While the crypto industry struggles with regulatory issues, the NFT sector has been shaken by the recent Azuki event, which had far-reaching effects.
One of the most hyped and largest NFT offerings, the “Elementals” series, was released this week by the Los Angeles-based startup.
But much to the dismay of the enthusiasts, the 20,000 Elementals looked incredibly similar to the original collection, despite being less expensive.
Some users have even questioned the Azuki NFT’s value and exclusivity. According to a Dapperdar expert Leticia Mello, this caused a dramatic decline of 34% on the next day when Elementals minted it.
In an email statement, Mello wrote that the “lack of differentiation leaves the community feeling misled, which is hurting community trust, which is critical to the success of any project in the blockchain and unique digital collectible space.”
Following the uproar, Azuki’s official Twitter account acknowledged that it had not done a good enough job of articulating and carrying out its “ambitious goals,” which had “confused the community on the tangible differences with the original Azuki collection.”
It’s always both challenging & exciting opening up the gate to the Garden. This time, we missed the mark. ..Azuki’s vision is to build a decentralized brand. Doing so requires great communication and execution, both of which were lacking with the Elementals sale. We know that we lost a piece of trust today, but nothing gets us more motivated to make things right.
June Marks The Lowest NFT Sales Volume
As per recent stats, the Azuki event caused the NFT market to decline substantially once more over the last 24 hours. Well-known projects MAYC plunged 20% and below 30 ETH, while BAYC dropped 16%.
In the most recent year, the non-fungible market’s total market value decreased by 53% to 3.33 million ETH. In addition, June had the lowest sales volume for Ethereum-based NFTs on the top marketplace OpenSea thus far this year.
According to data from Dune Analytics, the monthly sales volume of Ethereum [ETH] and Polygon [MATIC]-based NFTs on OpenSea concluded the second quarter [Q2] at its lowest level since the year’s beginning.
Nevertheless, data from Dune Analytics showed that their NFTs sales count increased by 82% throughout the month. Still, a 23% gap in sales count remained throughout the quarter.
