Azuki Elementals Sale Approaching! What are the key points to watch out for? Why is the price of BEANZ dropping?

The classic Japanese NFT project Azuki remains strong in the current bear market, and last week the official team even announced the launch of a new project "Azuki Elementals", causing a stir in the NFT community. The minting activity for Azuki Elementals is set to begin tonight, what are some things to pay attention to?

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— Azuki (@Azuki) June 24, 2023

Azuki's New Project "Azuki Elementals"

Last Saturday, Azuki officially released a 1-minute-plus anime short film, announcing the launch of its latest project, "Azuki Elementals." The official has not revealed the actual appearance of this project's image yet, but from the trailer and blind box, it seems that the main feature will be based on the four elements of "thunder, fire, water, and earth."

The total number of Azuki Elementals is 20,000, and all Azuki holders have been airdropped one for free. The remaining 10,000 will be available for sale during tonight's minting event. Additionally, Azuki Elementals are divided into four star levels, with higher star levels being rarer.

Details of Azuki Elementals Minting Event

The minting event for Azuki Elementals will start at 00:00 GMT +8 on 6/28 Taiwan time, divided into the following three stages:

1. Azuki Holder Presale 00:00 – 00:10: Each Azuki holder can mint one Azuki Elementals for each Azuki held.
2. BEANZ Holder Presale 00:10 – 00:20: Each BEANZ holder can mint one Azuki Elementals for each BEANZ held, and Azuki holders from the previous stage can continue minting as well.
3. Public Sale 00:20 – Until Sold Out: Both holders and non-holders can mint, with a maximum of 3 per wallet.

In the first two stages, the minting price for Azuki Elementals is 2ETH. After entering the third stage, the minting will switch to Dutch auction, with the price decreasing by 0.1ETH every 5 minutes until sold out. During the presale period, both Azuki and BEANZ holders are required to pay 2ETH as a deposit. After the public sale ends, the price difference between the final price and the deposit will be refunded.

After the minting event, Azuki Elementals will be immediately revealed and available for trading.

Azuki Elementals May Drive Gas Prices Up

With only 10,000 Azuki Elementals available for minting and a total of 30,000 Azuki and BEANZ, if 1/3 of people go to mint, the public sale stage will not open.

However, the possibility of minting all Azuki Elementals in the first stage is low, as all Azuki holders need to mint. The more intense rush is expected to occur in the second stage, and the 10-minute presale minting time may increase FOMO sentiment and raise the likelihood of a sharp increase in Gas fees.

What Lies Ahead for BEANZ? Why the Continued Price Decline?

For those without Azuki or BEANZ, the best way to ensure obtaining Azuki Elementals is by purchasing BEANZ to qualify for the presale. Therefore, it can be observed that after the announcement of the new project, BEANZ trading volume has significantly increased.

Surprisingly, the price of BEANZ is gradually declining, possibly due to fear that after the Azuki Elementals minting event ends, a sell-off of BEANZ may further drive down prices.

Additionally, Kermit, a data engineer at the NFT data platform Origins, has discovered that some Azuki holders choose to sell BEANZ to raise the 2ETH minting fee, resulting in its price decline.

This has created an interesting phenomenon where outsiders choose to buy BEANZ to get involved, while insiders choose to sell BEANZ for the new project. Kermit believes that after the appearance of Azuki Elementals, BEANZ will become the lowest level collectible in the Azuki ecosystem, as it was just a free airdrop and currently holds less value compared to Azuki Elementals.

However, all of this is uncertain until the official launch and announcement of the features of Azuki Elementals, and perhaps each project can boost each other's value.