Floor prices of Chiru Labs’ popular Azuki NFT collection slid 44% in the past 24 hours after the release of Elementals, the company’s new NFT collection, which was met with criticism from holders and market watchers. The company’s latest collection, which raised $38 million in 15 minutes, was first teased last week at a holders-only event titled “Follow the Rabbit.” Community reactions to the sale have been largely negative, with Charlotte Fang, creator of the Milady NFT collection, tweeting, “Azuki really sold a 20K collection at 2 ETH exclusively to their own holders extracting $40MM only for the art to be revealed as basically identical to the main collection. Bluechip bagholders in disbelief.” A side-by-side comparison of the two collections showed similar features, such as facial structure, angle, and the general vibe, leading to some observers terming Elementals as a cheaper version of the main collection. This may have caused holders to dump the main Azuki collection, resulting in Elementals falling under their mint prices. Analytics shows sales of Azuki NFTs increased almost 400% compared with last week, while prices fell from over 14 ether (ETH) to 9.7 ether in a single day. Elemental floor prices dropped 55% as presale buyers dumped the collection en masse.
Azuki NFT Collection Prices Drop After Elementals Release
