The NFT market has seen a significant price decline over the past 24 hours as a result of the Azuki Elementals criticism.
Popular cryptocurrency researcher Colin Wu provides the explanation, taking data from NFTGo: “BAYC declined 16% and fell below 30 ETH, MAYC tanked 20% and fell below 5 ETH and Azuki lost 11% and fell below 6 ETH.
In the last year, the total market value of the NFT market decreased by 53% to 3.33 million ETH. The Azuki Elementals mint was introduced last week on June 27, which sparked a lot of enthusiasm in the Web3 community.
Elementals swiftly sold out, with all 20,000 NFTs being issued even before the public sale phase was over. It was marketed as the next phase of the renowned anime-themed PFP project.
The excitement surrounding elementals NFTs, however, appears to be waning quickly due to the big trouble surrounding the “Identical” Elementals Art.
According to recent rumours, some owners have been selling Elementals for significantly less than the stated price.
The floor price for the Azuki Elementals NFTs on the launch day was 2 ETH, or around $3,800 per unit. According to data from OpenSea, the floor price has fallen drastically to below 0.8 ETH in the week since launch.
Numerous NFT owners and collectors, as well as creators, have voiced their displeasure about the Azuki Elementals’ appearance on social media. They believe that these NFTs’ artwork resembles that of the original Azuki PFPs with an anime design quite a bit.
The only minor difference between the new Elementals NFTs and the originals is their appearance. The artwork also appears to contain several strange errors, such as a figure holding a magic wand that appears to be losing its handle.
Moreover, a fictitious Twitter account Solana Legend, managing partner at Frictionless Capital wrote, “Azuki was able to destroy the image of the latest collection and its origins at the same time?”
The Elementals collection has raised concerns that it would diminish the uniqueness and value of the genuine Azuki project. As a result, a lot of people are selling their authentic Azuki NFTs.
At one point this year, Azuki NFTs even outperformed BAYC NFTs in terms of popularity.
