Azuki: ‘We missed the mark’ on Elementals NFT mint

The Block
The Block

28 Jun 2023 1:28 PM

NFT project Azuki acknowledged it “missed the mark” on its Elementals launch after significant price drops and community backlash....

  • Azuki acknowledges community criticism that its new Elementals NFTs were too similar and dilutive to the original collection.
  • The team admits to missing the mark and vows to improve communication and execution to regain trust.
  • The minting process for Elementals was hectic and left the community confused about the differences from the original Azukis.
  • Azuki clarifies that the original Azuki collection is its priority and promises top priority and outsized allocation for future rewards, drops, and experiences.
  • Technical glitches and underestimation of time needed between mint phases are cited as reasons for the issues.
  • The floor price for the Elementals collection has fallen below the mint price, leading to criticism over dilution.
  • Azuki and BEANZ have seen a significant drop in value since the launch of Elementals.
  • Azuki's Elemental Beans NFT collection sold out within 15 minutes, generating 20,000 ETH in sales.
  • The collection is the largest NFT mint by revenue since Yuga Labs' Otherdeeds for Otherside.

The sentiment of the article is negative, as it highlights the community criticism, confusion, technical glitches, and drop in value for Azuki and BEANZ.

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You May Ask

What were the community's criticisms of Azuki's Elementals NFTs?How did Azuki respond to the criticism?What were the issues with the minting process for Elementals?How does Azuki plan to regain trust and prioritize the original Azuki collection?What caused the drop in floor prices for both the Elementals and original Azuki collections?

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