Prices of Azuki NFTs have decreased 65% since the Elementals launch in June, according to data from Nansen.
On June 26, the day before the Elementals drop, Azuki prices were hovering around 15 ETH ($28,250). In the month that followed, the floor price plummeted to 5 ETH ($9,724) as of July 27.
Azuki trading volume also fell 78% this month.
Azuki price and volume activity for the past three months. Photo: Nansen
Azuki Elementals drop
Azuki launched a new NFT collection called Elementals on June 27 that saw 10,000 anime-inspired avatars airdropped to existing Azuki brand holders. Another 10,000 were to be offered up from sale, but the collection sold out before the public had a chance to buy an NFT.
Azuki acknowledged missteps in the launch, stating “we missed the mark.” Despite the community controversy, the Elementals drop netted Azuki $51 million in sales — the highest trading volume for the collection since May of 2022.