On June 27th, the prominent NFT collection Azuki revealed its much-anticipated new set, "Elementals". This 20,000-piece Ethereum-based collection first announced during an exclusive Las Vegas event, sought to deepen the Azuki universe by introducing unique mythical creatures to its roster. But despite a successful launch and sell-out within minutes, the project quickly met controversy.
Minting Disarray: Frustrations Emerge
From the start, the Elementals collection's launch was mired in confusion. Technical difficulties frustrated many Azuki holders, who queued eagerly to mint new NFTs only to find the process thwarted being at the mercy of various technical glitches. The site, overwhelmed with traffic, crashed repeatedly, leaving many of the community members in a state of frustration and disappointment.
Azuki Elementals have sold out in the presale with the entire allocation going to the Azuki and BEANZ community. There will be no public sale.
— Azuki (@Azuki) June 27, 2023
Trading and reveal will open shortly. pic.twitter.com/CVk3kRIqU6
Despite the controversy and frustrations, the collection managed to sell out rapidly, generating a massive haul of 20,000 Ether. This financial success, however, was overshadowed by the contentious launch process and the ensuing community unrest.
Artistic Fallout: Azuki's Elementals Meets Backlash
The Elementals collection unveiling sparked severe criticism due to its strong resemblance to the original Azuki collection. Accusations of artistic redundancy and dilution of uniqueness led to a significant drop in the Azuki collection's floor price. In just 24 hours following the Elementals mint, the price plummeted by approximately 34%.
This backlash was a reflection of the community's disappointment, raising questions about the future of Azuki in the NFT space. As a result, Azuki now faces the crucial task of restoring the faith of its community and demonstrating a commitment to originality and innovation. The ongoing controversy surrounding the Elementals collection serves as a significant learning point in the rapidly evolving NFT marketplace.
AzukiDAO: A Controversial Countermeasure Emerges
In the wake of these controversies, a decentralized autonomous organization known as AzukiDAO surfaced, claiming to represent a dedicated group of Azuki enthusiasts. The AzukiDAO proposed a clawback of 20,000 Ether from Azuki's founder, Zagabond, with the intention of reallocating any recovered funds back to the DAO for promoting Azuki community growth.
However, AzukiDAO's authenticity quickly came under scrutiny. The suspiciously recent minting of the BEAN token, used for voting on the proposal, and the creation of the associated Twitter page, raised questions about the true nature and relationship of the AzukiDAO to the Azuki project.
Future of Azuki: An Uncertain Path Ahead
Despite Azuki's public apology and plans to address the issues surrounding the Elementals launch, the brand's standing within the NFT community remains unsteady. The Elementals controversy highlights the challenges faced by established NFT projects when introducing new collections on the Ethereum platform. As Azuki gears up for the second phase of the sale, rebuilding community trust remains a daunting task.
