The cryptocurrency community on Twitter Inc.'s (NYSE:TWTR) social media platform declared the Azuko non-fungible token (NFT) collection "dead" after a massive price drop.
What Happened: The Azuki NFT collection saw its floor price decline by over 48% within 24 hours, and the Twitter crypto community quickly concluded that this is the end of the project, according to a Tuesday Decrypt report.
Twitter users switfly noticed and the host of a Twitter Space titled “The Death of Azuki” had already declared that "Azuki is dead" on Monday.
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The drop followed a blog post from pseudonymous Azuki founder Zagabond disclosing his past participation in less successful NFT projects that some in the community described as "rugpulls." The floor price of the collection's tokens fell from about 19 Ethereum (CRYPTO: ETH) down to about 10.9 ETH within hours — a drop from over $45,000 down to under $26,000.
ZachXBT — a 226,000-follower strong crypto Twitter influencer — commented on Zagabond's revelation by jokingly asking Zagabond if Web 3.0 actually means "rugging three projects in less than a year."
To which the project's founder responded by claiming that the teams he was part of "delivered everything that was promised for these collections" while admitting that he wished those projects were more successful.
Photo: Courtesy of opensea.io
