Although this collection debuted far later than the likes of Bored Apes, Pudgy Penguins and Cool Cats, in the space of two years, it has arguably matched their achievements. Today, it has grown to become a major force in one of the world’s most beloved entertainment industries.
This NFT collection is Azuki.
In the space of two turbulent years, Azuki has risen into a new force that’s looking to shake-up the anime industry. What is Azuki, what should you know about the collection, and why should it be on your radar?
Master the topic, as we explain the past, present and future of Azuki in 2024.
What is Azuki?
Azuki is a series of 10,000 anime-style avatar NFTs on Ethereum, inspired by manga and Japanese streetwear. Each NFT features a fusion of traits, including hairstyles, clothing, accessories and more, giving each Azuki a completely unique look.
Created by LA-based collective Chiru Labs, the collection is led by the pseudonymous figure known as ZAGABOND. This team has ample experience in crypto, technology and gaming – and Chiru wanted to build an NFT collection that took a unique look at the anime industry at large.
Collectors of Azuki NFTs are granted several benefits, including membership to online platform “The Garden”, access to exclusive drops and collaborations, entry to holder-only in-person events, and much more.
Rumours have been abound since Azuki’s inception that Chiru Labs are looking to develop a native token for their ecosystem. Other than cryptic references to a future “AnimeCoin”, as of writing, no token has yet come to fruition.
The history of Azuki
Azuki was minted on January 12, 2022 using a Dutch auction format – where prices start high and decline over time. The entry price was set at 1 ETH, yet the collection still sold out within 3 minutes, raising 8,700 ETH – worth over $29 million USD at the time.
Following this notable launch, Azuki NFTs rocketed on secondary markets. The NFTs saw over $300 million USD in trading volume, boosting the floor price into double-digit ETH territory.
In April 2022, Azuki introduced Beanz – a 20,000-piece companion collection. Airdropped to existing Azuki holders, these NFTs gave holders access to exclusive Discord channels and merchandise drops. Beanz have become a low-cost entry point to the Azuki ecosystem, and are regularly traded in huge volumes to this day.
Early 2023 saw the debut of Hilumia, an online experience of the Azuki universe. Open to the public, but allowing only Azuki and Beanz holders to benefit from the full experience, Hilumia hosted branded games, activities and online content, giving fans a closer look at the developing world of Azuki.
April 2023 saw Azuki partner with IPX, the company behind Line Friends, for co-branded merchandise line with the Beanz collection, alongside real-world activations.
At their “Follow The Rabbit” event in June 2023, Azuki announced their second companion collection: Azuki Elementals. Minting on June 27, the collection minted out in 15 minutes, but controversy arose over the lack of minting limits, and the similarity of the art to the main Azuki collection.
In response to the backlash, Azuki revealed that an anime series was in production, with the official announcement coming in January 2024. Global advertising firm Dentsu announced their involvement in April 2024, assembling an all-star team of anime heavyweights to work on the upcoming series.
This anthology series, titled Enter The Garden, premiered in late April 2024 with the debut episode, titled The Waiting Man. The episode saw positive reviews for its writing, voice acting, and animation quality – especially as a debut series airing for free on YouTube.
In June 2024, ZAGABOND revealed Azuki’s long-term goal – to create “anime 2.0”, powered by AnimeCoin. September 2024 saw the introduction of Anime.com, the debut of new Azuki mascots Ayame and Decky, and the private testnet launch of AnimeChain.
Amidst this success, there have been some bumps in the road. It was revealed in May 2022 that ZAGABOND had been involved in several abandoned NFT projects, such as Tendies, CryptoZunks, and CryptoPhunks, creating fears that Azuki was an elaborate rug pull. This caused a decline in floor prices – but after an apology from ZAGABOND himself, and the continued commitment shown to Azuki, those fears have largely dissolved.
The Azuki Elementals mint in June 2023 fell short of expectations. With no max minting limits, all of the Elementals were minted solely by Azuki and Beanz holders – meaning non-existing holders were unable to take part. Due to the visual similarities between Elementals and the original Azuki collection, the floor prices of both Azuki and Beanz fell dramatically – although both have since stabilised.
What’s next for Azuki?
Azuki’s goal is clear – to shake up the anime industry by transforming what it means to be an anime fan.
As of writing, the teaser for Episode 2 of Enter The Garden has now been released, and Azuki continues to flourish across its animations, merchandise, behind the scenes content and more.
Though we are yet to discover the exact purpose of Anime.com, AnimeCoin and AnimeChain, there are high expectations for each – especially given the expertise, commitment and quality of their flagship Enter The Garden series.
Chiru Labs continue to put their holders – and the wider anime community – at the heart of Azuki, and they’re taking their web3 approach of putting the community first into a mainstream environment.
In just two years, Azuki have had a mammoth impact on web3. In 2025 and beyond, they might just have a revolutionary impact on the entire anime industry.
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