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Chiru Labs, a Web3 firm responsible for non-fungible token (NFT) collections such as Azuki and BEANZ, has formed a strategic partnership with IPX, the parent company of the well-known character collection LINE FRIENDS. This partnership aims to provide fresh prospects for their respective brands and fan bases.

The partnership between Chiru Labs and IPX will involve a joint effort in content creation, merchandise production, retail distribution, real-world events, and immersive metaverse experiences. The initial focus will be on the BEANZ NFT collection and LINE FRIENDS characters.

IPX has expanded beyond its origins as a LINE messaging app sticker collection and developed into an innovative intellectual property (IP) brand, with partnerships that include Starbucks, Netflix, McDonald's, and K-Pop sensation BTS. To mark the new collaboration with Chiru Labs, a billboard showcasing an animation of several LINE FRIENDS characters will be displayed above the LINE FRIENDS store in Times Square during the NFT.NYC event this week.

"We are excited to collaborate with IPX, who is a global leader in building innovative character IP brands beloved by millions of fans around the world," Zagabond, the pseudonymous founder and CEO of Chiru Labs, said in a press release. "IP is evolving, and we see the web3 community as an integral part of this next wave. We can’t wait to bring the world of BEANZ together with LINE FRIENDS."

Chiru Labs has gained widespread recognition for its Azuki NFT collection, which draws inspiration from anime. Since its release in January 2022, Azuki has generated a staggering trading volume of 470,994 ETH, equivalent to approximately $887,824,000 as of writing, according to OpenSea. Moreover, the company made waves with its innovative approach to NFT-backed assets through the creation of "physical backed tokens" (PBTs). This was exemplified in the sale of eight golden skateboards, which raised $2.5 million.

“We plan to complement Chiru Labs’ IP with our multi-faceted character IP business strategy,” Logan Cho, the Head of the Metaverse Business at IPX, said in the press release. “We are eager to unveil an expanded IP business that encompasses Web3, offering collaborative opportunities for both NFT holders and character IP enthusiasts alike.”

The Azuki brand has encountered a few setbacks on its journey, particularly when Zagabond revealed in May 2022 that he had abandoned some of his previous NFT projects. Although he attributed Azuki's success to the lessons learned from those projects' failures, the floor price for Azuki NFTs dipped after the announcement.

More recently, in January 2023, the primary Twitter account for Azuki fell victim to a hack that attempted to lure users into clicking on malicious links. The team acted swiftly to address the issue and notified the Discord community promptly.

Source Coindesk