Launched on January 12, 2022, Azuki is a PFP NFT collection of 10,000 anime inspired avatars that grant its holder access to The Garden, a space integrated by artists, builders, and web3 enthusiasts. Holders of Azuki are granted access to unique drops, experiences, and additional perks. ^[1]
At its core, it is similar to other PFP NFT projects, where each token is created by randomly selecting traits. Its anime-inspired artwork has been described as a blend of the 3D action role-playing game The World Ends with You and the style of the iconic skateboarding magazine Thrasher. ^[2]

History

Azuki NFTs' launch in January 2022 was one of the most successful releases in the Non-Fungible Token (NFT) space. The 8,700 collectibles available for sale on OpenSea and LooksRare in a Dutch auction sold out in four minutes, generating around $29 million in revenue and capturing the attention of the entire community. Initially, Azuki was planned to be launched using a Dutch Auction, where the sale starts at a high price and gradually decreases over time until it reaches the final sale price. The initial mint price was 1 ETH, set to decline by 0.05 ETH every 20 minutes until the price reached 0.15 ETH, but Azuki never reached that final price as it was sold out at the initial price before it could reach the first price reduction. ^[2][3]

BEANZ Collection

Azuki NFT holders were given the benefit of receiving two complimentary NFTs in an airdrop on April 1, 2022. These NFTs originally depicted a crate, but after updating their metadata, they were transformed into images of piles of dirt. Later in May, these NFTs were included in the company's new NFT collection called BEANZ. ^[3][4]

“Introducing BEANZ: a small species that sprout from dirt in the garden. Being a sidekick is in their DNA, although some like to kick it alone. They’re earnestly driven by the desire to help. However, certain BEANZ feel a calling to pave their own path.” - Azuki Team

Overview

The Azuki NFT collection comprises of 10,000 avatars, each with unique appearances determined by 13 trait categories and 469 traits. Some traits are more scarce than others, making Azukis with those traits more valuable. The four types of Azukis are Human, Blue, Red, and Spirit, with Human being the most common and therefore generally costing less, while the rarer Spirit type commands higher prices, as there are only 97 of them, making up less than 1% of the total collection. These NFTs are minted on the Ethereum blockchain, and can be bought and sold using ETH on NFT marketplaces and stored in NFT wallets. ^[3]

Hilumia

On the one-year anniversary of its launch, Azuki announced the release of Hilumia, a metaverse city built by the Azuki community. The city includes different places like Slowpoke's Toy Haven, Ember Square, Golden Skate Park, and Garden Express, each with its own distinct atmosphere. ^[6][7]

Physical Backed Token (PBT)

The team released physical backed tokens (PBT), which is a type of digital token that is linked to a physical item and built on the Ethereum blockchain. Azuki announced on its Twitter that it will use the BEAN Chip, a physical cryptographic chip, for the initial implementation of the PBT. This combination of the PBT and the BEAN Chip will include a "scan to own" feature. ^[5]

“Scanning the chip with your phone allows for the PBT to be minted or digitally transferred to the owner’s wallet. This allows the current owner of a physical item to also own the PBT, which verifiably authenticates the item and ties the item to a digital token in the wallet of their choosing.” - Azuki Team

The PBT aims to provide decentralized authentication and a complete on-chain record of ownership for physical items, without a centralized server, thereby creating a trustless authentication system. ^[5]

Team

The creation of Azuki is credited to Chiru Labs, a team of artists and developers based in Los Angeles who have expertise in the fields of cryptocurrency, technology, and gaming. The group, consisting of pseudonymous members 2pm.flow, location tba, HoshiBoy, and led by former big tech entrepreneur Zagabond, aims for Azuki to be more than just a PFP project and plans to expand the Azuki brand into various sectors. ^[8]