Released on July 9th, the Fatzuki project managed to rake in an impressive 80 ETH—equivalent to over $150,000—in just 24 hours. What’s more surprising is that Fatzuki’s artwork closely mirrors that of an already popular NFT collection, Azuki, with a comical twist—the characters are simply chubbier.
Fatzuki’s establish a heavy presence in the NFT space
Fatzuki‘s launch was a resounding success. The NFTs, priced at a mint price of 0.0069 ETH (around $13), were quickly snapped up by eager buyers. This helped the creators amass a tidy sum of 69 ETH in a matter of hours. Interestingly, the total supply was capped at 10,000 units, similar to the official Azuki collection.
Comparisons of Fatzuki and Azuki artworks show striking similarities. Observers can view these side by side and note that the Fatzuki pieces are noticeably plumper versions of the Azuki originals. Yet, the unique artwork for each Fatzuki NFT has not been fully disclosed—only a teaser image is available. The artwork reveal is scheduled for today.
But the excitement around Fatzuki does not end there. Social media has begun to buzz with memes, adding fuel to the flame and potentially aiding secondary sales. The Fatzuki creators are also set to benefit from these transactions, earning a cool 5% on every secondary sale.
It’s worth noting that in just 24 hours, secondary sales amounted to 217 ETH. From this alone, the creators netted an additional 10.9 ETH. Moreover, with the floor price quadrupling overnight, it looks like the creators are on track to earn several hundred ETH from this collection.
Fatzuki’s success story might serve as a beacon for prospective NFT creators. By creatively remixing popular existing collections, one might turn a substantial profit. This success, however, does not come without controversy, as the boundaries of intellectual property (IP) and artistic innovation in the NFT space continue to blur.
According to Azuki’s NFT License Agreement, owners of Azuki NFTs do not own the IP rights over their NFTs. Furthermore, Chiru Labs, the company behind Azuki, allows the creation of derivative artworks:
“We recognize that you might want to create modifications and derivative works of your Azuki NFT Art, and we allow you to do so under the scope of the licenses granted above.”
A success story amidst a sea of red
Fatzuki’s rise seems even more noteworthy considering the overall condition of the NFT market. As prices and sales have been plummeting, Fatzuki seems to defy these odds. At least for now.