The popular NFT collection Azuki recently conducted a minting event for its new collection called Azuki Elemental Beans. The collection consists of 20,000 NFTs tied to Azuki’s main collection, and each NFT reveals the user’s Azuki Elemental avatar, which can control water, fire, earth, or lightning. Half of the NFTs were given to Azuki holders for free. The auction for the minting event began with Azuki holders having the first opportunity to mint an Elemental, followed by BEANZ holders and then the general public. The sale used a dutch auction structure, with the starting mint price of 2 ETH decreasing every five minutes until all NFTs were sold. The entire collection sold out within 15 minutes, generating $37.5 million in revenue. Azuki has been expanding its universe and launched its own virtual city called Hilumia in January 2023. The project also introduced the Physical Backed Token (PBT) to connect physical items with the Azuki virtual universe.
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