How Azuki’s attempt at recouping plunged prices instead
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Plans to keep Azuki as a top collection to watch had the opposite effect with the launch of Elementals. Here are the whys and hows of it all.
The aftermath of the Elementals’ launch proved ineffective for Azuki.
The Azuki community accused the creators of inadequacy, triggering a fall in prices.
The floor price of NFTs under the Azuki collection plummeted by 63% in the last 30 days, Nansen revealed on 27 July. As a well-known Ethereum [ETH]-based project, Azuki recently undertook an ambitious rebuilding initiative by releasing an Elementals collection.
Azuki's floor price has declined by 63% over the past 30 days
This places it 6th in NFT collections that have lost their holder's money over the past 30 days with at least 100 ETH volume
Only beaten by Beanz 3rd (68%), and 3 collections that have done <200 ETH in volume...
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In June, Azuki’s floor price fell below 15 ETH. The resulting sharp decline in prices sent shockwaves through the market. But it has not gotten any better. With a 52.05% decrease in volume in the last 24 hours, Azuki’s price became 5.03 ETH at press time.
The decline in volume and price depicts how the NFT collection has fallen off the blue-chip ladder despite the introduction of the new collection.
The community isn’t impressed
In the aftermath of the previous price plunge, Azuki created Elementals with the aim of expanding its ecosystem and regaining the trust the market had in it.
Interestingly, the launch was successful and Azuki recorded over $30 million in sales as the collection sold out in 15 minutes. At the time, the volume was the collection’s highest trading volume in over a year. The last time it experienced such a thing before the aforementioned was in May 2022.
However, holders were not satisfied with the items they received. For some, they experienced repeated technical difficulties in their aim to mint.
Others, however, complained that many items in the collection were extremely similar to the original Azuki collection.
Off the crest
This dissatisfaction spread such that Azuki’s rebuilding efforts were considered futile. Although the Azuki team mentioned that it was working to improve and learn from its failure.
Furthermore, CoinStats showed that Elementals’ floor price has been decreasing over the last 24 hours. At press time, the floor price was 0.63 ETH with a 24-hour volume of 23,000 ETH.
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Source: CoinStats
Following the decrease in price, NFT Price Floor showed that Azuki was on the brink of leaving the top 10 collections in market capitalization.
According to the NFT market trackers Crypto Punks had flipped Bored Ape Yacht Club [BAYC] to the top spot. Mutant Ape Yacht Club [MAYC] followed its Yuga Labs counterpart with a market cap of 109,862 ETH.
Despite the fall of the collection, Ethereum still stayed atop the blockchains with the most sales. Based on CryptoSlam, Ethereum NFT buyers increased by 25.74% in the last seven days.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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