Azuki NFT Floor Dumps 45% in a Week Amid Rugpull Accusations

Azuki Elementals NFT collection gets sold out in hours despite a number of major setbacks.

Azuki NFT in the Microsoft recycling bin.
Created by Kornelija Poderskytė from DailyCoin
  • Azuki’s brand new NFT collection yields $40M in one hour.
  • Hectic mint process and Twitter rumors result in a panic sell.
  • Azuki’s team admits the new NFTs are “dilutive” to the project.

Azuki, one of the most successful NFT collections of all time, is going through hard times this week. Firstly, a crowd of enraged NFT enthusiasts are calling out the Azuki NFT team for doing a clumsy job in regard to the latest NFT drop.

On top of that, the drama on Twitter doesn’t revolve entirely around Azuki’s wrongdoings – a lot of attention has been paid to the upsurge of phishing attacks, which use the same name as the original blue-chip collection. 

Some members of the Azuki NFT community are trying to get Elon Musk’s attention to stop the flurry of fake airdrops from reaching Twitter’s audience. Several Azuki members claim that this could be easily prevented by auto-ban.

Despite its commercial success, the anime style non-fungible token (NFT) collection acknowledges “missing the mark” on the new Elementals NFT. However, several Azuki NFT holders expressed disappointment that the new Elemental collection looks too similar to the earlier one, instigating a massive price plunge on June 28th, 2023.

At press time, Azuki’s NFT floor price is 9.20 Ethereum (ETH), according to NFT Price Floor. Indeed, the blue-chip Azuki collection slipped to single digits yesterday, drooping to 8.37 ETH around the same time when the Azuki Elementals presale went live. Since then, Azuki NFT floor price bounced back, with the latest three Azukis selling for 9.11 ETH.

Founder’s Past Comes Back to Haunt Azuki?

Last year, the Azuki NFT community was left open-mouthed when the pseudonymous founder of the Anime-inspired NFT collection confessed to multiple rugpulls on Twitter. Indeed, ZAGABOND.ETH, the anonymous founder of the project, admitted to having rugged CryptoPhunks, Tendies, and CryptoZunks projects.

Naturally, this has caused a panic sell among the Azuki NFT holders. The first time this happened was on May 10th, 2023; the Azuki NFT trading volume on secondary marketplaces soared to a whopping $38.2 million, while the NFT floor price plummeted similarly to the currently ongoing panic sell.

Azuki’s NFT trading activity this week scooped up 44,021 ETH in 3761 unique sales. While the trading volume went up by 312%, the sales are up by 505% due to the massive sell-off in the wake of the new Azuki Elementals NFT collection.

On the Flipside

  • The freshly dropped 10,000 Azuki Elementals NFTs were sold out in the presale stage despite the community condemning the ‘basically identical’ NFTs.

Why This Matters

Azuki is considered a blue-chip NFT collection – once it had a floor price of 25 ETH.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.