Introduction

What magic does a red bean have to bring us?

Azuki, a captivating assortment of 10,000 anime-inspired non-fungible tokens (NFTs), has emerged as a powerhouse in the Web3 arena since its introduction by Chiru Labs in 2022. With a launch that witnessed the collection sell out in just minutes and accruing over $29 million, Azuki's standing in the NFT domain is reinforced by its diverse and devoted community. Beyond their arresting digital artistry, Azuki's uniqueness lies in their ambitious vision for a gamified metaverse known as Hilumia, promising an immersive, interactive experience for their holders.

This report presents a comprehensive analysis of the performance of Azuki and Beanz in the NFT marketplace, focusing on their community strength, lending dynamics, and the strategic collaborations that drive their resilient growth. Through data-driven insights, we explore their trading activity, holder patterns, lending volumes, and cross-platform appeal, ultimately showcasing how these NFTs are carving out a unique space for themselves amidst market fluctuations.

Latest News

IPX x Chiru Labs: A Revolutionary Web3 Expansion

Chiru Labs, the creative force behind Azuki, has announced a major partnership with IPX, the global IP platform recognized for successful collaborations with renowned brands like BTS, Netflix, and Starbucks. This alliance marks a significant leap into web3 technology for the globally popular LINE FRIENDS characters, originally born out of the LINE messaging app.

This partnership signifies a groundbreaking merge of web3 and established IP, featuring joint content, retail distribution at LINE FRIENDS stores, and immersive real-world activations. Beginning with the BEANZ and LINE FRIENDS IPs, this collaboration holds potential for expansion into other IPs, including those managed by IPX's dedicated web3 partner.

This partnership matters significantly as it will put the BEANZ IP into the hands of millions of consumers previously drawn to LINE FRIENDS. By achieving a successful IP expansion, Chiru Labs and IPX are not just combining like demographics, but also expanding their userbase in a way few NFT projects have managed. The endorsement of IPX by a brand as influential as BTS further validates this collaboration.

Follow The Rabbit: The Hype, The Mystery, and The Details

Azuki is back again with an exciting event, "Follow The Rabbit," scheduled for June 23, 2023, in Las Vegas at the Hakkasan Nightclub. This event, following their acclaimed "Check Your Wallets" party and exclusive NYC NFT event, promises an immersive experience for attendees in the year of the Rabbit.

Registration opened back in mid-April, with priority given to Azuki and BEANZ token holders, but due to immense demand, Azuki has reopened the registration window until May 28, 2023. Tickets are free with a $100 refundable deposit for non-holders and registrations are handled via the Tokenproof app. Attendees must be 21 or older.

The event holds significance given Azuki's track record of sparking intrigue and excitement in the NFT world. Since January 2022, Azuki took the bull run by storm, with holders scrambling to snag the highly coveted NFTs. Their Los Angeles party in March further fueled the hype with the surprise airdrop of two NFTs for every Azuki owned. Despite controversies, Azuki managed to sustain its growth and continues to be one of the strongest projects in the NFT space.

The "Follow The Rabbit" event might serve as a platform for the big reveal of Azuki's future plans. As speculation swirls, some Azuki whales have been trading rare Azukis for floors, a strategy hinting at a potential airdrop or token claim. All eyes are on Azuki as they gear up for this event, bringing an air of suspense and excitement to the NFT community. The intrigue is further heightened by Zagabond, Azuki's enigmatic founder, who has been adept at keeping the community engaged without revealing much.

This event encapsulates the mystery and hype that Azuki has come to represent, making it a highly anticipated event in the NFT calendar. Whether the event will indeed mark the launch of a new collection remains to be seen, but the anticipation is palpable.

Azuki Enhances Interactivity with Spirit DAO Comic Book Token Trait

In an exciting development, Azuki has granted Spirit DAO, a private syndicate of Azuki NFT collectors, a coveted comic book token trait. This token trait can be equipped by Spirit DAO members to amplify their Azuki experience and distinguish themselves within the Azuki community.

This move demonstrates the synergy between Azuki and Spirit DAO and emphasizes Azuki's commitment to nurturing creativity, collectability, and immersive engagement. Spirit DAO, consisting of dedicated Azuki collectors, is a potent force aiming to solidify Azuki's reputation in the burgeoning metaverse. The comic book token trait strengthens this vision, enhancing the benefits available to Spirit DAO token holders.

The addition of the comic book token trait for Spirit DAO, accessible via the Azuki Collector's Profile, further underscores Azuki's dedication to dynamic community engagement. The new feature ensures that personalizing Azuki tokens can be a creative, off-chain experience that doesn't affect the on-chain attributes of the tokens.

