Azuki NFT Project: Floor Price Crumbles After Elementals Sale
The floor price of Azuki’s main NFT collection has dropped significantly since the Elementals NFT sale. Here are the key points:
– The floor price of the main Azuki NFT collection has fallen from 17 ether to 6 ether, resulting in a loss of around $21,500 per NFT for holders.
– The Elementals collection, which was only sold to Azuki NFT holders, opened with a floor price of 1.6 ether and has now fallen to 0.84 ether.
– NFT holders are down around 11 ether for each of their main NFTs and 1.15 ether for each NFT bought in the recent sale.
– Community frustration is evident, with many expressing disappointment in private conversations.
– DeFiance Capital founder Arthur Cheong, who previously supported Azuki, is now selling his collection of four rare NFTs after spending 127 ether on it.
Despite the Elementals sale bringing in $37.5 million, Azuki continues to earn royalties on secondary NFT marketplaces. Here’s what you need to know:
– The project has earned 17,340 ether in all-time royalties, primarily through OpenSea and now Blur.
– However, royalties have considerably decreased in volume, and the effective royalty rate dropped toward the end of 2022.
Azuki recognizes its mistake with the Elementals sale and aims to rectify the situation.
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