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Azuki Elementals experienced a rapid sell-out during its recent NFT launch, causing floor price drops, mass panic, and buyer sell0uts. The failed mint process saw the first 20 minutes exclusively reserved for Azuki NFT owners. Unfortunately, this resulted in the sale of an entire batch of 10,000 Elementals, with an additional 10,000 airdropped to existing Azuki members.
However, the swift sell-out prevented the general public from participating in the Azuki ecosystem. This drove the floor price across the entire Azuki ecosystem (Beanz + OG + Elementals) way down. Azuki founder Zagabond and the entire Azuki team got on a discord meeting with their community to discuss their future plan of action. Read on to find out more about what happened with Azuki and the Elementals mint.
TL;DR:
Azuki Elementals caused panic and floor price drop, prompting a community call to address concerns.
Missed mark on capturing original Azuki essence, proposed community voting on updates.
Azuki anime series in production, potential for OG Azuki NFT licensing, and exclusive features for holders.
Plans for “Collector Status” and a second product in development, focused on tokenizing Azuki culture.
Azuki Floor Price Panic: Does the Dip Signify the Death of the Anime PFP Project?
In a few hours after the Elementals reveal, long-term holders of Azuki NFTs began selling their digital assets in large numbers. The sell-off included 132 long-term Azuki holders, representing an 817% increase in such sales. This is data according to premier NFT analysis site Nansen. Similarly, holders of Beanz Official NFTs, linked to the Azuki collection, experienced a major sell-off. 89 established Beanz owners sold their assets since the Elementals launch.
This has also been partly attributed to Blur’s lending platform. Blur NFT marketplace witnessed over 50% of outstanding loans liquidated/repaid following the flash sell-off triggered by the Elementals minting. The Azuki team acknowledged the disappointment and promised improvements for future releases.
Cue Community Call
Azuki then held a community call on Discord to address concerns and outline their plans regarding Elementals and future developments. The team discussed various aspects, including rushed mint mechanics, the role of Elementals within the ecosystem, the relationship with the original Azuki collection, artwork similarities, Green Beans, Azuki Anime, and the status of BEANZ.
The Azuki team highlighted their focus on combining high-quality events, trailers, and Web3 technology to engage holders. Furthermore, they emphasize the importance of delivering immersive experiences. The team confessed that Elementals were introduced as a means to grant the wider Web3 community access to the Azuki Garden. With Elementals, Azuki builds an extensive intellectual property (IP) that appeals to diverse audiences.
Changed Azuki Elementals backgrounds, a work in progress
The team acknowledged the missed mark in capturing the essence of the original Azuki collection with Elementals. To address this, they proposed allowing the community to vote on background updates and expressed their openness to feedback and suggestions.
Regarding mint mechanics, the team drew inspiration from NBA Top Shot and aimed to provide a social experience through live reveals and AI/social media elements. However, they admitted shortcomings in this area as well.
Rarity distribution during the airdrop was intended to give everyone a chance at obtaining rare items, but the team acknowledged issues with properly weighting tiers, resulting in overly complex mechanics.
Azuki NFT Anime Series: Will it Save the Web3 Giant?
However, it isn’t all bad news. Exciting news came in the form of an Azuki anime series, currently in production as shorts. The team sees this as an opportunity to disrupt the anime industry using decentralized IP and Web3 technology. The anime production is self-funded, and the team explores possibilities for OG Azuki owners to license their NFTs for use in the series.
Additionally, Green Beans, a forthcoming feature, will also be exclusively available to OG Azuki holders. Moreover, the Beans will not alter the metadata or dilute existing collections. The team also revealed plans for a new system called “Collector Status”. This system rewards holders based on factors like holding OG Azukis, duration of holding, and traits. These traits grant utilities exclusive to the Azuki collection. This further distinguishes them from Elementals.
Finally, Zagabond hinted at a second product in development, aiming to tokenize ‘Azuki culture’. Limited information is available at present, and further details will be revealed in due course. The team remains committed to listening to the community and continually improving their offerings. All eyes are on the Azuki floor price for the foreseeable future.
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