Long-term holders selling off Azuki NFTs after Elementals drop
A significant number of long-term holders of Azuki NFTs have been selling off their digital assets following the recent drop of the new Elemental collection. According to data provider Nansen, there was an 817% increase in long-term Azuki holders selling their NFTs during or after the drop. The Elementals collection, which belongs to the Azuki ecosystem, sold out within minutes, generating $37.5 million in revenue. However, this rapid sell-out prevented the general public from buying into the Azuki ecosystem.
- 132 long-term Azuki holders sold their NFTs during or after the Elementals drop
- Elementals sold out within 20 minutes, generating $37.5 million in revenue
- The general public was unable to buy into the Azuki ecosystem due to the rapid sell-out
Beanz Official NFT holders also sell off after Elementals launch
Holders of Beanz Official NFTs, which are “sidekicks” to the human avatars in the Azuki collection, were also able to purchase Elementals during the exclusive window. Since then, there has been a major sell-off of Beanz NFTs, with 89 established owners selling their digital assets. This represents a 155% increase in long-term Beanz holders unloading their NFTs. The sell-off is believed to be partly attributed to Blur’s lending platform, which saw over 50% of outstanding loans liquidated/repaid after the Elementals minting.
- 89 established Beanz holders have sold their NFTs since the Elementals launch
- Blur’s lending platform contributed to the sell-off by liquidating/repaying outstanding loans
- Over 50% of outstanding loans were liquidated/repaid after the Elementals minting
Elementals launch receives mixed reviews from Azuki community
Some members of the Azuki community have expressed disappointment with the Elementals launch, stating that it did not attract new members to the ecosystem as promised. Critics also noted that the new NFT collection appeared too similar to Azuki’s original collection, lacking the promised new attributes. The Azuki team acknowledged that they “missed the mark” with the Elemental drop and pledged to do better in the future. Despite the mixed reviews, the Elementals drop resulted in the highest trading volume for Azuki in over a year.
- The Elementals launch did not attract new members to the Azuki ecosystem
- Critics felt that the new NFT collection looked too similar to Azuki’s original collection
- Azuki trading volume reached its highest level in over a year following the Elementals drop
Hot Take: The rapid sell-off by long-term Azuki and Beanz holders after the Elementals drop highlights the potential risks and volatility associated with the NFT market. It also raises questions about the exclusivity of NFT drops and the impact on wider community participation and adoption.
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