In essence, Azuki's collaboration with Spirit DAO via the comic book token trait is a significant step in enhancing user interaction and collector engagement within the Azuki community. This development is set to catalyze Azuki's efforts to establish a prominent brand identity in the metaverse.

Data Analysis

Reviewing the NFT Market's performance over the last three months reveals a downtrend, with the market cap experiencing a significant 23.64% drop from 5.1M ETH to 3.9M ETH. Even the Blue Chip index, though it saw a brief rebound between May 31 and June 5, generally followed the downtrend, declining by 12.22% from 8.5K ETH to 7.5K ETH.

Contrary to this market trend, Azuki and Beanz NFTs have emerged as strong performers, underpinned by robust community support and the compelling appeal of their offerings.

Azuki

Amid the bear market trends, Azuki continues to perform impressively. Its resilience is fueled by a series of strategic maneuvers including frequent events, a dynamic partnership with IPX, and a robust community. Despite a marginal drop in holders, it's seen a soaring market cap and an increase in 'whale' investors, signifying a consolidation of faith among its believers. This, coupled with the community's 'diamond hands' approach seen in the high number of transfers compared to sales, and a surge in high-value transfers, is indicative of the project's perceived long-term value. In essence, Azuki's rise against the tide reflects not only its strong market position but also its vibrant community and strategic collaborations that continue to fuel its growth.

Price & Sales: Steady Growth Fueled by Balanced Participation

Azuki's recent market performance showcases a steady and consistent growth, highlighted by a 31.38% increase in floor price from 13.34 ETH to 17.54 ETH over the last month. The average price has reached a new yearly high, marking a significant milestone for Azuki. There was a minor fluctuation observed on May 17, but the overall trend has still remained positive, with the average price escalating by 28.6%, increasing from 13.6 ETH to 17.49 ETH. The number of sales transactions initiated by high-volume transactions in the marketplace is also a key indicator of Azuki's market dynamics.

Interestingly, the number of 'whale' sellers and buyers has remained fairly balanced, signifying a stable market without significant manipulative pressure. Moreover, instances where both buyer and seller were 'whales' are almost non-existent, indicating that the Azuki market is not just dominated by high-volume traders but has active participation from a broader spectrum of collectors. This positive market performance can be attributed to Azuki's consistent brand growth strategies and engaging community initiatives. These factors together have been effective in not only maintaining interest among existing collectors but also attracting new participants to Azuki's NFT marketplace.

Market Cap & Volume: Event-Led Marketing Bolsters Azuki's Market Cap Amidst Plateaued Trading Activity

Over the past three months, Azuki's market cap has been experiencing a trend of oscillating growth, most notably from May 29 to June 1, coinciding with the release of extra tickets for the highly anticipated "Follow the Rabbit" Las Vegas event. The announcement of this event appears to have positively influenced investor sentiment, contributing to an upswing in market cap to an all-time high of 177.77K ETH. Even after a slight drop, the current market cap stands at 175.55K ETH, reflecting a substantial overall increase of 21.66%.

However, it's worth noting that while the market cap has seen considerable growth, the total sales volume over the past month is relatively lower than in the previous months. This may indicate that while investors are optimistic about Azuki's value, the trading activity has somewhat plateaued. This could be the anticipation of the Las Vegas event, with investors waiting to see the outcome before making further trades.

In conclusion, the market cap and sales volume trends suggest that Azuki's strategic partnerships and event-led marketing are positively impacting investor sentiment and contributing to the project's overall market strength. This reinforces the brand's prominence in the NFT space and its potential for further growth.

Transaction, Liquidity, and Holders: Dedicated Community and 'Whale' Confidence Fuel Azuki's Market Resilience

In the last month, Azuki's ecosystem exhibited a fascinating trend: despite a decline in liquidity compared to the preceding three-month period, the number of transfers consistently outstripped the number of sales.  This trend not only illuminates the strong sense of community solidarity but also suggests a 'diamond hands' mentality among Azuki's holders.  They are holding onto their assets in anticipation of long-term value, likely influenced by the upcoming “Follow the Rabbit” events.

Simultaneously, a subtle decrease in holders by 1.97% was countered by a robust 21.66% increase in the market cap. This counterintuitive phenomenon reveals that while the participant pool shrank slightly, remaining holders amplified their stakes, pushing the market cap upwards. This is consistent with what we observed that the number of “whales” raised 2.86%.

In the last three months, the number of people holding an Azuki for more than one year has increased steadily, while the number of people holding for three months to one year has decreased correspondingly. Specifically, the number of NFTs held for more than a year saw a staggering increase of 100.36%, growing from 2.1K to 4.4K NFTs. Meanwhile, the amount of NFTs held for a period of three months to one year experienced a considerable decrease of 41.37%, dwindling from 5.0K to 2.9K NFTs.

