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In the wake of a high-profile and greatly anticipated release, the NFT landscape revealed a stark reality once again. Azuki, a successful NFT brand by Chiru Labs, had set sail with their Elementals profile picture (PFP) collection. The initial rush of excitement had been palpable: it literally led to a swift sell-out, having raised $38 million worth of Ethereum in an astounding 15-minute time frame. However, as the dust settled, the aftermath painted a more complex picture.
Hello, dear readers! My name is Zifa. Over two years ago, I found myself drawn into the fascinating world of cryptocurrencies, and I’ve been reporting on everything from breakthroughs to breakdowns ever since. The thrill of the crypto industry is like no other, with the ever-evolving nature of the landscape continually redefining itself. The recent launch of the Azuki Elementals collection is one such thrilling episode that I found myself irresistibly pulled into.
As we venture deeper into this narrative, you will see how the roller-coaster journey of Azuki Elementals’ release offers a fresh perspective on the delicate and often unpredictable dynamics of the NFT marketplace. Join me as we unravel the intricate facets of this eventful saga and extract valuable insights from the lessons it left in its wake.
What Is Azuki NFT?
Azuki is a distinctive brand in the metaverse that fosters a community-driven environment and values digital identity. It sets itself apart with a commitment to community involvement and creativity, considering user feedback pivotal in shaping the Azuki experience.
Azuki avatars are more than aesthetic elements. They’re gateways to ‘The Garden,’ an immersive virtual space where art, culture, and community intersect. This approach contrasts with traditional top-down metaverse platforms, instead championing community autonomy to influence their digital trajectories.
In Azuki, the metaverse evolves beyond an abstract concept into a vibrant ecosystem fueled by its community’s shared experiences and creativity. Access to ‘The Garden’ symbolizes entry into this dynamic universe, a space for self-expression and meaningful connections.
A Glance at Azuki Elementals NFT Collection
Azuki launched the fresh NFT collection Elementals on June 27. It became the third addition to the Azuki ecosystem, incorporating 20,000 NFTs on Ethereum. Drawing inspiration from the elements discovered within the Azuki ecosystem, the NFTs represented Earth, Fire, Lightning, and Water. The collection harbored varying levels of rarity traits that were disclosed at the time of minting.
The strong criticisms over the lack of differentiation between Azuki Elementals and the original collection created a noticeable divide within the NFT community, with opinions varying widely.
The sale, facilitated via a Dutch auction, began with a starting price of 2 ETH (approximately $3,800). Initially, the auction was exclusive to holders of Azuki NFTs or BEANZ. The cost was designed to decrease by 0.1 ETH (or $187) every five minutes until the remaining 10,000 Elementals NFTs were all sold out.
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A Recap of the Elementals Release: 15 Minutes to Mint
The Elementals minting event was highly anticipated earlier this month. It began promptly at 12 p.m. ET on June 27, with holders of NFTs from the Azuki collection being granted access to mint.
However, the mint did not go as smoothly as expected. Technical issues plagued the process, causing frustration among Azuki holders. Some individuals experienced difficulties accessing the mint page or encountered glitches that prevented them from successfully minting their desired Elementals NFTs.
During the initial 10 minutes of the presale, Azuki holders had the opportunity to mint their Elementals. Out of the total 10,000 NFTs available in this phase, approximately 7,600 were minted by Azuki holders, as stated by pseudonymous Azuki co-founder Location TBA. This left BEANZ holders with a limited window to secure the remaining 2,400 NFTs. However, the BEANZ holder session was abruptly interrupted as the available supply was quickly exhausted.
Many had expected a longer window for people to collect Elementals, yet due to a lack of a cap on individual minting, one person ended up claiming 332 Elementals leaving no space for many public sale participants. Understandably, those who couldn’t obtain a piece after having followed all the instructions specified by Azuki’s organizers were irritated. Nevertheless, some members expressed their delight upon seeing how swiftly their plans came together from start to finish.
Amid the challenges and critiques, the Azuki team remains devoted to rectifying the problems and enhancing the minting journey for its community. The team promptly extended an apology to its members, expressing sincere regret for the inconveniences. Reinforcing their dedication, they ensured swift actions towards resolving the encountered issues.
The Elementals collection achieved superb results, garnering 20,000 ETH (equivalent to approximately $37.5 million) in sales. This impressive feat was kick-started by an exclusive 20-minute minting window for Azuki or BEANZ holders. In terms of revenue, Elementals is the most substantial NFT mint since Yuga Labs’ Otherside collection (which raised $319 million), as per the analysis by Brad Kay from The Block Research.
‘Basically identical’ NFT Artwork
Tensions rose when the Azuki team unveiled the eagerly awaited NFT art of the Elementals collection. Some collectors pointed out noticeable similarities between the new artworks and the original Azuki collection, causing disappointment to those expecting more unique artistic creations.
Name 5 differences between these two pics.
A few collectors felt that the special charm of collecting Azukis had diminished and did not hesitate to express their disillusionment. Even more noticeable were apparent instances of duplicate NFTs within the same collection, highlighted by users like Cirrus NFT.
Am I tripping or is there exact duplicates in the Elementals collection pic.twitter.com/oNe2HcLgd7
— Cirrus (@CirrusNFT) June 28, 2023
The Azuki co-founder, known as “2PM Flow,” attributed duplications to a technical glitch that had affected metadata processing for some tokens and was eventually corrected. Amidst speculations that Azuki may have intentionally diluted the value of its collection through an enlarged supply, the team offered an apology, underscoring their commitment to their community. Later in the article, we will take a closer look at their response and the steps they took to ensure a better experience for their community.
