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Identical Azuki Elemental NFT Leads to Overall NFT Market Drop

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Identical Azuki Elemental NFT Leads to Overall NFT Market Drop

Identical Azuki Elemental NFT Leads to Overall NFT Market Drop

  • Popular crypto researcher Colin Wu cites statistics from NFTGo to explain the decline.
  • The updated Elementals NFTs are almost identical to the originals.

The Azuki Elementals airdrop last week resulted in a dramatic decline in the NFT market, which has continued over the last 24 hours. Popular crypto researcher Colin Wu cites statistics from NFTGo to explain the decline.

Affected by the Azuki incident, the NFT market fell sharply again in the past 24h. BAYC fell 16% and fell below 30 ETH, MAYC fell 20% and fell below 5 ETH, and Azuki fell 11% and fell below 6 ETH. The overall market value of the NFT market has fallen by 53% to 3.33million ETH in…

— Wu Blockchain (@WuBlockchain) July 3, 2023

The total value of the NFT market has dropped by 53% during the last year, to 3.33 million ETH. Moreover, with a 16% decrease, BAYC is now worth less than $30 ETH, MAYC is now less than $5 ETH (-20%), and Azuki is worth less than $6 ETH (-11%).

There was a lot of buzz in the Web3 community with the release of the Azuki Elementals mint on June 27. The 20,000 NFTs for Elementals were mined and sold out in record time after being promoted as the latest installment of the successful anime-themed PFP initiative.

Community Frustrated

The euphoria around elementals NFTs seems to be waning, though, and there has been a great commotion about the ‘Identical’ Elementals Art. The most recent information suggests some holders are selling Elementals for far less.

The floor price for Azuki Elementals NFTs was set at 2 ETH (about $3,800) on the day of launch. OpenSea’s statistics show that within a week of the debut, the floor price has dropped to below 0.8 ETH.

Many NFT owners and collectors, as well as some NFT designers, have taken to social media to vent their frustration with the Azuki Elementals’ aesthetic. They compare the visual style of these NFTs to that of the original Azuki PFPs, which were based on anime

The updated Elementals NFTs are almost identical to the originals but for a few minor details. Many are concerned that the Elementals collection may devalue the first Azuki endeavor. A lot of individuals are getting rid of their authentic Azuki NFTs as a result of this.

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