Written by: Deep Tide TechFlow
No matter how many waves there are, the red beans bloom towards the sun!
Once, Azuki was a brilliant dream in the hearts of many NFT enthusiasts, a proud display of social identity. However, as the NFT market fell into silence, Azuki faced numerous challenges and doubts.
Now, Azuki founder Zagabond returns to the stage with Animecoin and his dream of an anime universe, confronting the controversies head-on.
On January 23, ANIME (Animecoin) will officially launch.
Deep Tide TechFlow collected questions from several Azuki community members and conducted an exclusive interview with Zagabond.
Zagabond believes there is a significant discrepancy between how people around him perceive him and the assumptions of those who have never met him. A person's character is not defined by the opinions of strangers on the internet but is reflected in how consistently you treat those who matter to you.
In the end, Zagabond addressed the community, saying, "The power of Azuki comes from our passion and creativity. We have built something very special here, We’re on our way."
About Zagabond
Deep Tide TechFlow: What was your career like before founding Azuki? What prompted you to enter the Web3/NFT space?
Zagabond:
"My journey began in China, and I moved to Germany at the age of six, which was my first experience of feeling like an outsider. As the only Chinese child in kindergarten, I couldn't speak German at the time. I remember speaking to my classmates in Chinese but not understanding why they couldn't comprehend me.
This early experience of isolation, combined with later attending seven different schools in multiple countries, cultivated my ability to adapt quickly to new environments—though it also made me cautious in forming deep connections. By the time my family finally settled in Long Island, New York, I had developed a strong sense of independence and resilience.
My passion for the digital world began with the MMORPG game RuneScape, where I discovered my fascination with the digital economy. Rather than focusing on traditional gameplay, I was drawn to the market, becoming obsessed with collecting rare items like the blue party hat—this foreshadowed my future interest in digital assets and NFTs. Similarly, Pokémon showed me how powerful IP can transcend multiple media while building a passionate community through collectibles and storytelling.
When I discovered Ethereum in 2016, I immediately recognized its potential as an open, programmable blockchain to support the digital economy. This led me to join 0x Protocol in 2017 as a founding team member, where we built decentralized trading infrastructure together. I participated in early discussions where we coined the term 'DeFi,' which later became the category name for mainstream crypto protocols.
After working in the DeFi space for four years, I saw the opportunity to combine the decentralized principles of cryptocurrency with the community-building power of NFTs. This vision, which combines the digital economy with brand building, became the cornerstone of Azuki, as we strive to innovate the anime industry through decentralized IP."
Deep Tide TechFlow: Why did you choose to go by the name "Zagabond"? What is the story behind this name?
Zagabond:
"Zagabond is derived from Vagabond, a classic manga created by Takehiko Inoue that tells the life story of the Japanese swordsman Miyamoto Musashi. The profound philosophical themes of self-discovery and the meaning of life in the manga resonated strongly with me.
At the time, I considered several other pen names, but I remember hearing my favorite song 'Feather' by Nujabes, which has the lyrics:
‘I'm just a Vagabond with Flowers for Algernon An Average Joe who knows what the fuck is going on’
At that moment, I decided to choose the name Zagabond."
Deep Tide TechFlow: Why did you initially choose to remain anonymous when launching Azuki, and what led you to reveal your identity later? What did you experience in between?
Zagabond:
"One of my favorite designers is Margiela, who is a fashion designer that never shows his face. He always stays behind the scenes, letting his designs speak for themselves.
When I founded Azuki, I saw it as a way to express myself. I didn't want my appearance or background to influence how the audience felt about the art and brand I was creating.
I remember walking into Azuki's first event at NFT LA, standing in the middle of the party, looking around at all the holders having a great time. No one knew who I was. But seeing community members having the time of their lives made me feel incredibly happy and at peace.
