Azuki Admits Failure with “Elementals” Mint Amid Backlash

Key Points:

• Chiru Labs the company responsible for Azukis NFTs debuts new NFT collection “Elementals” that sold out in 15 minutes, netting $38M.
• Complaints roll in, alleging that it’s too similar to the original Azuki collection.
• Azuki admits fault and acknowledges that “the [profile picture NFTs] feel similar and, even worse, dilutive to Azuki”.

Chiru Labs, the company responsible for Azukis NFTs, unveiled a new collection called “Elementals”.

The collection was so popular that it sold out in just fifteen minutes, netting the company a whopping $38 million. The virtual shelves were emptied so fast that the digital assets didn’t even get a chance to go to a public sale. Only prior holders of Azukis and the BEANZ collection who put down a deposit of 2 ETH were able to purchase the NFTs.

However, not everyone was happy with the new collection. Shortly after its release, community members began to complain that the Elementals collection was too similar to the original January 2022 Azuki collection. Both collections feature characters looking to the left, and one user even joked that the next batch of Azuki NFTs would have them facing to the right.

Another user alleged that Azuki’s latest move has done significant damage to the main collection. According to Blur, Azukis’ floor has plummeted over 30% in the last 24 hours at the time of publication. This may be a cause for concern for the company, as a significant drop in price can cause holders to sell their NFTs in a panic, further depressing the price.

Azuki admitted fault on Twitter on Wednesday, saying “This time, we missed the mark,” and acknowledging that “the [profile picture NFTs] feel similar and, even worse, dilutive to Azuki.” The company recognizes that building a decentralized brand requires great communication and execution, both of which were lacking with the Elementals sale. While the company may have lost some trust from its fans, it is determined to make things right and regain their support.

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Annie

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