Azuki founder under fire, CryptoPunk #273 sold at a loss…

The founder of the $723.5 million Azuki NFT project "Zagabond" caused a storm online yesterday by revealing that he had previously worked on three abandoned NFT projects. He later apologized for his "deficiencies" after facing backlash from the NFT community.

These three projects are Tendies and CryptoPunks knockoffs CryptoPhunks and Cryptozunks. All three projects failed, according to Zagabond, due to a lack of community support, as well as other factors such as team members leaving or ethereum’s high gas costs.

After posting the blog via Twitter, most of the replies were supportive of Zagabond’s honesty on the path of trial and error that led to the birth of the Azuki NFT, however the rest of the NFT community was not happy.

User zachxbt bluntly posted, "So, Web 3.0 = abandoning three projects in less than a year?", before recounting some inappropriate behavior related to the Cryptozunks developer pretending to be a woman to market the project.

Other users, such as dxv_eth claimed that Zagabond had agreed to create a marketplace for the Cryptozunks project, but failed to do so and eventually left the community.

After being slammed by the community and hosting a Twitter Spaces conversation, Zagabond issued an apology earlier today, stating:

"I realize my shortcomings in the previous projects I participated in. To the community I left, to the holders of Azuki, to those who believed in me, I am really sorry."

Madonna x Beeple

Pop singer Madonna and heavyweight NFT artist Beeple have teamed up for a tokenized art series that modestly depicts the singer as the mother of creation, evolution and technology.

The NFTs will be auctioned off via SuperRare on May 11, and Madonna said all proceeds will go to three different nonprofits, National Bail Out, V-Day, and Voices of Children.

Instagram will support Flow NFT

After Dapper Labs this week announced the launch of a $725 million ecosystem fund to fuel the growth of its Flow blockchain, the team also revealed that they have signed a partnership agreement for Flow-based NFTs to be supported by Instagram.

Dapper Labs CEO Roham Gharegozlou tweeted earlier today that the move will be a "game changer" for NFT projects on Flow, such as NBA Top Shot, NFL All Day and UFC Strike, as the move will They provide massive exposure from a global audience.

This also marks the first time Instagram has partnered with a major blockchain. The social media company will also support NFTs on Ethereum and Solana.

The CEO also clarified that the $725 million worth of funding will be “primarily investment capital” rather than grants to projects looking to build on the ecosystem.

CryptoPunk #273 Selling at a Loss

On May 8, an NFT of the NFT project CryptoPunks sold at a loss of up to 86%.

CryptoPunk #273 sold for a whopping $1,003,000 in October, worth 265 ETH at the time, but in a turbulent time for the cryptocurrency and blockchain industry, it has fallen to the clouds, selling for $139,836 on Sunday morning .

Larva Labs' CryptoPunks have thrived throughout 2021, with the project most recently acquired in March by Yuga Labs, the team behind the wildly popular Bored Ape Yacht Club NFT. However, the move does not appear to have had much impact on the market in the short term.

Other NFT News

Meta CEO Mark Zuckerberg said the company began testing digital collectibles on the photo and video sharing platform Instagram this week, suggesting that the platform will add NFTs.

Billionaire investor Mark Cuban believes that the adoption of business smart contracts will be the next catalyst for the development of the cryptocurrency and blockchain industry, as he believes that networks that only offer NFTs and DeFi will eventually collapse.

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