Bored Apes, Pudgy Penguins, Cool Cats — this NFT collection debuted much later than all of them, but in the space of two years, it has grown into a major player in one of the largest entertainment industries in the world.
This NFT collection is Adzuki beans.
Since its landmark debut, Azuki has encountered some controversy, but today is proud to be a new force shaking up the anime industry. What is Azuki, what should you know about the series, and why should it hold your attention?
Here’s our complete 2024 Azuki guide.
What is adzuki beans?
Azuki is a collection of 10,000 anime-style avatar NFTs inspired by modern comics and Japanese streetwear. Each NFT has a unique combination of characteristics, including hairstyle, clothing, accessories, etc., giving each Azuki a unique appearance.
The series was created by Chiru Labs, a team of Los Angeles-based artists and developers, and is led by pseudonymous founder ZAGABOND. Chiru has a team with extensive experience in the fields of cryptocurrency, technology and gaming, and hopes to create an NFT series that looks at the animation industry from a unique perspective.
Holders of Azuki NFT will receive a range of benefits. These include membership in the online collective “The Garden”, access to exclusive asset drops and unique collaborations, participation in holder-only live events, and more.
Chiru Labs has long been rumored to be considering developing a native token for the Azuki ecosystem, but as of this writing, this plan has yet to materialize.
The history of adzuki beans
The Azuki series was minted in a Dutch auction on January 12, 2022, with prices starting high and then falling over time. The initial price was set at 1 ETH, but that didn’t stop the series from selling out within 3 minutes, raising an incredible 8,700 ETH, worth over $29 million at the time.
Following this landmark release, Azuki NFTs surged on the secondary market, with trading volume exceeding $300 million, pushing ETH’s floor price into double digits.
In April 2022, Azuki launched Beanz for the first time – a matching collection of 20,000 pieces. These NFTs were airdropped to existing Azuki holders, giving them access to exclusive Discord channels and merchandise releases. Beanz has become a low-cost entry point into the Azuki ecosystem and still maintains stable transaction volume to this day.
In early 2023, we launched Hilumia, an online experience in the Azuki universe. Hilumia is open to the public but can only be interacted with by Azuki and Beanz holders, and it hosts branded games, events and online content to give fans a deeper understanding of the world of Azuki.
In April 2023, Azuki partnered with IPX, the company behind Line Friends, to launch a brand collaboration with the Beanz series, launching exclusive co-branded merchandise and real-world activations.
At the “Follow The Rabbit” event in June 2023, Azuki announced their second accessory series: Azuki Elementals. The collection was minted in 15 minutes on June 27, but sparked controversy due to a lack of casting restrictions and the artwork’s similarity to the main Azuki collection.
In response to the backlash, Azuki revealed that an animated anthology series is in the works. The project was officially announced in January 2024, with global advertising agency Dentsu announcing its participation in April 2024, helping to assemble an all-star team of animation veterans to work on the project.
The animated series, titled “Enter the Garden,” will premiere in late April 2024, with the first episode titled “The One Who Waits.” The episode was critically acclaimed for its writing, voice acting, and overall quality, especially as a free episode on YouTube.
In June 2024, ZAGABOND revealed Azuki’s long-term goal to create what he called “Anime 2.0” powered by AnimeCoin. September 2024, Anime.com reveals – including new Azuki mascots Ayame and Decky – as well as a public waitlist, and a private launch of AnimeChain.
It’s not all sunshine and roses. In May 2022, it was reported that ZAGABOND was involved in multiple abandoned NFT projects, such as Tendies, CryptoZunks, and CryptoPhunks. There were widespread concerns that Azuki might be a drag, causing base prices to drop significantly, but following ZAGABOND’s apology and the promises made to Azuki so far, any worries have largely disappeared.
As mentioned earlier, the June 2023 adzuki bean element mint fell short of expectations. Since there are no casting restrictions, all elements are individually minted by Azuki and Beanz holders, meaning there is zero public access. Since the Elementals are so similar to the original Azuki range, both the Azuki and Beanz saw significant price drops – although both stabilized in due course.
What is Azu going to do next?
Azuki’s goal is clear – to shake up the anime industry and improve the experience for anime fans.
The second episode of “Into the Garden” is about to premiere, and Azuki continues to evolve with animation, merchandise, behind-the-scenes content, and more.
Although we have yet to discover the exact purpose of Anime.com, AnimeCoin and AnimeChain, expectations are high for these initiatives, especially given the expertise, commitment and quality demonstrated by their flagship Into the Garden series.
Chiru Labs continues to put owners and the broader anime community at the heart of Azuki, and they are bringing this community-driven approach from web3 into the mainstream environment.
In just two years, Azuki has had a breakthrough impact on web3. By 2025 and beyond, they could revolutionize the animation industry.