As Azuki grew, and as we began to make strides in the anime industry, I felt it was necessary to make my image more public. Ultimately, it was time for a name to correspond with a real face, to show the community that there is a real person behind Zagabond, participating in more interviews and live events—so I could lead this space towards my Anime 2.0 vision with honesty and transparency."
Deep Tide TechFlow: In your view, what is the biggest misunderstanding people have about you?
Zagabond:
"The biggest misunderstanding people have about me is that they think I am primarily driven by personal interests, but that is completely untrue.
What truly drives me is a deep belief in building an open anime universe through Azuki and Animecoin. After eight years in the crypto space, I am fortunate to have achieved financial freedom—I don't need to work at all, let alone in such a demanding field. But if I didn't pursue this vision in my prime, I would deeply regret it.
Being a founder in the crypto space is not always glamorous. It means constant pressure, malicious information on social media, and the need to adapt to rapidly changing trends. I have made significant personal sacrifices for this role. But I stick with it because I love creating extraordinary things with outstanding people—that's the essence of the Azuki garden.
There is a significant discrepancy between how I am perceived by those who know me—my friends, team, and the Azuki community—and the assumptions of those who have never met me. I am in this space because I am passionate about innovation and love bringing creative minds together to build revolutionary things."
Deep Tide TechFlow: How do you think you have changed compared to two years ago? When was the last time you fundamentally changed a viewpoint?
Zagabond: "Watching people spread misinformation about me online over the years has given me a peculiar sense of freedom—it has taught me what is truly important.
I know who I am, and those closest to me know. That is enough. A person's character is not defined by the opinions of strangers on the internet—but is reflected in how consistently you treat those who matter to you. In every high and low, I have stood by the community because I genuinely care about every member. That is what matters most."
About the Elementals Controversy and Community Sentiment
Deep Tide TechFlow: In 2023, Azuki launched the "Elementals" series, which caused significant controversy and pushed community dissatisfaction to its peak. Looking back, do you think the Elementals series was a failed attempt that harmed community sentiment, and do you regret it?
Zagabond: "Azuki Elementals represents our vision to expand the Azuki universe, aiming to create a more accessible entry point for the garden. We achieved unprecedented accomplishments with Elementals—it remains the most refined hand-drawn PFP series to date, unmatched in its artistic complexity and feature combinations.
The core strategy of expanding the accessibility of the Azuki ecosystem is correct, and we have seen validation of this through the vibrant new community members brought in by Elementals. However, our execution, particularly in marketing and communication, could have been better. We were used to maintaining an air of mystery and surprise during product launches, but the space has matured.
Elementals taught us valuable lessons about transparency and expectation management. While I personally still believe that the decision to expand the Azuki universe was right, we have improved our approach to better meet the community's needs for clear communication and involvement."
Deep Tide TechFlow: The release of Elementals accumulated 20,000 ETH. Where was this money primarily spent?
Zagabond:
"All revenue the company receives is invested in advancing our vision of creating an open anime universe.
We have built an excellent team of 45 members. We are very strict in our hiring—we look for individuals who not only possess amazing skills but are also passionate about web3 and anime.
These funds are crucial for developing high-quality products and experiences that showcase the possibilities of Web3. We have made significant progress in establishing Azuki as a leading anime brand in the space while building anime.com into a true home for anime fans worldwide."
Deep Tide TechFlow: Besides the Elementals incident, in May 2022, you admitted to having participated in other failed NFT projects (such as Tendies and CryptoZunks), which caused many holders to lose trust in you. Two years later, do you think you have rebuilt trust with the community? What efforts have you made in this regard?
Zagabond:
"Let me respond directly to this question: Before Azuki, I did indeed initiate three experimental NFT projects—Phunks, Tendies, and Zunks. While I delivered on all the promises made for these projects, I recognized that I could have handled the transition of these projects in a more professional and transparent manner. Therefore, I returned all the profits gained from these projects to their respective communities.
