Azuki is one of the most recent NFT projects to get $30M of venture capital funding

Azuki, anime-style NFT characters, were priced at $3,400 each. They sold out in three minutes and made more than $29 million. A few days later, another $2 million was sold in a private offering. Then everything became pretty hot. Azukis transacted almost $300 million in transaction volume across various major NFT platforms, including OpenSea, in the four weeks ending February 11. The most costly Azukis are now worth a half-million dollars; lesser models are available for $36,000. Total Azuki sales have far outpaced those of more well-known tokens such as the Bored Ape Yacht Club and CryptoPunks in the early months.

Chiru Labs, creators of the famous Azuki NFT collection, is expected to be worth at least $300 million after the transaction concludes.

You can also read an article on blue-chip projects and their benefits, and in what ways the cryptocurrency market has an impact on the most well-known NFT projects.

According to Twitter rumors, the Azuki NFT project had obtained a round of investment that valued its originator firm, Chiru Labs, at $1.4 billion. According to reports, the unsubstantiated rumor was exaggerated. According to The Block, Chiru Labs is about to close a $30 million Series A financing, which would value the company between $300 million and $400 million if finalized.

Source: Azuki #9489

These values have not been validated by the corporation or the project's pseudonymous creator Zagabond. During the speculative frenzy, the mean average Azuki price on OpenSea rose from 11.5 ETH to 15.7 ETH, with the collection culminating at a floor price of 10.5 ETH on Friday.

According to NonFungible, the highest price paid in US dollars for an Azuki NFT in the last 30 days was roughly $142,700 — 105 ETH — on Monday. As the price of ether fell, another collector purchased an Azuki NFT two days later for 106 ETH, or around $135,000. When it comes to NFTs, prohibitions on trading on insider knowledge remain a complex area of company policy and the law.

Adrian Cheng, a Hong Kong-based art collector, recently tweeted that he purchased 101 Azukis out of "love and appreciation" for the collection in order to to democratise and demystify #Web3 and #Metaverse for all."

Cheng, a co-founder of the venture capital company C Capital, announced the rebranding of his business as C Ventures and hopes to establish a $200 million blockchain fund and a $300 million private equity fund over the next 18 months, according to Bloomberg. It is unclear if Cheng was involved in Chiru Labs' alleged fundraising activities.

Benoit Pagotto, co-founder of the Nike-owned NFT project RTFKT, did, however, publish an intriguing Tweet not long before the reports began. In response to a Twitter user mentioning Azuki's venture capital fundraising announcement on September 13, Pagotto claimed that Chiru Labs was “been talking to a lot of vcs but got a lot of no from what I’ve heard."

He also referenced Cheng's recent NFT sweep as a possible "start of anything," and disclosed Cheng had invested in RTFKT.

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