Share this article
Azuki NFT Prices Slide 44% After Creator Releases 'Basically Identical' Elementals
Elementals became the most-hyped and largest NFT offering in recent months, but community reaction has been critical.
Updated Jun 28, 2023, 7:24 p.m. Published Jun 28, 2023, 8:36 a.m.
Make us preferred on Google
Floor prices of Chiru Labs' popular Azuki NFT collection slid 44% in the past 24 hours after Elementals, the company's new NFT collection, was slammed by holders and market watchers.
The company released its latest collection on Tuesday, raking in $38 million in 15 minutes. Azuki Elementals was first teased last week at a holders-only event held in Las Vegas titled “Follow the Rabbit.”
STORY CONTINUES BELOW
Community reactions following the sale have a common thread: That some of the new NFTs look too similar to the Azuki collection, released in February 2022, despite Elementals initially having a different branding story.
ONE IS AN AZUKI AND ONE IS AN ELEMENTAL…. OMG … WHAT THE FCKKKKKKKKKK … I am down so much fucking money man …. FUCKKKKNN pic.twitter.com/KGFyEipXzb
— Wizard Of SoHo (🍷,🍷) (@wizardofsoho) June 27, 2023
“Azuki really sold a 20K collection at 2 ETH exclusively to their own holders extracting $40MM only for the art to be revealed as basically identical to the main collection,” tweeted Charlotte Fang, creator of the popular Milady NFT collection. “Bluechip bagholders in disbelief.”
A side-by-side comparison showed both collections displayed similar features, such as facial structure, angle and the general vibe, leading to some observers terming Elementals as a cheaper version of the main collection.
Did Azuki just raise $40 million to release the Walmart version of Azuki? pic.twitter.com/TAeKL0v270
— becc (@cryptobecc) June 27, 2023
The similarities may have led to holders dumping the main Azuki collection and Elementals falling under their mint prices.
Analytics shows sales of Azuki NFTs increased almost 400% compared with last week, while prices fell from over 14 ether to 9.7 ether in a single day. Elemental floor prices dropped 55% as presale buyers dumped the collection en masse.
Meanwhile, Azuki responded to the community backlash in Asian evening hours on Wednesday and seemingly accepted the shortcomings.
"We hear you - the mint process was hectic, the PFPs feel similar and, even worse, dilutive to Azuki," developers tweeted. "Our ambitious goals led to a new collection which confused the community on the tangible differences with the original Azuki collection."
"Azuki’s vision is to build a decentralized brand. Doing so requires great communication and execution, both of which were lacking with the Elementals sale. We know that we lost a piece of trust today, but nothing gets us more motivated to make things right," they added.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tristan Thompson launches prediction market turning NBA stats into stock
NBA veteran Tristan Thompson launched basketball.fun, a new prediction market platform that turns top athletes into tradable assets.
What to know:
How it works: The platform differentiates itself from standard betting by treating the NBA's top 100 players as individual financial assets to collect.
- Users can buy and open "packs" of players, mimicking the nostalgic experience of buying physical trading cards.
- Player "share prices" luctuate based on real-time performance, rising if a player records a triple-double or dropping if they struggle after an injury.
- Users can trade these player shares on a secondary marketplace.
Top Stories
