NiftyNoon: What Happened with the Azuki Elementals Fiasco?
Azuki's fall from hero to zero occurred yesterday within just a few hours (June 28, 2023)
Nifty Thought
It has been such a hectic day for the Azuki community and the broader NFT space as a whole. Sadly, it has been largely negative. Azuki’s troubles began with a buggy minting process that led to many holders missing out on their mint allocations. The art reveal, however, is what ultimately caused the final blow. While Azuki’s artist, SteamBoy, is undeniably talented and skilled at what he does, many community members criticized the team for creating Elemental NFTs that are too similar to the original Azuki NFTs. It was difficult to discern which NFT was a true Azuki and which NFT was an Elemental. This caused many people to view the new collection as extremely dilutive. Later on, other concerns arose including some discovering duplicate Elementals within the collection.
Sadly, execution risk is very high across all NFT products.
As we explained in our newsletters leading up to the Las Vegas event, the hype for Azuki’s delivery was impossible for any team to realistically meet. At times like those, the most logical action is simply to sell. While Chiru Labs has shown they can defy the rules of crypto in the past, this was sadly not another example of that. So many projects including Moonbirds and Cool Cats have come close to de-throning Yuga Labs but all seem to miss the mark eventually when they get sufficiently close. In many ways, this is a resounding reminder of the beauty of NFTs that derive their value from true cultural significance rather than a team’s execution.
Highlighted News
Azuki holders questioning Azuki Elementals metadata fiasco:
https://twitter.com/_happyKC/status/1673906522160545794?s=20
Azuki cofounder gives some clarity on what happened during the Elementals presale and some general thoughts:
https://twitter.com/locationtba/status/1673760004191682560?s=61&t=Tbwps12xJt25XELwsN7RJA
Bored Ape Yacht Club share HV-MTL Forge season 1 begins June 29th:
https://twitter.com/boredapeyc/status/1671251808965242880?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Project and Community News
Azuki Elementals have sold out in the presale with the entire allocation going to the Azuki and BEANZ community. There will be no public sale:
https://twitter.com/azuki/status/1673726920574533634?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Azuki cofounder addresses technical glitch where the metadata for a few tokens were processed incorrectly due to event logs from a data provider that were outdated because of an eth block reorg:
https://twitter.com/2pmflow/status/1673908861907132416?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
@Grail.eth shares thoughts on challenging Azuki Elementals mint:
https://twitter.com/graildoteth/status/1673744282669453314?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Elementals are essentially the same art and style as the OG Azuki collection, but with some new traits. Thoughts:
https://twitter.com/ashrobinqt/status/1673764152459001862?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Community thoughts on Azuki and Elementals mint and future:
https://twitter.com/mulan_art/status/1673892608907837440?s=20
https://twitter.com/dagg3rhigh/status/1673798166091530240?s=20
Blur_io's Blend did more volume during May, at $365 million, than most of its competitors in the #NFT lending space have done in a year:
https://twitter.com/MessariCrypto/status/1673858790427611136?s=20
Pudgy Penguins announce anyone that creates a physical pudgy product unboxing video will be compensated for their work and be given a soulbound token commemorating the video:
https://twitter.com/pudgypenguins/status/1671286683780919296?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Jack Butcher shares set 007 "Finite":
https://twitter.com/jackbutcher/status/1673450231655006210?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Truth Labs calling all employees as @biginc is open for Business:
https://twitter.com/truth/status/1672345824515244034?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
The NBA Draft Rookie Leaderboard ends at 1 PM ET today:
https://twitter.com/nbatopshot/status/1673319324755410952?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
This is what giving your holders a 72-hour heads-up to raise 20,000 ETH for a mint looks like on a chart:
https://twitter.com/cirrusnft/status/1673589191723335680?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Quick Stats:
OpenSea ETH Daily Volume: 3,676 ETH (▲ 114.59%)
Blur ETH Daily Volume: 30,205 ETH (▲ 226.93%)
BTC: $30,291.06 (▼ 1.35%)
ETH: $1,860.60 (▼ 1.10%)
Solana: $16.18 (▼ 2.84%)
Polygon: $0.63 (▼ 5.29%)
NFT Daily Winners:
🐧 Pudgy Penguins: 4.32 ETH (▲ 5.43%)
🏴☠️ Captainz: 7.42 ETH (▲ 4.07%)
🥔 Potatoz: 1.89 ETH (▲ 3.13%)
🦧 Bored Ape Yacht Club: 36.89 ETH (▲ 0.34%)
🧝🏼♀️ DigiDaigaku: 3.04 ETH (▲ 0.33%)
NFT Daily Losers:
🐈⬛ VeeFriends: 1.77 ETH (▼ 0.56%)
🧟 Mutant Ape Yacht Club: 7.29 ETH (▼ 1.36%)
🌈 Doodles: 1.48 ETH (▼ 1.99%)
🚬 CryptoPunks: 46.80 ETH (▼ 2.09%)
🧬 Clone X: 1.75 ETH (▼ 2.35%)
🏳️🌈 Chromie Squiggles: 10.38 ETH (▼ 2.54%)
🦉 Moonbirds: 1.47 ETH (▼ 6.42%)
🥃 Proof Collective: 6.10 ETH (▼ 10.16%)
⛩️ Azuki: 8.94 ETH (▼ 28.71%)
Notes:
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