The entire Azuki-branded NFT series witnessed a sharp decline, with the bottom price falling to 10 ETH, marking a staggering 24-hour drop of 31%. This disappointing turn of events has sparked concern within the digital collectibles community.
One of Azuki’s co-founders acknowledged the failure of the coin experience and stated that it was not up to the expected standard. This recognition highlights the challenges the team faces in delivering a satisfying user experience and meeting the high expectations of collectors and investors.
We hear your feedback loud and clear. The coin experience was not up to the Azuki standard. I want to provide some clarity on what happened during the presale and some general thoughts
1/8
— location TBD (@locationtba) June 27, 2023
Despite the drop in price and admission of failure, the official Azuki team (0x3A…6305) managed to generate significant revenue through the sale of Azuki Elementals. They received 20,000 ETH, amounting to approximately $37 million. Soon after, the money was transferred to the multi-signature address of the Azuki team (0x2a…60AA). This transfer of funds demonstrates the team’s continued commitment to meeting challenges and striving for future success.
Notable individual buyers emerged during the sale of Azuki Elementals, reflecting continued interest in the NFT market. Among them, luggis.eth stands out as the largest buyer, investing a substantial $1.53 million in Azuki Elementals.
.#AzukiElements sold out in 15 minutes
During the sale, the @Azuki team received $20,000 ETH ($37.49 million), which was transferred to the multisig address 0x2ae6.
Top publishers on the left:
luggis.eth: $1.53 million
christian2022.eth: $1.39 million
beanwhale.eth: $1.09 million pic.twitter.com/PNdrLsgnSn— 0xScope (🪬 . 🪬) (@ScopeProtocol) June 27, 2023
Other major buyers include christian2022.eth, which bought Azuki Elementals for $1.39 million, beanwhale.eth, which bought them for $1.09 million, and suicide.eth, which invested $0.51 million. These sizeable transactions demonstrate the continued appeal of NFTs as a form of investment in digital assets.
The drop in the rock bottom price of Azuki Elementals and the acknowledgment of the minting failure has sparked discussions within the NFT community about the challenges faced by projects aimed at delivering unique and compelling digital collectibles. Collectors and investors eagerly await how the Azuki team will address the concerns and improve their offerings going forward.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We recommend that you do your own research before investing.
