What's Happening With Azuki?

Popular anime-themed NFT project, Azuki has experienced some highs and lows recently. Firstly, they announced their Elementals drop at the highly-anticipated IRL event, Follow the Rabbit, held at Hakkasan, Las Vegas. This collection was made up of 20,000 NFTs, with 10,000 airdropped to existing Azuki holders and the rest reserved for a pre-sale for Azuki and BEANZ holders, followed by a public sale. However, the collection sold out in just 15 minutes and never made it to public sale. With each NFT sold for 2ETH, this was a great success for the brand.

Now, the Azuki floor price has plummeted, long-term holders are panic selling, and there is a lot of FUD (fear, uncertainty, and doubt) in the community. Despite the swift sell-out of the Elementals drop, the event didn't go smoothly. Many holders came across problems minting, whilst many NFT enthusiasts were left disappointed when there was no public sale as previously planned. Ultimately, this has driven the floor prices way down - not just for Elementals NFTs, but for the entire Azuki ecosystem. The Azuki team admitted that the Elementals mint was to allow more fans to access the Azuki garden, but of course, things didn't go as planned. They also addressed concerns and promised to do better in the future.