Series of Controversies around Azuki Elementals Cause Azuki Floor Price to Drop over 26%

Series of Controversies around Azuki Elementals Cause Azuki Floor Price to Drop over 26%

Yesterday, Azuki's new NFT collection Azuki Elementals was sold out fifteen minutes after the sale started, recording a revenue of 20,000 $ETH. However, the successful sale didn't bring Azuki praise. The blue chip NFT project was criticized badly due to a series of controversies, and the floor price of Azuki plummeted, which is another blow to the already bearish NFT market.

According to the rules of Elementals sale, Azuki holders and BEANZ holders had a 10-minute mint window respectively. But because of the short mint period and the network congestion, many Azuki holders failed to mint Elementals. After the sale, Azuki co-founder location tba admitted that the rules weren't good enough, "we should have extended the duration to more than 10 minutes to allow a sufficient buffer in the case of any issues (of which there were). We were hoping for a smooth and streamlined experience from mint straight to reveal, but that didn't happen."

The experience of reveal was indeed not good for holders. After reveal, the community found out that the Elementals NFTs looked very muck like the original Azuki NFTs, and it was difficult to spot differences between the two collections. In addition, some of the Elementals NFTs looked exactly the same. On this issue, Azuki co-founder 2PMFLOW.ETH explained that it was a technical glitch related to metadata, and the team was working on restoring the correct images and metadata.

Moreover, the Azuki team transferred the 20,000 $ETH revenue to a multisig address only two minutes after the sale ended. The rug-like move was widely criticized by the community.

Amid the controversies, the floor price of all the Azuki NFT collections are heavily impacted. According to NFTGo, the Azuki floor price is at 9.4 $ETH now, dropping 26.09% over the last 24 hours, and 43.58% over the last 7 days. Meanwhile, the number of transactions increased 270.95% over the last 24 hours. The BEANZ floor price is at 0.6886 $ETH now, dropping 39.04% over the last 24 hours. The floor price of Elementals is at 1.72 $ETH now, lower than the sale price at 2 $ETH.

While the Azuki NFTs are dropping in price, some whale collectors are buying. According to on-chain analyst EmberCN, Machi Big Brother spent nearly 910 $ETH in buying Azuki's NFTs today, including 18 Azuki, 394 Elemental Beans, 14 Elementals and 22 BEANZ. He bought Elemental #19481 with 36 $ETH, which is the record of the collection.

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