In a surprising turn of events, long-term holders of Azuki NFTs have embarked on a selling spree following the launch of the highly anticipated Elementals collection. This mass sell-off has sparked concerns within the Azuki community and shed light on the impact of recent developments on the digital asset landscape.
According to Nansen, 132 long-term Azuki holders sold their NFTs during or after the recent Elementals drop, representing an 817% increase compared to previous trends. Azuki’s latest NFT launch sees rapid sell-off and critiquess over ‘replicated’ artwork, stirring unrest in the crypto-art community.
Unfortunately, due to the rapid pace at which the Elementals collection sold out, the general public was left without an opportunity to participate in the Azuki ecosystem.
![Data of long-term holders selling off Azuki NFTs](https://www.cryptotimes.io/wp-content/uploads/2024/02/Screenshot-2023-06-29-at-12.webp)
Simultaneously, Beanz Official NFT holders, acting as “sidekicks” to the human avatars featured in the Azuki collection, were also given the chance to purchase Elementals during the exclusive 20-minute window. Following the Elementals launch, Beanz NFTs experienced a significant sell-off as 89 established owners chose to sell their digital assets. This represents a notable 155% increase in long-term Beanz holders parting with their NFTs.
Analysts have attributed the sell-off to Blur’s lending platform, noting that a considerable number of outstanding loans were liquidated or repaid following the Elementals minting. Despite the subsequent recovery of values to pre-airdrop levels, the increased supply triggered a cascade event.
The Azuki team acknowledged that they “missed the mark” with the Elemental drop and have vowed to improve in future endeavors. As a subsidiary of the Los Angeles-based startup Chiru Labs, Azuki NFTs have gained significant traction since their launch in January 2021.
The aftermath of the Elementals drop and subsequent sell-off highlight the dynamic nature of the NFT market and the importance of delivering novel experiences to satisfy the evolving expectations of digital asset enthusiasts.