What the numbers say: The popular NFT collection Azuki's floor price plummeted by more than 45% over the last three days. The figure declined to as much as 8.50 Ether (ETH) yesterday, down from the three-day peak of 16.39 ETH on June 26. The popular NFT marketplace OpenSea's data also showed that Azuki NFT sales jumped by almost 400% compared to the previous week. Relevance: The drop in Azuki NFTs' floor price followed the launch of a new NFT collection dubbed Elementals by Chiru Labs, the firm behind Azuki NFTs. The firm first introduced Elementals at an exclusive event in Las Vegas before releasing it on June 26, hitting $38M in just 15 minutes. However, the new collection failed to meet expectations as many users found the visuals in Elementals identical to the ones in Azuki. The similarities between the two collections caused many holders to sell off the main Azuki NFTs within a few days of the Elementals' launch. The presale buyers of the new collection also dumped the digital collectibles, leading to a 55% drop in floor prices. Brands that should care: On the other hand, Azuki is still the fifth-largest NFT collection by market cap after the popular CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Chromie Squiggle by Snowfro NFTs. The first three spots are dominated by the collections developed by Yuga Labs, Chiru Labs' one of the most powerful rivals. In the top 10, Azuki was followed by DeGods, Captainz, LAND, Decentraland, and Wrapped Cryptopunks, respectively. |
