NFTs have been defunct, but they are here to stay

The NFT market has had another downturn week, marked by further declines in trading volume and some strong resilience in floor prices. Despite the downtrend, Azuki’s founder remains optimistic and insists that NFTs are here to stay.

Zagabond is bullish on NFTs

In a blog post on June 27, Zagabond, founder of Chiru Labs, gave his take on the current state of the NFT market. Zagabond has remained bullish on NFTs despite the market hitting record lows in the past few days. NFT sales volume has dropped by more than 3% in the past seven days.

There will be NFTs which are expensive collectibles.
There will be high supply and cheap NFTs
There will be NFTs that provide memberships.
There will be NFTs which are gaming items
There will be NFTs with a nominal return
& 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 home to several NFT collections, including Azuki, an NFT collection with a limited run of 10,000 hosted on the Ethereum network, and Azuki Elementals, an NFT with a fixed supply of 20,000 Ethereum-based NFTs.

Other NFTs created by Zagabond include the Beanz Collection, a collection of NFTs featuring a fixed supply of 19,950 NFTs hosted on the Ethereum blockchain, and Azuki Elemental Beans, a collection of NFTs featuring a limited supply of 5,387 NFTs hosted on Ethereum.

Don’t worry, NFTs are here to stay

In his recent comments, Zagabond expressed confidence that non-fungible token pools will remain. However, he predicted a major split in NFTs in the coming days. The Azuki NFT founder mentioned that there will be NFTs that are expensive, some that are in high supply and that are cheap, and some that offer membership. Furthermore, there will be NFTs that are gaming items and some NFTs with a token return.

Data collected by CoinGecko.comChiru Labs, an on-chain cryptocurrency market data aggregator and cross-chain NFT explorer, shows that Chiru Labs’ NFT suite, Azuki, is up 5.9% in trading volume today. Over the past 24 hours, Azuki has collected a trading volume of 83 ETH. Azuki has a market cap of $108 million and a low price of $10,885.

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