Azuki Elementals - Hit or Miss?
Azuki Fuels the NFT Steam Engine
Here is the breakdown of today's newsletter:
⛩️ Azuki Fuels the NFT Steam Engine
🌊🔥🌳⚡ Azuki Elementals - Take Our Poll
BAYC prices have dipped after excessive Blur farming. (@CirrusNFT)
The Sandbox welcomes metal label Nuclear Blast Records into their metaverse. Check out their showcase video. (YT)
Lowers delivers MFers summer flags. (@matthewvarnell)
Robinhood is laying off 7% of its staff, and they have recently delisted a number of coins from its service. (WSJ)
Azuki Fuels the NFT Steam Engine
As written in yesterday’s newsletter, the Azuki Elementals were minted yesterday. As expected, the mint never passed Phase 2, which means that the entire extension collection went to prior holders of the ecosystem.
After this weekend in Las Vegas for Azuki’s event, holders expected a mint, just as they received last year with the BEANZ claim. In turn, with the Elementals, every Azuki holder received one in an airdrop and then had the ability to buy another through a Dutch auction that starts at 2 ETH, completing the collection of 20,000 NFTs. No public sale ever commenced.
With claims and airdrops come dumps of prices, and that’s exactly what happened. Azuki’s main collection fell from 13.7 ETH right before mint to a mere 9 ETH, at the time of writing. The BEANZ collection fell even further from 1.22 ETH to 0.68 ETH, at the time of writing. On top of that, the Elementals collection is having a hard time staying close to 2 ETH, the mint price. All in all, not a good day for the Azuki community. Over $40 million worth of ETH was extracted, while only giving assets to holders, thus creating a cyclical sale period. Azuki holders are accounting for a majority of Elementals’ trade activity.
The reveal showed that the Elementals are pretty much copies of the original Azuki PFPs, with new animals, grails and a few new traits, and face orientations. This was not taken well by the market. The question all day yesterday was, “How can one of the top collections put out such lazy work?” Since it’s only a day after the mint, we will wait to see if this changes. But not a good start to a new journey.
While the drop didn’t have the best-expected outcome, all things considered, the sentiment has changed in the market. Derivates are showing up. People are tweeting. Twitter Spaces are popping off.
Here, we review the possibility of the Elementals sparking a new fire in the market:
The NFT Rally: Led by Azuki Elementals?
The world of NFTS, might be ready for a growth spurt. This growth could be sparked by popular NFTs like Azuki Elementals.
How does it work?
More money is moving into the NFT market, and people are getting more positive about it. This combination could lead to a big jump in NFT prices.
When NFTs like Azuki Elementals start doing well, smaller projects also benefit. As some people make profits, they might invest in these smaller projects, helping them grow too.
However, there are always risks. Some people might decide to sell their NFTs and take their money out. But many think this is unlikely and the overall mood is optimistic.
Some smaller collections to look at:
Remember, always do your research and be careful when investing money. And while all signs point to growth, no one can predict the future. Always be prepared for any outcome.
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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses. racticeNewsletter 6.27