NFTs Are Down, But They Are Here To Stay

NFTs Are Down, But They Are Here To Stay – Azuki Founder Zagabond

Updated: 27 June 2024

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The non-fungible token market has experienced another week of downturn, marked by further slides in trading sale volume and some strong resilience in floor prices. Despite the downtrend, the Azuki founder has remained bullish and maintained that non-fungible token collections are here to stay.

Zagabond Bullish On NFTs

In a June 27 blog post, Zagabond, the founder of the Chiru Labs, released his stake about the current state of the non-fungible token market. Zagabond has remained adamant about NFTs despite the market reaching its record lows in the past several days. NFT sale volume is down more than 3% in the past seven days.

There will be NFTs that are expensive collectibles
There will be NFTs that are high supply and cheap
There will be NFTs that provide memberships
There will be NFTs that are gaming items
There will be NFTs with token yield
& much more…

NFTs are here to stay

— ZAGABOND.ETH (@ZAGABOND) June 27, 2024

Zagabond and his team founded Chiru Labs in 2021. Chiru Labs is a digital asset incubation studio and a home to many non-fungible token collections, including the Azuki, a non-fungible token collection featuring a limited set of 10,000 hosted on Ethereum network and Azuki Elementals, a non-fungible token featuring a fixed supply of 20,000 Ethereum-based NFTs.

Other NFTs Zagabond created include Beanz, a non-fungible token collection featuring a fixed edition of 19,950 NFTs hosted on the Ethereum blockchain network and Azuki Elemental Beans, a non-fungible token collection featuring a limited supply of 5,387 NFTs hosted on Ethereum.

Don’t Worry NFTs Are Here To Stay

In his recent remarks, Zagabond is confident that non-fungible token collections are here to stay. However, he has anticipated a huge divide in NFTs in the coming days. The Azuki NFT founder has mentioned that there will be NFTs that are expensive collectibles, some high-supply and cheap, and some that provide memberships. Moreover, there will be NFTs that are gaming items and some NFTs with token yield.

Data compiled by CoinGecko.com, an on-chain crypto market data aggregator and a multi-chain non-fungible token explorer, shows that Chiru Labs’s flagship non-fungible token collection, Azuki, has surged 5.9% today in sales volume. In the past 24 hours, Azuki has amassed a trading sales volume of 83 ETH. Azuki has a market cap of $108 million and a floor price of $10,885.