I was stumbling across OpenSea and couldn't help but see the Azuki NFT in the trends yet again. About a week ago the NFT was just a collection of a spinning red bean with lightning coming out of it. From my perspective, it wasn't anything impressive in terms of the art but when the floor price go from 2ETH to 7ETH I had to look it up for a second.
Why did this crazy surge in prize happen? Why is it so popular? After doing a little research I wanted to dive in and share its possible reasons and about the project itself.
Adzuki is a small red bean that's cultivated in East Asia. For the NFT I guess they just renamed it Azuki without the letter 'd'. When looking at Google Trends there was no real interest until the November dates.
Most of the interest came from South Korea which was something different in terms of the market. I checked Discord and Twitter where they had a large fanbase and community, so this meant that they were not just an overnight success.
Not sure how they got such a massive following except for the fact that they were in some minor press releases or in blogs. Maybe they had an awesome pre-launch strategy or had major marketing plays in Asia that we're unaware of in North America.
Nevertheless, we at least know that the Azuki team had been brewing up content and hype leading up to the mint and showcase of the gallery. This project seems to have a lot of potentials but my research only scratched the surface of its ideas and marketing strategies. Only time will tell!