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How Azuki’s attempt at recouping plunged prices instead

2min Read

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.

How Azuki’s attempt at recouping plunged prices instead

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  • 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.


Read Ethereum’s [ETH] Price Prediction 2023-2024


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.

Azuki Elementals floor price

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.


How much are 1,10,100 ETHs worth today?


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.


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Victor is a full-time journalist at AMBCrypto. Before his sojourn into the world of journalism, he was a “buy the top, sell the bottom” merchant while doubling as a sales funnel copywriter. Victor’s focus is the exciting on-chain landscape of the cryptocurrency market and its underlying technology. His other interests include politics, Afrobeats, sports, and marketing.
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