Azuki Collection Controversy

181 Azukis were sold into Blur bids for the first time over the past week, the most of any 7-day stretch.
Not too surprising given the passing of a catalyst that people were holding on for.

538 Beanz were sold into Blur bids for the first time. A higher percentage of the collection but not a record, as Beanz were very heavily farmed in February (largely by someone has named "Beanz Guy")

Controversy Erupts as Azuki NFT Floor Plummets Over 'Identical' Artwork"

The Azuki Elementals NFT launch initially generated significant hype and sales, with 10,000 Ethereum profile pictures (PFPs) selling out in 15 minutes and earning around $38 million worth of ETH for Chiru Labs. However, the enthusiasm has waned as some holders are selling Elementals NFTs below the initial mint price due to backlash against the artwork.

The Azuki Elementals NFTs were sold for 2 ETH each during the mint, with an additional 10,000 NFTs airdropped to original Azuki NFT holders. Following the artwork reveal, prices have rapidly dropped, with the NFTs listed as low as 1.6 ETH on the day of the collection launch. Shortly after the reveal, prices fell as low as 1.32 ETH.

Many NFT holders and collectors have expressed dissatisfaction with the Azuki Elementals artwork, which bears a striking resemblance to the original Azuki PFPs with minor changes. People have noticed flaws in the artwork, such as a person holding a wand without a handle. This similarity and perceived lack of originality have led to criticism and complaints on social media.

The fear that the Elementals collection will diminish the appeal and value of the original Azuki project has resulted in a mass sell-off of the NFTs. The floor price for Azuki on secondary marketplaces has dropped by approximately over 50%.

Some collectors speculate that Chiru Labs intentionally released similar Elementals artwork to create controversy and generate attention. They believe the company may update the artwork in response to the backlash and use it as a means to engage the community and boost the new collection's popularity.

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