The Azuki Elementals launch, which was one of the most anticipated NFT drops in recent times, has led to a furor in the crypto-art community. Azuki Elementals launch, which included 10,000 Ethereum profile pictures (PFPs), sold out within 15 minutes, generating approximately $38 million worth of ETH for Chiru Labs.
However, the initial excitement quickly evaporated, with many holders selling their Elementals below the mint price due to widespread dissatisfaction with the artwork. The Azuki Elementals NFTs were initially minted at 2 ETH (around $3,800) each, with an additional 10,000 NFTs airdropped to holders of the original Azuki NFTs.
However, following the afternoon’s artwork reveal, the market reaction was far from favorable. Prices dropped significantly, with NFTs listed as low as 1.6 ETH (approximately $3,025) on the OpenSea marketplace. Shortly after the artwork unveiling, prices plummeted to as low as 1.32 ETH ($2,490).
Much of the dissatisfaction stems from the striking resemblance between the Elementals’ artwork and the original anime-inspired Azuki PFPs. Many in the NFT community have criticized the lack of originality, with some Elementals NFTs being almost identical to the originals, barring minor details and modifications.
The controversy escalated further due to apparent imperfections in the artwork, such as characters holding magical wands without handles. This led to a surge in social media commentary and criticism from holders and other NFT creators.
Concerns about the Elementals collection diluting the original Azuki project’s appeal led to a widespread sell-off. According to data from NFT Price Floor, the floor price for Azuki dropped about 32% over the last 24 hours to 9.35 ETH (approximately $17,650).
Despite the backlash, some collectors speculate this could be a deliberate ploy by Chiru Labs to generate engagement around the new collection. Chiru Labs, however, did not immediately comment on these developments.
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