Zagabond, Azuki NFTs founder, has promised to compensate investors after he abruptly left three crypto projects – rug pull. He tweeted his shortcomings and apologized to the investors, the communities, and Azuki NFT holders for abandoning the projects.
The pseudonymous founder had earlier detailed how he established it and left three NFT collections – namely CryptoPhunks, Tendies, and CryptoZunks. Zagabond described himself as an “experimental crypto entrepreneur”. He highlighted CryptoPhunks, a variation of Larva Labs’ CryptoPunks, as a “parody collection”. Tendies imitated ordering chicken tenders at a fast-food restaurant. This project was shut down after it minted only 15% of the collection.
Zagabond explained that they did everything they could to gain traction for the project. They soon realized that memes are powerful, but they cannot take the project far. As for CryptoZunks, Zagabond said it had limitations due to gas costs on Ethereum (ETH). He pointed out that this killed the experience and added that 15% of the free airdrop was due to high gas fees.
Zagabond shared his two cents about Web3 as well. He highlighted that it involves risks and rewards. Zagabond said the Azuki team had quit their stable 9-to-5 jobs to ape into the crazy world of NFTs. And despite the space’s ups and downs, they love it as and believe in their mission to reimagine storytelling through the Web3 lens. Zagabond highlighted that builders must learn from each experience and get back to the storyboard with something innovative and significant.
He acknowledged that the road to success is unpaved with many bumps along the way. Zagabond believes the Web3 community could collectively shift that balance of power away from centralized Web2 companies.