New Dapps Report: BEANZ – Surprise Airdrop from Azuki

BEANZ
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This report discusses the BEANZ Official NFT collection

In the April 2022 edition of DappRadar’s New Dapps Report, we look at popular and interesting NFT collections, and this time we cover BEANZ, the new collection from Azuki. The New Dapps Report serves as an executive overview and analysis of financial metrics for NFT collections. 

This New Dapps Report is part of a series of executive reports that provide readers with a high-level perspective of promising randomly generated NFT collections. The report focuses on financial metrics, including sales activity and price analysis, and distribution metrics like Unique Holders Ratio and Whale Concentration Index. It additionally dives into whales’ behavioral patterns and social and technical overviews. 

This report discusses the BEANZ Official NFT collection, which has caught many NFT traders by surprise. 

BEANZ is a child collection of Azuki consisting of 19,928 NFTs that were airdropped on March 31st. Azuki is an acclaimed collection that we previously covered in our New Dapps Report

Azuki has been steadily expanding its project with utility offerings and fulfilling its roadmap milestones. In early March, they released fractionalized NFTs of Bobu (Azuki #40), released multiple soundtracks, and held a private Garden party for all Azuki holders on the 30th of March. The team announced a surprise airdrop for all Azuki holders and subsequently made a similar airdrop announcement on their Discord at the party.

Please do not consider this document as financial advice. 

Data updated on: Apr 11, 2022

Table of Contents

Key Takeaways

  • BEANZ is the 6th most traded collection over the last 30 days with over $52 million in sales
  • The airdrop increased Azuki’s social media growth by 1440 extra new followers on Twitter per day

BEANZ – $52 million in sales in two weeks 

  • Blockchain: Ethereum
  • Launch date: Mar 31, 2022
  • Edition size: 19,928 – Limited Edition
  • Traits: None
  • Attributes: None
  • Floor price: 4.49 ETH

BEANZ generated over $52 million in sales in its first week. After the third day, the trading volume peaked at $14.5 million before seeing a pullback. This often happens to new projects, as initial sales spike the trading volume before things slow down. The sustainability of a project usually depends on the price of development, together with sales volume. The average NFT price has risen steadily in the first few days and is currently consolidated at 5.23 ETH, a 66% appreciation from the floor price on the first day of the airdrop. 

Although BEANZ was airdropped, the floor price on the first day of trading on March 31 reached 3.15 ETH within one day. Compared with the current floor price, it increased 42.5% to 4.49 ETH. This clearly shows that the BEANZ collection benefits from the success of Azuki. 

Added Utility – A Strong Utility Offering 

Being a child project of the Azuki collection, BEANZ shares the same roadmap with Azuki. Azuki has laid out an extensive roadmap for their project, including physical merchandise in streetwear, a record label that promotes aspiring artists, IRL events, and a planned BEAN token. 

Azuki has been steadily fulfilling the milestones they laid out back in January 2022. BEANZ is part of this roadmap and will likely be integral to future utilities; however, no official information has been revealed about the BEANZ at the time of writing. Although the specific utility of BEANZ is uncertain, the collection may be integrated into the project as a whole, and unique perks will be granted to BEANZ holders.  

Social Awareness and Engagement 

BEANZ shares the Discord with Azuki, which currently has 112,702 active users, and boasts a sophisticated onboarding procedure and active moderation team that both reduces malicious bot activity and the presence of bad actors. The server is active around the clock with a strong community presence. 

BEANZ’ likewise shares the Twitter account with Azuki. It went live in August 2021 and currently has 262,829  followers. The average growth of the account for the last 30 days is 1318 new followers per day. Before the airdrop of BEANZ, the account had an average daily growth of 762 new followers per day in the last 30 days. After the airdrop, the account grew by an average of 2,203, which is a difference of 1440 new followers per day or an increase of 189%.

The project also has an Instagram account with over 50,900 followers and is used to share promotional art. 

The collection currently has 3,507 unique traders, 571 of which appeared in the first week of trading. BEANZ had a sudden influx of new traders in the first few days, which subsequently subsided despite the overall number of total unique traders showing a healthy demand for the collection. 

Team Overview 

The team behind BEANZ are the same people who have been working for Azuki. Many of the members are ex-Big Tech veterans and have worked for Nasdaq-listed companies like Facebook, Google, and Activision Blizzard. 

Zagabond is the team lead and ex Bigtech veteran. 2PM.Flow and LocationTBA are ex-Google and ex-Facebook engineers, respectively. HOSHIBOY is a designer and entrepreneur who received funds twice in the Y-Combinator startup competition. STEAMBOY is a former Blizzard Entertainment character art director for Overwatch, while  NJOO is a talented freelance artist from Toronto and creator of HJ-Story. Furthermore, DAPH is the head community manager and Twitch streamer. Demna (previously BEBOOP) is a community moderator and an ex-Google project manager.

Technical Overview

Like most NFT projects, BEANZ stores its metadata using IPFS, rather than fully on-chain. This poses a common challenge to visually rich metadata projects, as the smart contracts and the metadata are separate. Still, there are no significant concerns from a technical standpoint.

  • Audit status: no audits performed yet
  • Storage: BEANZ NFTs are stored as ERC-721 tokens on the Ethereum blockchain, and visuals are hosted on IPFS for immutable ownership.

Whale Wallet Analysis

BEANZ currently has a Unique Holders Ratio of 33% compared to Azuki, which presently has a ratio of 55%, indicating that it is not a well-diversified collection; a lower ratio indicates higher susceptibility to sudden price changes. 

The following facts can account for this:  8.44% of BEANZ have been claimed. The art and the specific utility of BEANZ have not been revealed at the time of writing, which would explain why the general public is not driven to purchase them from the original holders. 

At 4.80%, its whale concentration is average and is lower than Azuki, which is 5.46%. A higher whale concentration suggests an increased risk of price manipulation by prominent collection holders; however, this is nothing to worry about at this stage. 

There are three prominent whales –  grail.eth, beanwhale.eth, and shiruko.eth are among the top five holders. Renowned NFT collectors and crypto investors usually indicate increased trading activity and overall higher interest in the collection. 

Summary 

The success of Azuki has carried the performance of BEANZ. It has performed very well in this market. It is the 11th most traded collection in the last seven days and the 7th in the previous two weeks, with a volume of over $52 million. The floor price has consolidated at 4.49 ETH, a 42.5% increase from the floor price during the airdrop, while the average price grew by 66%. The highest sale of 8 ETH / $25,920 occurred only four days after the airdrop.

Azuki has had a very strong utility offering at launch and is currently fulfilling the milestones that it set out in January. Being part of the Azuki project, it is very likely that BEANZ will be integrated with the other utilities of Azuki. Being incorporated into such a substantial project as Azuki would secure the demand for this collection.

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