No one knows who the Wizard of SoHo is. Despite a social media following in the millions and spending a decade on Wall Street, the true identity of the Wiz remains a mystery. What we do know about this guru is he is the Chief Visionary of TendieSwap, a decentralized finance exchange. Under his umbrella is TendieBits, a blockchain casino where people can bet on sports, esports, political outcomes, and entertainment.
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TendieBets knows a thing or two about wildly successful NFT launches. On September 8, the platform released a series of images called Chunky Chickens which sold out in 24 hours. This project demonstrated the potential of financial decentralization through the use of NFTs. And with his extensive background, when the Wiz discusses the NFTs he keeps an eye on, one would be wise to listen.
One such mention has been the recent success of Azuki. Describing itself as a new wave in crypto, Azuki’s manifesto includes principles such as breaking barriers, building open communities, and pulling users from a world created by many and owned by few to one that is created by even more visionaries and owned by all.
On January 12, a group of four creators released 8,700 anime-style NFTs they called Azukis. Priced at $3400 each, the entire collection sold out in three minutes to the tune of $29 million. A few days later, $2 million of Akuzi NFTs were sold in a private transaction. From January 12-February 11, Azukis generated $300 million across major NFT markets.
The priciest Azukis trade for half a million dollars, with budget tokens selling for $36,000. In one month, this collection was surpassing well-known tokens including Bored Ape Yacht Club and CryptoPunks. Azuki is now the eight most-traded NFT of all time. Its startup, Chiru Labs, brings in a 5% royalty on each resale. This works out to $15 million in addition to the $31 million gained during Azuki’s initial offering.
This phenomenal success did not escape the watchful eye of the Wizard of SoHo. In fact, Azuki’s smash debut reinforces the Wiz’s view on NFTs as calculated investments that will continue to grow in value. As he so eloquently said, “Bitcoin created generational wealth for thousands of people over the last 10 years. NFTs do that daily.” That was certainly the case for Chiru Labs, who as much a mystery as the wise wizard himself.
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