How to buy Azuki NFTs

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Contributor, Benzinga
April 18, 2022
verified by Ryan McNamara

Wondering how to buy Azuki NFTs? You’ll need Ethereum, which you can get today on eToro.

The non-fungible token (NFT) market exploded in 2021. Sales totaled over $17.6 billion, up from $82.5 million in 2020, a 21,000% increase. 

Although signs have emerged showing that the NFT market has cooled, growth is still expected to be substantial. The global NFT market is forecast to have an annual growth rate of over 40% through 2026, meaning the market is expected to top $82 billion in sales by 2026. 

Azuki NFTs are following that trend. The Azuki NFT collection was launched in January with a mint price of approximately 1 ETH. As of April 10, the floor price of an Azuki NFT has increased to 22.5 ETH. 

What is an Azuki NFT?

Azuki is an anime-style NFT collection consisting of 10,000 Azuki NFTs. The owners of Azuki NFTs are called skaters of the internet. 

Image Credit: Chiru Labs

Brief History of Azuki NFTs

The Azuki collection launched on January 12 comprises 10,000 anime-style profile-picture NFTs. Each Azuki profile picture has 12 customizable features: hair, face, neck, eyes, ears, mouth, headgear, special clothing, offhand and background. 

The Azuki collection is the creation of Chiru Labs, which was formed by four individuals based out of Los Angeles. The NFT collection was minted using the ERC721A standard, a variation of the ERC721 standard. The ERC721A standard allows the minting of multiple NFTs with one transaction. This method significantly reduces the gas fees and shortens the minting period. Anything that can be done to minimize gas fees is significant, especially when minting using the Ethereum network. 

Chiru Labs also used an innovative sales model consisting of three stages — Dutch auction, Mintlist and public sale. Dutch auctions employ a price reduction model. The auction opens at a set price, but after 20 minutes, the price is reduced by 0.05 ETH. The price is reduced again by 0.05 ETH every 20 minutes until the price reaches a minimum lower limit. 

The second stage involves a whitelist. Typically, whitelists are created by selecting random people from social media. Chiru Labs decided to go a different route and created the list from people who were active in its community. The final stage for the general public on January 15 priced the NFTs at the lowest Dutch auction price.

Perks of Holding Azuki NFTs

Perks can be substantial if you buy into the right NFT collection. Arguably one of the best NFT investments to date, the Bored Ape Yacht Club collection is an excellent example of that.

Following that trend, Azuki NFT owners were recently rewarded with a valuable airdrop. On March 31, each Azuki NFT owner received two unrevealed “something” NFTs. 

These NFTs were later renamed Beanz Official. The base price for these NFTs has already risen to 5.33 ETH. That means that each Azuki NFT owner was airdropped the equivalent of more than $16,000 per NFT.

Chiru Labs recently launched the Bobu token, based on Bobu the bean farmer, Azuki NFT #40. The Bobu token is a governance token to vote on Proposals that control how Bobu’s IP is developed. The Bobu token also comes with special perks such as access to closed Discord channels, Proposal voting and more surprises.

Azuki NFT owners receive membership to a unique metaverse called The Garden; they also get exclusive streetwear collaborations, NFT drops, live events and the social capital that comes with owning part of a successful collection.

How to buy Azuki NFTs

If you are interested and have the means to buy an Azuki NFT, you need ETH. If you don’t already have one, you’d open an account at a cryptocurrency exchange to purchase ETH. The following sections take you through the steps you need to complete to buy an Azuki NFT. 

Step 1: Open an online account.

Even if you just take a cursory look at the crypto space, you’ll notice there is no shortage of cryptocurrency exchanges. If you are a resident of the U.S., your options are a bit more limited. No matter where you live, a couple of great choices are Coinbase Global Inc. (NASDAQ: COIN) and Gemini. Both Coinbase and Gemini have user-friendly trading platforms. The process of opening an account is easy. 

Using Coinbase as an example, go to the Coinbase website and click on Sign Up. Choose either an individual account or a business account on the next page. Enter the requested information; click on “I am 18 years of age or older”; then click on Create Account. In the next couple of steps, you verify your email and phone number.

