Blur’s Lending Platform Blend Will Support 2 New Azuki NFT Lines

Key points:

• Lending Blur’s NFT, Blend will add support for the Azuki Elementals and Elemental Beans NFT lines.
• This allows all transactions (and farmers) to sell with 0% royalties leading to inefficiencies.
• Blur and Azuki Elementals are both entangled in public criticism.

According to official news, Blur, Blend’s NFT loan agreement will add support for the Azuki Elementals and Elemental Beans NFT lines. Both chains will be eligible to receive feature auction points.

Users share that the 0.5% royalty fee will keep the market participants more honest, but with Blend, this fee is not lost, this makes the participants dump, leading to the remaining ones not receiving opportunity costs, ultimately inefficient and losing trades. That can worsen the current price reduction trend of new collections in Azuki’s ecosystem.

As previously updated, despite raising $38 million in just 15 minutes of opening, the anime-style irreplaceable token collection “still hasn’t hit the mark” envisioned for the sequel New Elementals NFT. However, some Azuki NFT owners have expressed disappointment that the new Elemental collection looks just like the previous one, causing the price to drop significantly on June 28, 2023.

Besides, the problems in the minting process also made the new collection Elementals this time undervalued. The floor price of Azuki also dropped by about 20% long after the publisher Chiru Labs announced the new collection Elementals.

Since this collapse has followed a series of other famous collections, such as CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Doodles, and Cool Cats, have been affected and drastically reduced in price. According to data from CoinGecko, these collections have dropped between 18-33% in the past 3 days (June 10-13).

The NFT market has fallen into chaos, causing the Blur NFT Marketplace to receive many accusations that this trading platform has caused the price of NFT to plummet recently.

The community points its axes at Blur as many whales use the platform to manipulate prices and farm airdrops on Blur. Some other opinions suggest that Azuki’s intense sell-offs are partly due to the lending platform developed by Blur itself.

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