Azuki NFTs have seen a significant decrease in prices since the launch of the Elementals collection in June. According to data from Nansen, prices have dropped by 65%. Prior to the Elementals drop, Azuki prices were around 15 ETH ($28,250), but they have since plummeted to 5 ETH ($9,724) as of July 27. Additionally, Azuki trading volume has fallen by 78% this month.
The Elementals drop, which took place on June 27, involved the airdrop of 10,000 anime-inspired avatars to existing Azuki brand holders. Another 10,000 were supposed to be available for sale, but the collection quickly sold out before the public had a chance to purchase an NFT. Azuki admitted to making mistakes in the launch and acknowledged that they “missed the mark.” Despite the controversy within the community, the Elementals drop generated $51 million in sales, marking the highest trading volume for the collection since May 2022.
Overall, the Azuki NFT market has experienced a significant decline in prices and trading volume following the launch of the Elementals collection. The collection, despite its flaws, still managed to generate substantial sales.
Hot Take: The decrease in prices and trading volume for Azuki NFTs highlights the volatility of the market and the importance of carefully planned launches to avoid community backlash. Despite the setbacks, the Elementals drop demonstrated the continued demand for NFT collections.
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