Decoding the performance of Azuki’s latest NFT collection ‘BEANZ’

Decoding the performance of Azuki’s latest NFT collection ‘BEANZ’

With NFTs becoming the most sought-after thing of late, a number of investors are turning their attention toward buying, trading, and selling NFTs. With BAYC, MAYC, Doodles, and many such popular NFTs in the market, Azuki’s latest NFT collection called BEANZ Official is set to join the ‘NFT Cool Club’.

What makes BEANZ so popular?

At the time of writing, the average price for one BEANZ NFT was 7.119 ETH on 6 May, whereas the average price for one NFT as of 5 May was 5.926 ETH.

As per data from OpenSea, the NFT collection witnessed a spike of 853.61% in the last 24 hours and 420.61% in the last seven days. Furthermore, the average number of sales as of 5 May was a mere 150, whereas the number of sales soared to 1,371 as of 6 May.

Source: OpenSea

Despite the most popular NFTs witnessing a slowdown with regards to their sale, the BEANZ Official NFTs seem to be following a different path.

Sprouting of the ‘BEANZ’

On 1 April, individuals that held NFTs from Azure’s previous collections were sent surprise airdrops that turned out to be the GIF of a pile of dirt with an announcement stating that something was coming up. The surprise airdrop did lead to some hype around the collection but fizzled out very quickly.

However, as of 5 May, the NFT collection was revealed. The pile of dirt that was airdropped to the users witnessed tiny BEANZ popping out, thus revealing that the airdrop was in fact Azuki’s latest NFT collection.

Furthermore, Azuki Twitter handle went ahead to notify NFT owners of the BEANZ reveal and after the reveal of the ‘beans’, several users took to Twitter to state the pairing of the new beans with their owned Azuki NFTs.

Will the BEANZ sprout or rot?

Despite stats on OpenSea pointing toward a success story for Azuki’s latest collection, data from Dune Analytics states otherwise. The OpenSea daily volume for Ethereum as of 6 May stood at 49,166, which is lower than the daily volume for 5 May which stood at 168,531,426.

Source: Dune Analytics

Furthermore, as per data from OpenSea, notable NFT collections, such as BAYC, MAYC, OkayBears, Doodles, and so on did not record impressive performances, especially in the last 24 hours.

Thus, taking into consideration the aforementioned data, it can be stated that although BEANZ may enjoy massive popularity for numbered days, it may begin to fizzle out in time and may start mirroring the performance of its counterparts in the NFT space.

Source link

Share this post

Leave a Reply

Your email address will not be published. Required fields are marked *