This transfer of almost identical volumes from the shorter holding period to the longer reveals an interesting trend: instead of choosing to sell, many holders with a 3-month to 1-year holding period have decided to extend their commitment, graduating into the over 1-year holding bracket. This change suggests a strong confidence in Azuki's long-term value and growth potential, reinforcing the fact that Azuki's community isn't merely invested for short-term gains. They appear to be in it for the long haul, indicating a deep-seated trust in Azuki's roadmap and the strategic decisions made by the project's team.

In essence, the Azuki ecosystem is characterized by a dedicated and optimistic community.   Despite market ebbs and flows, they remain steadfast in their conviction of Azuki's potential and strategy, promising a bright future for the project.

Marketplaces: Blur Dominates as the Premier Trading Platform for Azuki NFTs

Based on the data from the Dune Dashboard @sealaunch, it's evident that the Blur trading platform has become a favored marketplace for Azuki transactions. There are a few key reasons for this preference:

Firstly, Blur's Blend (Blur Lending) feature enables traders to maximize the liquidity of their NFTs. Given the higher prices commanded by Azuki NFTs, this feature offers an attractive advantage to new collectors who see considerable potential in the Azuki project. Blend allows buyers to collateralize their token purchases, thus creating a more flexible trading environment.

Secondly, the absence of royalties on Blend transactions also adds to its appeal. In contrast, Blur imposes a royalty fee of 0.5% on each transaction, thus making Blend a more cost-effective trading platform.

Lastly, the perception of Blur as a high-value trading platform has been bolstered by significant sales, such as Azuki #9236, which sold for a whopping 161.2345 ETH. This record sale amplifies Blur's reputation as a platform for high-value trades, further attracting new collectors and enhancing the overall stature of the Azuki project in the NFT market.

Top Sales

BEANZ

Lowering Barriers and Boosting Market Performance in the Azuki Universe

In Azuki's world, BEANZ plays a vital role as a helpful sidekick, and as a more cost-effective alternative to Azuki. The Beanz NFTs have seen a noticeable influx of collectors, largely due to their affordability when compared to Azuki, thereby significantly lowering the barrier to entry to the Azuki universe. The strategic partnership with Line Friends, leading to the creation of Beanz IP and the launch of characters like "Jay" and "Jelly," has notably expanded Beanz' demographic reach. This collaboration has been instrumental in exposing millions of new consumers to Beanz, driving a substantial increase in userbase and opening up new revenue streams through merchandise and event collaborations.

An impactful boost in trading volume was observed after the announcement of this partnership, soaring from 143.32 ETH to a massive 679.29 ETH, representing a hefty 373.97% surge. Another noteworthy increase in trading volume occurred on April 18th, post the announcement that Azuki's "Follow The Rabbit" event registrations could be accessed by wallets holding either Azuki or Beanz tokens. The more affordable Beanz became the natural choice for participants, driving the trading volume up from 256.58 ETH to an impressive 1289.19 ETH, marking a 402.45% increase. This movement propelled both its trading volume and market cap to three-month highs.

Interestingly, following the first whale sale on May 27th, there was a brief period of whale purchases, succeeded by significant whale sales. As a result, after a period of low liquidity in early May, Beanz's liquidity started oscillating at a higher level. Despite a relative decrease in holders, the market cap remained at its highest in nearly three months.

Top Sales

Azuki & Beanz's Lending Journey So Far

Observing Azuki's lending volume on the Blur platform, throughout the past month, Azuki has consistently dominated near the pinnacle of the market in lending volume, even demonstrating a volatile uptick. From the onset of May, Azuki's lending volume witnessed a remarkable surge from 3437 ETH to 6408 ETH, a robust increase of 86.44%. This trend is indicative of an escalating market demand for Azuki NFTs, reinforcing its standing as a strong contender in the NFT ecosystem.

In the early days of May, Azuki's daily lending volume on Blur outperformed, constituting over 50% of the total volume. While there's been a slight decline since then, it has maintained a consistent presence in the top three market positions, with a steady volume share of 20-30%. This consistency not only solidifies the confidence of current Azuki holders but also heightens Azuki and Beanz's attractiveness to potential new collectors, thereby enhancing their market visibility and appeal. This trend showcases the inherent strength of Azuki and Beanz amidst a challenging NFT market scenario, underscoring their potential for sustained growth in the future.

Trading signals for Azuki

Possibilities of Rise and Decline (NFA)

RSI Strategy: A trading signal designed according to the RSI's characteristics of relative strength of buying and selling. Signals below the range of fluctuation indicate buy, whereas signals above the range of fluctuation indicate sell. The greater the deviation, the stronger the signal.

Azuki Pricing and Listing

Finding opportunities by discovering undervalued NFTs

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