Azuki NFT prices plummet after Elementals mint

The price floor of NFT Azuki evolves around 9 ETHdown more than 40% over 7 days. Visit mint d’Elementals a disappointed many collectors.

Announced this weekend, the mint of the NFT Elementals collection from Shiro Labs took place on Tuesday and enabled the startup behind Azuki tokens to collect 20,000 ethersor nearly 38 million dollarsby selling 10,000 NFT at 2 ETH in less than half an hour.

The remaining 10,000 tokens (20,000 coins in total) were distributed to holders ofAzuki and Beanzanother Shiro Labs collection, through an airdrop.

But behind the apparent success of the operation, mint encountered several technical problems and was the subject of numerous reviews on social networks, particularly concerning the distribution mechanism.

Also, a large number of collectors have complained about the resemblance of the new works with the first Azuki series. The illustrations were revealed only after the mint.

ONE IS AN AZUKI AND ONE IS AN ELEMENTAL…. OMG … WHAT THE FCKKKKKKKKKKK … I am down so much fucking money man …. FUCKKKKNN pic.twitter.com/KGFyEipXzb

– Wizard Of SoHo (🍷,🍷) (@wizardofsoho) June 27, 2023

In addition, the Elementals collection featured duplicates. Some NFTs were in fact completely identical.

Am I tripping or is there exact duplicates in the Elementals collection pic.twitter.com/oNe2HcLgd7

– Cirrus (@CirrusNFT) June 28, 2023

On this subject, Azuki’s co-founder explained that it was a “ technical problem “which would be resolved shortly.

“The metadata some tokens were not processed correctly due to outdated data provider event logs […] We’re on it right now to restore the correct images and metadata”, tweeted 2pmflow.

The Elementals mint was eagerly awaited by the NFT ecosystem. Azuki is one of the largest collections in terms of trading volume alongside BAYC, CryptoPunks or Moonbirds, despite its rather late launch (early 2022).

Since the announcement of Elementals NFT Azuki lost more than 40% of their value at around 9 ethersaccording to NFTpricefoor. The floor price of non-fungible tokens collapsed in the wake of the new collection’s mint.

NFT Azuki floor price – NFTpricefoor

” Azuki really did sell a 20K collection at 2 ETH exclusively to its own holders, extracting $40 million just for the art to be revealed as fundamentally identical to the main collectionimmediately trading below mint and dropping its main collection by 40%. Holders Bluechip incredulous,” tweeted Charlotte Fang of Milady Maker.

Azuki really sold a 20K collection at 2 ETH exclusively to their own holders extracting $40MM only for the art to be revealed as basically identical to the main collection, immediately trading below mint and dragging its main collection down 40%. Bluechip bagholders in disbelief. pic.twitter.com/IYEZifJjBG

– ♡ Charlotte Fang 🐉 Crown Prince (@CharlotteFang77) June 27, 2023

The floor price of NFT Elementals is around 1.5 ether against a ‘mint’ price of 2 ether.

Following the controversy, the Azuki team returned to the subject yesterday with a thread on Twitter.

This time we missed the boat. We hear you – the mint process was hectic, PFPs are similar and, worse still, dilutive to Azuki,” she admitted, trying at the same time to justify herself.

Despite the crypto winter, Azuki had already raised $2.5 million in October through an NFT sale of gold-plated skateboards.

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