𝘿𝙞𝙙 𝙛𝙖𝙢𝙤𝙪𝙨 𝙣𝙛𝙩 𝙘𝙤𝙡𝙡𝙚𝙘𝙩𝙞𝙤𝙣 𝙖𝙯𝙪𝙠𝙞 𝙨𝙩𝙚𝙖𝙡 𝟒𝟎 𝙢𝙞𝙡𝙡𝙞𝙤𝙣 𝙛𝙧𝙤𝙢 𝙩𝙝𝙚𝙞𝙧 𝙤𝙬𝙣 𝙘𝙤𝙢𝙢𝙪𝙣𝙞𝙩𝙮?

one of the most hyped and largest #NFT offerings took place.

@Azuki
is one of the most popular and well known nft collections on crypto twitter.

Last week the company revealed their very first 2nd collection.

“The Azuki elementals”

Introducing Azuki Elementals

Four Domains. One Garden.

✦ Tuesday, June 27th
✦ 20,000 Elementals will join the Garden

The collection was only sold to their own holders.

Most unusual however was that the collection was only teased without proper reveal and each mint had a staggering sale price of 2 $ETH.

For reference that’s close to 4000$ dollars at today’s price for 1 mint.

To be priced at this valuation this must quite the collection right?

Investors flocked to the sale and it sold out in 15 minutes for no less than 40 million dollars.

Immediately after the sale and reveal there was an enormous backlash.

People paid 4000$ for a collection that’s near identical to the original one.

People asking themselves what it is that they paid for.

Spending 4000$ which would be called crazy in real, that’s not an absurd response.

Some people defended the decision however and didn’t call it a scam but I’ll ask you instead:

Is a 4000$ dollar valuation justified for this second collection?

Or did people get their money’s worth?

And does AZUKI feel bad with their new 40m?

Did Azuki just raise $40 million to release the Walmart version of Azuki?

الصورة

Usually floor prices stabilize quite well above private sale prices since holders aren’t going to sell below their purchase.

Especially not right after a sale.

After the reveal however prices absolutely plummeted.

Even after a small recovery it’s still well below mint.

الصورة

Even the main AZUKI collection suffered harshly from this.

Surely there must be a response right to the backlash and critique by the community?

Well there was…

الصورة

While the team did make an apology they basically moved on with:

“We live and we learn”

Yet I’m pretty sure they’ll still be laughing on their yacht with their newfound 40 million dollars.

It’s always both challenging & exciting opening up the gate to the Garden.

This time, we missed the mark.

We hear you – the mint process was hectic, the PFPs feel similar and, even worse, dilutive to Azuki.

Some people have commented:

While there are a lot of copy paste projects in this space, it’s probably an industry first that a team copies their own collection.

Make minor changes, market it and mint away!

Another 40 million dollars more rich!

Some people defended the decision however and didn’t call it a scam but I’ll ask you instead:

Is a 4000$ dollar valuation justified for this second collection?

Or did people get their money’s worth?

And does AZUKI feel bad with their new 40m?

 

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The purpose was indeed not to hold a single piece of value. Not did the headline make it out to be full of value.

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