Rumor has it that 2023 is going to be a good year for NFTs. Not trying to jinx it, but with BAYC’s floor price pumping 12 ETH one week into the new year and now Azuki’s, it seems like a bull market is approaching. For real though, what a year 2022 has been for Azuki! Zagabond was unveiled as the creator of failed projects, Valhalla x Azuki conspiracies spiraled, and the big hit FTX caused the market. I think it’s safe to say, that Azuki polishes up real nice despite all odds. I wish I was exaggerating but everyone is buying Azuki NFTs like it’s the apocalypse! Azuki’s floor price pumped 3.5 ETH just four days into 2023. Let’s dive in and see if we really are at the tip of a bull run.
Azuki Floor Price: Everyone’s Bullish
Floor Price 2022 Recap
The following is a chart from NFTinit that maps the floor price of Azuki since its launch in January 2022. At first glance, it’s very evident that Azuki got a major pump back in April 2022 at 34.4 ETH, and its first major price drop was in May. Ever since the crypto market crash back in May, Azuki hasn’t been able to go back to its all-time high FP of 34.4 ETH. Just a little reminder that the ETH at that time was equivalent to $3,500, so the lowest price for an Azuki NFT was $120,400. I don’t know if Azuki’s floor price could ever recover and go back to being worth $120,400. But then again it’s pretty much related to whether the whole crypto/NFT market is going to recover.
The lowest Azuki’s FP got after the May crash was 5.8 ETH on August 23, 2022. Keep note that at that time 5.8 ETH was around $9,400. So, it’s fairly impressive that $9,400 was Azuki’s rock bottom. From that all-time low, there was a stable increase till reaching 13.5 ETH ($16,200) at the end of 2022 on December 31st.
The 2023 Azuki Pump
Azuki ended the year 2022 with a floor price of 13.5 ETH ($16,200) and increased rapidly till reaching its peak at 16.9 ETH ($21,125) on January 5, 2023. The question that poses itself is “why did Azuki’s floor price increase this much so fast?”. So, what the hell happened on January 5, 2023? To answer this question we took a look at NFTGo’s analytic chart for Azuki’s price and sales.
Looking at the bulk of circles hovering over January 5, the chart is screaming of sales. From January 4 to January 10 alone, 698 individual Azuki sales were closed. I mean, we technically know that the increased sales spiked up Azuki’s floor price, but why is there this sudden thirst for Azuki NFTs at the beginning of 2023??
in the past 24 hours these 4 Spirit Azukis have sold for 150 ETH+ each😮
1) AZUKI #7994 sold for 205.0 WETH
2) AZUKI #7257 sold for 288.69 ETH
3) AZUKI #3153 sold for 249.0 ETH
4) AZUKI #3567 sold for 155.0 ETH
idk whats going on in the NFT space right now, but I'm here for it pic.twitter.com/ri1ZznrxY4
— AshRobin 🐶 (@ashrobinqt) January 5, 2023
According to NFTGo, the total trade volume on January 5 alone was equal to 4.78k ETH, and are you ready for the dollar equivalent? $5,975,000 were traded on January 5, 2023, to buy Azuki NFTs. Most probably these sales were hyped by five major whale buys that took place that same day. But yes, $5,975,000… Let that sink in…
We can also notice another huge wave of whale buy-ins on January 9 that kept the Azuki floor price back at 16.9 ETH. Let me demonstrate the hype in an example, EB7 has been very vocal since the beginning of this year about his desire to buy Azuki NFTs, and oh did he buy them!
Last night at 4 am we closed these 2 gold kigus for 235 eth total.
These golds are owned by myself and my close friend and business partner @sen_eth
He will be rocking one and ill be rocking the other.
Only 27 golds in all azuki and 9/10 are locked with dinga/grail
Huge W pic.twitter.com/90AAoXEeTL
— Erick 🦦 (@EB7) January 9, 2023
Why is Everyone Buying Azuki NFTs in 2023?
Let’s make one thing clear first, I am no financial expert, and I can only speculate by linking dots together. So why is the Azuki floor price pumping like crazy? Because everyone is drooling over buying Azuki NFTs. Now, why is everyone buying Azuki’s like crazy? I think there are several reasons I can think of:
- Physical Backed Token rarity utility they launched back on December 5, 2022.
- Collaboration with the Shibuya Web3 film platform.
- Azuki’s one-year anniversary is approaching.
- Azuki’s roadmap for 2023 which has an Azuki meta-game in store and an NFT fractionalization for holders.
- The Azuki team dropped BEANZ to Azuki NFT holders where each holder of 1 Azuki NFT received 2 BEANZ. The BEANZ series are collectible sidekicks for Azuki that enable their own unique experiences, games, and use cases.
- Zagabond, Azuki’s founder, announced in an article for Jing Daily that “ For 2023, we expect more exploration of blurring the lines between physical and digital, as well as more efforts to bridge the gap between the mainstream and Web3 communities”. This further hyped the potential of Azuki’s PBT rarity utility. Especially, how the Azuki universe will merge into the tangible world.
There are many reasons why the Azuki NFTs are in high demand, take your pick at it! 2023 is gonna be a good year, I can feel it. Now, I leave you with this reply to a tweet ” You gonna wanna always have an Azuki in your wallet“. The community knows something we don’t, so are you going to invest in an Azuki NFT?
I’m gonna say this here and we can come back to this tweet in 3-6 months. You gonna wanna always have an Azuki in your wallet. That’s it that’s the tweet.
— arby❄️No.Esc@pe 🦧⛩️🌈 (@arbynoescape) January 11, 2023