Azuki NFT Floor Plummets as Collectors Blast ‘Identical’ Elementals Art
The community’s adverse response triggered a widespread sell-off of Azuki NFTs, which in turn led to a marked devaluation of the original Azuki collection. In the span of just 24 hours, the floor price dipped by around 32%, diminishing the perceived uniqueness and value of these digital assets and casting a shadow of uncertainty over their future worth.
At the heart of the controversy lies the striking similarity between the Azuki Elementals NFTs. Many collectors expected each piece to be distinct, showcasing the artistic prowess and individuality of the creators. However, the identical artwork has left them feeling disenchanted and questioning the authenticity of the collection.
The highly anticipated Elementals collection fell short of its lofty expectations, as many individuals, myself included, remarked on the striking resemblances it bore to the previous Azuki collection.
The criticism from the community has had a profound impact on the overall perception and engagement of the Azuki community. Ambitious goals that were once celebrated are now overshadowed by concerns over the lack of originality and tangible differences among the NFTs. Collectors who once saw the collection as a promising investment are now facing a bore with dwindling floor prices.
Community engagement, which used to be a driving force behind the success of the Azuki universe, has taken a hit. The significance of community feedback and input is now being questioned as dissatisfied collectors voice their concerns. The impact of community displeasure cannot be underestimated, as it directly affects the success and longevity of any NFT collection.
In response to the community criticism surrounding the Elementals mint controversy, the Azuki team has taken immediate action to address the concerns and rebuild trust. They have acknowledged the disappointment expressed by collectors and have openly admitted that there were flaws in their communication and execution during the minting process.
unbelievable… my fire head is duplicated?!? pic.twitter.com/weCyMNyLun
— A-Raving-Ape.eth 🍌⛩️🏴☠️ (@a_raving_ape) June 28, 2023
Azuki Responds to Elementals Mint Controversy and Teases Upcoming ‘Green Bean’ NFT
In response to earlier concerns over duplication within the Elementals collection — with several NFTs apparently sharing the same image — Azuki co-founder “2PMFLOW.ETH” attributed the issue to a technical hiccup.
“There’s been a slight technical mishap,” they explained. “Outdated event logs from a data provider led to incorrect processing of metadata for a handful of tokens due to an Ethereum block reorganization. Rest assured, we’re actively working to rectify the situation and restore the accurate images and metadata.”
Another co-founder, “Location TBA,” admitted the mint did not meet Azuki’s usual standards. They clarified that the team had not allotted the necessary time between the mint’s phases. “We dropped the ball,” they acknowledged. “I take personal responsibility for the oversight and in retrospect, should have extended the presale windows.”
To improve transparency and community engagement, the Azuki team has outlined a plan to enhance communication channels with regular updates and clearer guidelines for future releases.
In an exciting teaser, the Azuki team has also announced the upcoming release of the highly anticipated Green Bean NFT. Building upon the lessons learned from the Elementals controversy, they are determined to ensure this new collection delivers on the expectations of their loyal community.
Additionally, Azuki aims to address any confusion regarding the similarities and differences between the Elementals collection and their original Azukis collection. By clarifying the distinct features and value propositions of each release, they intend to demonstrate their commitment to offering diverse and unique NFT experiences.
Similar Struggles: Azuki Elementals and Azurbala
Inspired by the Bored Ape Yacht Club, Tally Labs’ Azurbala faced a similar artwork debacle, leading to a significant backlash within the community.
Azuki Elementals’ struggles echo those faced by another noteworthy NFT initiative, Azurbala by Tally Labs. Modeled after the Bored Ape Yacht Club, Azurbala experienced an art debacle that spurred widespread community disapproval. Reacting promptly to the unfavorable reception, the project team decided to put aside the current artwork and delay the mint.
The Consequences of Artistic Missteps
The project team behind Azurbala had the ambitious goal of succeeding the Bored Ape Yacht Club and creating another NFT craze. Unfortunately, their optimistic plans suffered a setback when they revealed the artwork for their NFT tokens. Many in the community were critical of it. The negative feedback quickly spread, prompting a drop in the price of mint passes and suspicion towards the project’s intentions. This criticism forced Tally Labs to scrap the artwork immediately and postpone their minting process.
Valuable Lessons: Community Engagement and Artistic Differentiation
Community engagement and artistic differentiation are two crucial aspects of any successful NFT project. The experiences of Azuki Elementals and Azurbala NFT have taught us valuable lessons in these areas.
First and foremost, community engagement plays a vital role in building a strong and loyal support base. Seeking and valuing community input is essential for aligning project visions with community expectations. The Azuki team has recognized the significance of transparent communication and timely updates to ensure that their community feels heard and involved in the decision-making process. By actively engaging with their community, NFT projects can create a positive and accountable environment, fostering trust and loyalty among collectors.
Furthermore, artistic differentiation is key to maintaining the allure of established NFT brands and protecting collectors’ investments. The Azurbala NFT release highlighted the need to clarify the distinct features and value propositions of each collection. Artists and creators must ensure that their NFTs offer unique and diverse experiences to cater to a wide range of collector preferences. This not only enhances the overall appeal of the project but also safeguards collectors’ investments by offering something different and valuable.
References
https://www.azuki.com/elementals/reveal https://www.theblock.co/post/236681/azuki-nft-collections-ends-elemental-mint-with-37-5-million-before-it-was-ever-open-to-the-publichttps://nftnow.com/news/azuki-addresses-elementals-mint-controversy-teases-green-bean-nft/ https://www.bsc.news/post/azuki-elementals-nft-mint-sells-out-in-under-15-mins-teases-new-token-airdrophttps://dappradar.com/dapp/azuki-elementals
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
