Existing holders of Azuki and BEANZ tokens were given priority to mint the latest collection of non-fungible tokens (NFTs) called Azuki “Elementals.” This exclusive opportunity was announced at a private event called “Follow the Rabbit” in Las Vegas. Some of the 20,000 NFTs representing the elements of earth, fire, lightning, and water were distributed for free to Azuki token holders through an airdrop.
The remaining NFTs became available for purchase on Tuesday at 9 a.m. PT. Azuki token holders were given a 10-minute window for presale minting, followed by BEANZ token holders who gained access 10 minutes later. The plan was to open a public sale at 9:20 a.m. PT.
Azuki Presale Craze
To participate in the presale, holders of Azuki and BEANZ tokens had to deposit 2 ETH. However, the entire collection was sold out within 15 minutes, eliminating the need for a public sale. According to Etherscan data, the wallet address containing the funds from minting the Elementals NFTs accumulated 20,000 ETH, equivalent to approximately $38 million at the time of writing. Out of the 10,000 NFTs offered during the presale, 7,600 were minted by Azuki token holders, while the remaining were minted by BEANZ token holders.
Azuki Artwork Problems
A number of holders, NFT collectors, and creators have expressed their dissatisfaction with the aesthetics of the Azuki Elementals collection on various social media platforms. The artwork in this new collection bears a striking resemblance to the original anime-inspired Azuki profile pictures (PFPs), with only minor modifications and alterations. Some people have also noticed peculiar imperfections in the artwork.
Concerns have arisen that the release of the Elementals collection may diminish the appeal and value of the original Azuki project. As a result, there has been a significant sell-off of these NFTs. The floor price, which represents the lowest listed NFT on secondary marketplaces, for Azuki has dropped approximately 32% within the past 24 hours. Currently, the floor price stands at 9.35 ETH (equivalent to around $17,650), according to data from NFT Price Floor.
