­pa­ny will also roll out sup­port for NFTs on Ethereum and Solana. 

The CEO also clar­i­fied that the $725 mil­lion worth of fund­ing will be “most­ly invest­ment cap­i­tal” and not grants hand­ed out to projects that want to build on the ecosystem. 

CryptoPunk sells for 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 hefty $1.003 mil­lion in Octo­ber, worth 265 ETH at the time, but has since fall­en from grace amid a tumul­tuous time for the cryp­to and blockchain sec­tor, going for a mere $139,836 on Sun­day morning. 

Lar­va Labs’ Cryp­toP­unks boomed in pop­u­lar­i­ty through­out 2021, and the project was recent­ly acquired by Yuga Labs in March, the team behind the wide­ly suc­cess­ful Bored Ape Yacht Club NFTs. The move doesn’t appear to have done much for the mar­ket in the short term however. 

Relat­ed: Oth­er­side NFTs fall below mint price while cheap­er ETH sees sales vol­ume boost

Other Nifty News:

Meta CEO Mark Zucker­berg said that the com­pa­ny is start­ing to test dig­i­tal col­lectibles on pho­to and video shar­ing plat­form Insta­gram this week, sig­nal­ing a move toward adding NFTs.

Bil­lion­aire investor Mark Cuban has tipped com­mer­cial smart con­tract adop­tion as the next cat­a­lyst to dri­ve the cryp­to and blockchain sec­tor, as he argued that net­works that only offer NFTs and DeFi for the sake of it will even­tu­al­ly crumble.



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