After that is complete, enter your personal information for Coinbase to verify your identity. The final step is to link a payment method to your account. The payment method you link varies depending on your country. Payment methods for U.S. citizens include a bank account (ACH), debit card, PayPal, wire transfer, Apple Pay and Google Pay.

The final step will be to purchase enough ETH to buy an Azuki NFT.

Step 2: Buy or download a wallet. 

After you’ve opened an account, download a software wallet. You need a wallet that can be connected to the OpenSea NFT marketplace. One of the most important responsibilities of every crypto investor is to protect their crypto assets. Moving large amounts of crypto off exchanges or NFT marketplaces into a software wallet is a good starting point. 

To ensure that your crypto assets are as secure as possible, you should invest in a hardware wallet. Hardware wallets are classified as cold storage wallets because most of the time they are isolated from the internet. 

Best Software Wallet: MetaMask

One of the best software wallets is MetaMask. It comes as both a browser extension and a mobile application. MetaMask wallets only support Ether and other Ether-related tokens such as ERC-20 tokens and ERC-721 tokens. 

Installing and setting up a MetaMask wallet is easy. Go to the MetaMask website and click on Download. Choose your browser on the next page and click on the blue Install button. Next, create a new wallet, think of a strong password and write down the 12-word secret backup phrase. Remember to keep your password and 12-word secret backup phrase in a safe place. 

Best Hardware Wallet: Ledger

One of the best hardware cold storage wallets on the market is Ledger. The Ledger wallet comes in two models, the Nano S and the Nano X. The Nano S is less than half the cost of the Nano X but doesn’t hold as many apps. 

Ledger uses the same type of secure element chip used in credit cards and passports to enhance security. Another security feature requires users to authorize transactions physically on the Ledger. In other words, a hacker would have to physically have the Ledger in their possession to complete a transaction. 

Step 3: Send ETH to MetaMask

In preparation for buying an Azuki NFT, transfer ETH to your MetaMask wallet. Your ETH account in your MetaMask wallet has a public address. This address is a 42-character hexadecimal address derived from the last 20 bytes of the public key controlling the account with 0x in front. You will find your ETH address near the top of your MetaMask wallet. 

To transfer your ETH, first copy your MetaMask ETH address. Then go to Coinbase and click on Send/Receive. Change the top field to Ethereum. Copy your MetaMask wallet address into the To field in the popup window. Enter the amount of ETH you want to transfer. Next, to complete the transfer, click on Continue. If you have two-factor authentication enabled, you will have to enter the code to authorize the transfer.

Depending on the network traffic, it should only take around 10 minutes to complete the transfer. Pay attention to gas fees; at times, they can be costly.

Step 4: Make your purchase.

Making your purchase is easy. Go to OpenSea, connect your wallet and search for the Azuki NFT collection. Click on the Buy Now filter button if you only want to see NFTs where you can make an immediate purchase. With Buy Now NFTs, you can also make offers. You can also take part in auctions.  

To buy now, click on the NFT you want and click on the Buy Now button. Your MetaMask wallet will pop up; click on the blue Sign button to complete the purchase.


Bonus Section

The condition of the overall NFT market will most likely have the most significant impact on the price of Azuki NFTs. Since NFTs are priced in ETH, they’re inherently more volatile than Ether itself.

Current Crypto Prices

Bitcoin and the entire crypto market remain in a bearish to neutral state. Bitcoin has been ranging around the $40,000 level for about 3 months. When Bitcoin enters a new bull market is unknown, but it could take quite some time.

Is it Worth Getting Azuki NFTs?

Purchasing NFTs is a highly speculative investment. Whether or not Azuki NFTs are still worth investing in is a decision that each investor must make for themselves. The NFTs have already seen a significant price increase, but some investors may still find value in being a member of the Azuki community.

Furthermore, the exclusive perks that come with them may be extremely valuable. However, whether or not to invest will be determined by your risk appetite, which only you can determine.

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