A wave of excitement that had been surging through the crypto-art community recently crashed into controversy and chaos. All eyes were on Azuki's much-anticipated NFT drop, Elementals, which was expected to further ignite the buzzing market. With 10,000 Ethereum profile pictures (PFPs) in the offing, collectors scrambled to get their hands on these digital treasures. And like a well-executed magic trick, the Elementals vanished off the shelf within a mere quarter of an hour, filling Chiru Labs' coffers with a staggering $38 million in ETH.
However, as the dust settled and the art was unveiled, the elation turned into disenchantment. Collectors quickly noticed the uncanny resemblance of Elementals' artwork to the original Azuki PFPs, and voices of dissent started growing louder. To many, the 'new' artwork looked like a tweaked version of the old, with the Elementals NFTs being almost mirror images of the original anime-inspired Azuki PFPs. In no time, Elementals went from coveted items to 'sell-now' assets, with listings plummeting below the mint price of 2 ETH, and bottoming out at 1.32 ETH on the OpenSea marketplace.
To add fuel to the fire, sharp-eyed collectors picked up on imperfections in the artwork, which only intensified the mounting criticism on social media platforms. As rumors spread and concerns about the Elementals collection's impact on the original Azuki project mounted, a selling spree ensued. This drove the floor price for Azuki down by a significant 32% in a single day, sinking it to 9.35 ETH.
While the commotion continues, some collectors have raised a thought-provoking question: Could this stir be a strategic move by Chiru Labs to generate a buzz around their new collection? The jury is still out on this, with the Labs yet to make a comment. This contentious event in the NFT sphere reiterates the unpredictable and exciting nature of the crypto-art market. Watch this space for more.
