Back again with another NFT disaster, this one is coming from the well known Azuki, another NFT project with huge community but unfortunately has flopped because of their latest NFT launch, which is the Azuki Elemental. When Azuki launched in 2022, it got sold out within a short time, it didnt take any time before the value of the NFT skyrocketed from 1 ETH to 30 ETH making it one of the most priced Ethereum Profile Picture NFTs in the NFT community. Azuki NFTs have been sold for some huge amount of ETH, made it more popular and almost standing close to that of the bored ape NFT, although Bored Ape NFTs have more utilities than the Azuki NFT.
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The Azuki NFT is just a profile picture NFT, but the Bored Ape NFT changed the game in terms of utilities for the NFT ecosystem, where it airdropped NFTs to its NFT holders and also airdropped its native token, $APE token to its NFT holders. Azuki NFTs, aside the hype, I don’t see any other utility surrounding it, the project came up with another 10,000 profile picture drop, setting the price at 2 ETH which was with $3,800 at the time, the collection drop got sold out in minutes, giving the project the opportunity to raising $38 Million. After a project had raised that, expect the investors to have high hopes of the project. These investors who spent 2 ETH buying this new Azuki drops, expected something great and thought it was a great opportunity to catch another low priced Azuki before the hype. About 10k of the NFT was airdropped to previous Azuki NFT holders, but the other 10k who bought were highly disappointed by the result they got when minting their Azuki Elementals.
After minting their new Azuki elemental, they saw a huge similarities between their Azuki elemental and the original Azuki, people got angry and lost their trust on Azuki, how can a well known huge NFT project rip their investors this way, the Azuki community was filled with a lot off complains from their investors. People started selling their Azuki Elementals below the mint price of 2 ETH. So we can safely say that Azuki copied their own arts, as there were just little alterations in the elementals. Now that the community doesn’t take them seriously anymore, as the floor price of both the original Azuki and the elemental have dipped, what can be the future of this NFT project.