NiftyNoon: Can the Market Support Azuki's 20,000 ETH Elementals Mint?
Concerns surrounding the high mint price for Azuki Elementals have circulated the market (June 27, 2023)
Nifty Thought
Azuki’s Elementals mint is here. This 20,000 supply collection has already seen the first half airdropped to current Azuki holders (with some reserved for Azukis held in contracts at the time of the airdrop). However, these airdropped tokens are not yet able to be sold. That will be enabled after Chiru Labs completes its Azuki Elementals mint at a starting dutch auction price of 2 ETH per Elemental. The potential 20,000 ETH being raised here has caused some community members to raise concerns over liquidity leaving the NFT market at the team’s usage of those funds. While both sides present compelling points of view, the situation is quite nuanced.
It is undeniable that 20,000 ETH leaving the NFT market will be bad for floor prices overall. Liquidity is already scarce during this bear and this large outflow is likely not going to be filled with inflows any time soon. However, Azuki’s ambitions with creating a truly decentralized and mainstream brand likely demand substantial capital. Creating a top-tier anime or even producing high-quality streetwear are all very capital expenditure intense endeavors. In this sense, the short-term pain the NFT market experiences due to the loss of this liquidity may be necessary for Azuki’s sustained success in the long run. Notably, Azuki is doing this instead of raising venture funding which historically has caused issues as a venture capitalist’s interests may not be aligned with an NFT holder’s interests. In the long run, only time will tell if Azuki’s gambit here will be fruitful. However, all NFT participants should be rooting for them as what is good for Azuki is ultimately good for web3 overall.
Highlighted News
Azuki announce partnership with @0xfoobar from @delegatecash on a custom solution for holders looking to mint Elementals from an alternative wallet other than the one holding your Azuki or BEANZ tokens:
https://twitter.com/azuki/status/1673425622499196931?s=46&t=dHHZdw5L70boHRGaM55SSw
Introducing ERC721x, A safer implementation of the ERC721 standard:
https://twitter.com/cyberkongz/status/1673372436132245504?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Project and Community News
9GAG CEO expresses disappointment in Azuki mint, supporting delegate wallet should be a standard requirement for all token-gated mints for security reasons:
https://twitter.com/9gagceo/status/1673146080194854912?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Azuki cofounder responds to community questions on Elementals:
https://twitter.com/locationtba/status/1673147951039021056?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Chief (@micah_eth) shares thoughts on Azuki Follow The Rabbit event at Las Vegas:
https://twitter.com/micah_eth/status/1673542294153367552?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
The 700 Azuki that were in the blend wallet won’t be able to claim their airdrop elemental until AFTER the sale ends:
https://twitter.com/a_raving_ape/status/1673385903517999105?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Binance presents nominees for NFT project of the year Binance Award:
https://twitter.com/binance/status/1673360470131212289?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Azuki community members react as international travelers for the Vegas event might miss the opportunity to mint Elementals due to their travels:
https://twitter.com/kliebsmfer/status/1673137418973892608?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Uniswap shares a Primer on Uniswap v3:
There is not currently a “bear market” in digital art. There was a speculative bubble, it popped, and what’s left is simply the foundation we build on:
https://twitter.com/unc1epennybags/status/1673488572740161536?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Mulan (@mulan_art) shares thoughts on Azuki Elementals 2 eth mint price:
https://twitter.com/mulan_art/status/1673145256571985923?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Quick Stats:
OpenSea Daily Volume: 1,713 ETH (▼ 5.88%)
Blur Daily Volume: 9,239 ETH (▼ 21.74%)
BTC: $30,372.76 (▼ 0.02%)
ETH: $1,874.32 (▼ 0.89%)
Solana: $16.60 (▼ 1.62%)
Polygon: $0.66 (▼ 0.32%)
NFT Daily Winners:
🏳️🌈 Chromie Squiggles: 10.65 ETH (► 0.00%)
NFT Daily Losers:
🧝🏼♀️ DigiDaigaku: 3.04 ETH (▼ 0.30%)
🐈⬛ VeeFriends: 1.78 ETH (▼ 1.11%)
🧟 Mutant Ape Yacht Club: 7.33 ETH (▼ 1.29%)
🏴☠️ Captainz: 7.60 ETH (▼ 1.55%)
🥃 Proof Collective: 6.79 ETH (▼ 2.19%)
🐧 Pudgy Penguins: 4.14 ETH (▼ 2.36%)
🚬 CryptoPunks: 47.80 ETH (▼ 2.63%)
🦧 Bored Ape Yacht Club: 36.36 ETH (▼ 4.19%)
🦉 Moonbirds: 1.58 ETH (▼ 5.39%)
🧬 Clone X: 1.80 ETH (▼ 5.82%)
🌈 Doodles: 1.51 ETH (▼ 6.44%)
🥔 Potatoz: 1.85 ETH (▼ 10.19%)
⛩️ Azuki: 12.71 ETH (▼ 14.27%)
Notes:
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