Metaverse Dominates Web3 Investments
By Kapil Rajyaguru
Over the last 24 hours, the NFT market has experienced a sharp decline following the backlash of the Azuki Elementals airdrop last week.
According to data from NFTGo, BAYC has lost 16% and fell below 30 ETH, MAYC sheded 20% and quoted below 5 ETH, and Azuki dropped 11% and was offered below 6 ETH. The overall market value of the NFT market has more than halve, losing 53% to 3.33million ETH in the past year.
So Azuki Elementals mint was launched last week on June 27 with great excitement in the web3 community. Marketed as the next stage of the well-known anime-themed PFP project, Elementals quickly sold out, with all 20,000 NFTs being minted even before the presale phase concluded.
However, people were highly upset over the ‘Identical’ Elementals Art, and the excitement around elementals NFTs seem to be fading very soon. As per the latest report, some holders have been selling Elementals well under the ninth price.
On the day of the launch, the Azuki Elementals NFTs sold for 2 ETH, about $3,800 apiece, or the floor price. However, the floor price has come crashing down to now under 0.8 ETH in a week of launch, as per the data from OpenSea.
A lot of people who own or collect NFTs, as well as creators, have been expressing their dissatisfaction on social media about the appearance of the Azuki Elementals. They feel that the artwork of these NFTs is quite similar to the original anime-themed Azuki PFPs.
People are worried that the Elementals collection will make the original Azuki project less special and valuable. Because of this, many people are selling their original Azuki NFTs.
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