In Brief
On Tuesday, Chiru Labs, the team behind the prestigious Azuki NFT project, unveiled its newest collection, Elementals.
The Elementals collection was a hot ticket, selling out within 15 minutes and generating an impressive transaction volume of $38 million.
Since its release, the collection has seen a dip in its floor price, falling from 2 ETH to approximately 1.65 ETH.
Despite the current downturn in the NFT landscape, Chiru Labs successfully launched the Elementals collection on Tuesday. This 20,000-piece series was an immediate hit, raking in $38 million within just 15 minutes.
During the initial minting phase, half of the 20,000 Elementals were purchased for 2 ETH each, while the other half were given away free to existing Azuki holders. However, after the artwork reveal, the floor price began its decline, revealing that some images closely resembled those from the original Azuki collection.
As stated by Charlotte Fang, the creator behind the Milady NFT series, ‘Azuki managed to sell a 20K collection at 2 ETH targeted at their holders, pulling in $40 million, only for the art to turn out to be nearly identical to the main collection, which quickly fell below mint price and caused a 40% drop in the main collection’s value. It’s astonishing for those holding blue-chip assets to witness this.’ tweeted Wu Blockchain pointed out several pairs of NFTs from both the Azuki and Elementals collections that bear striking similarities. Notable examples include NFTs numbered 2210 (Azuki) and 10744 (Elemental), as well as 1077 and 8600, among other matching pairs.
The data analytics platform revealed that the top purchasers within the Elementals collection included luggis.eth, who spent $1.53 million, christian2022.eth with $1.39 million, and beanwhale.eth with $1.09 million.
In the past 24 hours, the collection struggled to maintain its floor price, which fell below the initial offering price to as low as 1.31 ETH before it slightly recovered to a current floor of 1.78 ETH. Watchers Worries about the potential depreciation of the original Azuki NFTs due to the new Elementals collection have led to a broader sell-off, causing the floor price for Azuki NFTs to drop by around 43% within the last day, landing at 9.8 ETH.
NFT enthusiasts have voiced concerns regarding the minting process of the Elementals collection, criticizing its brief 10-minute window and resulting network problems. In a candid admission, ‘Location TBA,’ the co-founder behind Azuki and Chiru Labs, acknowledged that the team mishandled the situation. OpenSea Azuki and BEANZ holders each had a limited 10-minute period to mint. According to ‘Location TBA,’ 7.6k Elementals were minted by Azuki holders, while the remaining were sold during the BEANZ presale.
‘We should have allowed for a longer minting duration beyond the 10-minute limit to accommodate any possible issues that arose (and there were). Our goal was a seamless experience from mint to reveal, but that clearly didn’t transpire,’ stated ‘Location TBA.’ OpenSea .
‘Our platform is hosted on vercel, and we had coordinated with them in advance to ensure we could manage the anticipated traffic. Unfortunately, our estimates fell short, resulting in quick limitations on our rate.’
‘Taking full responsibility for the missteps, ‘Location TBA’ promised an exciting reveal experience will be coming soon.’
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he explained .
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