Since acknowledging this in May 2022, I have been fully focused on the development of Azuki. Azuki has evolved from a PFP project into a globally recognized anime brand, which not only reflects my personal commitment but also embodies the strength of our entire team and community. Azuki represents my long-term vision and dedication to building something truly meaningful in this space."
About the ANIME Token
Deep Tide TechFlow: After Pudgy Penguins launched PENGU and achieved success, Azuki also announced the launch of the ANIME token. Is this following market trends? How do you ensure that the ANIME token brings substantial value to the ecosystem rather than just chasing trends?
Zagabond:
“$ANIME is a cultural token for the anime world, aimed at revolutionizing the anime industry into a community-driven creative network. The Animecoin Foundation announced the birth of the Animecoin project back in March 2024, which has been in preparation for nearly a year.”
Deep Tide TechFlow: On the official website, ANIME is defined as a cultural token. How do you understand cultural tokens, and what are the long-term goals and vision for ANIME?
Zagabond:
“Anime has evolved from a subculture into a part of mainstream pop culture. Luxury brands like Chanel and Burberry are collaborating with anime brands, athletes mention anime in post-game interviews, and rappers like Megan Thee Stallion are using anime soundtracks.
However, despite anime's global influence, the anime industry still faces some major structural issues. For fans, while they invest heavily in cryptocurrency, there is a lack of proper fan loyalty and consumption attribution mechanisms. For creators, due to the unique financing structure of Japanese anime, many animators and IP holders do not earn substantial income.
We believe there is a unique opportunity here, which we call Anime 2.0. Crypto technology can fundamentally change the anime fan experience by integrating these decentralized fan components on-chain, allowing IP holders to accurately measure the depth of their fan base and unlock new revenue opportunities through monetizing more engaged fan groups.
To support Anime 2.0, our strategy involves what we call 'full-stack anime':
This strategy aims to create a flywheel effect, where each component drives the growth of others. By seamlessly integrating blockchain infrastructure, consumer platforms, and IP, full-stack anime ensures that as more users and developers join, the network becomes increasingly valuable and self-sustaining. It includes three parts:
Blockchain Infrastructure: Animechain is an L3 blockchain utilizing Arbitrum Orbit technology, with Animecoin as the custom fuel token. This setup simplifies the experience for Web2 anime fans; they only need to understand and purchase Animecoin, reducing the complexity of managing multiple tokens while allowing for gasless (sponsored) transactions for seamless onboarding.
Anime.com: Introducing web2 users to consumer products is crucial for triggering the flywheel effect that increases value. A large user base attracts more teams to build on the network, which in turn brings in more users. Anime.com aims to be the dominant social layer for the entire anime industry, much like Discord is for gaming.
Content and IP: IP development creates the foundation for driving cultural energy across the entire tech stack. IP is the layer that connects all parts together, unifying the community's passion for Animecoin.”
Deep Tide TechFlow: According to the released tokenomics, 37.5% of tokens will be allocated to the Azuki community, 13% will be used for AnimeDAO, 24.44% will be allocated to the Animecoin Foundation, 2% will be allocated to partner communities, 15.62% will be allocated to the team and advisors, and 7.44% will be used for Azuki company. This means that 60.5% of the token supply returns to the Azuki official hands. What considerations went into this token allocation?
Zagabond:
“I see some misunderstandings/misinformation regarding the tokenomics, suggesting that 60.5% of the token allocation is controlled by Azuki—this is incorrect.
The Animecoin Foundation is an independent, non-member entity (i.e., it has no shareholders) and is not affiliated with Azuki. No one on the Azuki team, including myself, is a shareholder (again, emphasizing that the Animecoin Foundation has no shareholders), director, employee, or other controller of the Animecoin Foundation. It has its own board, advisors, and service providers. The Animecoin Foundation is the manager facilitating the governance process of AnimeDAO. It is also a dedicated entity driving ecosystem growth, using its allocation to fund startup and ongoing operations, grant programs, and other initiatives connecting Animecoin to the broader anime ecosystem. The token allocation of the Animecoin Foundation will be stored in its own multi-signature wallet, and Azuki is not a signatory/does not have control.
The 13% of tokens allocated to AnimeDAO will be used and deployed according to governance procedures, solely by the decisions of ANIME holders. These tokens will be stored in a separate DAO treasury multi-signature wallet, controlled by the Animecoin Foundation, and Azuki is not a signatory/does not have control. These tokens can only be used according to governance proposals approved by AnimeDAO.”
Deep Tide TechFlow: At the time of the token release, 76.94% of the tokens will be fully unlocked, with 37.44% of the unlocked tokens coming from the Animecoin Foundation and AnimeDAO. Will this portion flow into the market? Why design such a high TGE unlock ratio?
Zagabond:
“As mentioned above, the 13% of tokens allocated to AnimeDAO will be used and deployed according to governance procedures, solely by the decisions of ANIME holders. I cannot predict what kind of initiatives AnimeDAO will propose and approve, but generally, the governance process takes time, and tokens spent by the DAO often require time before they truly enter circulation (for example, initiatives funded by DAO grants typically need to reach milestones before they can be actually distributed to recipients).
Regarding the Animecoin Foundation, aside from funding startup operations (i.e., supporting various service providers and partners for any token launch), similar to the above point, grants managed by the foundation for ecosystem development may also come with milestones that require time before they truly enter circulation.”
Deep Tide TechFlow: In March 2024, the Arbitrum Foundation announced the creation of AnimeChain in collaboration with Azuki. What is the relationship between Azuki NFT, AnimeChain, and Animecoin?
Zagabond:
“First, it should be clarified that Animechain is neither created by the Arbitrum Foundation nor by Azuki. The Animecoin Foundation is not only the manager of Animecoin but also the entity leading the development of Animechain.
Azuki is a core contributor to the Animecoin Foundation, supporting the foundation in fulfilling its mission to manage the development and growth of the Animecoin ecosystem.”
Deep Tide TechFlow: After the token issuance, where will you and the Animecoin Foundation focus your energy and money? What are the major strategic plans?
Zagabond:
“Regarding the specific areas where the Animecoin Foundation will allocate resources, I cannot speak on its behalf, but its sole mission is to support the development of the Animecoin ecosystem, and it has its own team and service providers to help achieve this goal.
As for Azuki, our main focus will be executing the aforementioned full-stack anime strategy.”
About the Future of NFTs
Deep Tide TechFlow: NFTs have experienced highs and lows over the past few years, from simple PFPs and social currencies to now having to rely on a specific public chain or an actual project. A large number of NFTs are issuing tokens, seemingly becoming a subsidiary of tokens. What do you think the future development trend of NFTs will be?
Zagabond:
“NFTs can be many different things. In fact, I don't like to categorize 'NFT' as a single category because the use cases for NFTs can be very different. Regardless, it is clear that NFTs are one of the best tools for building communities and will continue to exist.”
Deep Tide TechFlow: As a global project, how do Azuki and Animecoin balance the needs of users in different regions? What is the development strategy in the Asian market?
Zagabond:
“The Asia-Pacific region is extremely important for Azuki and Animecoin. Given that Azuki's artistic style is derived from Japanese anime, we have always maintained a strong connection with the Asia-Pacific market.
We are investing resources to build our presence in the Asia-Pacific region, including establishing a world-class business development team in Japan to penetrate the anime industry.”
Deep Tide TechFlow: Finally, what would you like to say to the members of the Azuki community?
Zagabond:
“The power of Azuki comes from our passion and creativity, which are key to our success. We also see a strong reflection of these values in the community and appreciate their support. Anyone who joins the garden can talk about how unique our culture is. I believe we are building something very special here, and my goal is to lead us to achieve mainstream Web2 adoption while representing Web3 in the right way. We’re on our way.”
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