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The last blue chip falls! Azuki's disguised inflation leads to price collapse, and even a "twin" appears?

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The last blue chip falls! Azuki

The minting activity of Azuki Elementals ended abruptly in just 15 minutes early this morning, but the project failed to meet community expectations. Instead, various absurd errors led to a crash of over 30% in the NFTs of the Azuki ecosystem. What exactly went wrong with the Azuki team?

Azuki Elementals Casting Experience Disappointing

In yesterday's article, it was mentioned that Azuki's price remained stable in the current bear market. However, a controversy arose during the Azuki Elementals casting period and after the reveal, causing dissatisfaction among the community. This led to a large number of Azuki being sold off and a rapid price decline.

Azuki's co-founder, location tba, issued an apology on Twitter two hours after the Azuki Elementals casting, stating that the casting experience did not meet Azuki's standards. They underestimated the time needed for casting during the presale for Azuki and BEANZ holders, providing only 10 minutes for casting. Additionally, they miscalculated the level of network congestion, causing disruptions in the casting process.

What Sets Azuki Elementals Apart from Azuki? Are They Even Twins?

Although the casting experience was subpar, what truly stirred the community was the resemblance between Azuki and Azuki Elementals after the reveal. The differences between Azuki and Azuki Elementals were minimal. Both projects feature human figures with various accessories, and even the facial angles were identical. Apart from some unique animal characters, the major distinction seemed to be their market prices.

Sibel, founder of the NFT project FTC, shared a classic example where the left image is Azuki and the right image is Azuki Elementals. Are they not from the same project?

Furthermore, NFT expert Cirrus discovered two identical patterns within Azuki Elementals. Upon comparing the features of the two NFTs, Elemental #5613 and Elemental #16580, it was found that there were no differences between them other than the numbering.

After the discovery of this bizarre "twin" phenomenon, more people started looking for the next pair of twins. Twitter user Andrew Riley even shared five sets of identical Azuki Elementals. Did the Azuki team make a major mistake, or is it some kind of special Easter egg?

Update 6/28 1:10 Regarding this incident, co-founder of Azuki, 2PMFLOW.ETH, provided an explanation, attributing it to technical issues. Due to a timeout in the event logs of the data provider caused by an Ethereum blockchain reorganization, some NFT metadata was processed incorrectly. The team is currently working to rectify this issue.

Azuki Implicit Inflation, Entire NFT Ecosystem Plummeting

Prior to the release of Azuki Elementals, various promotional videos and artwork significantly raised community expectations. However, after spending 2 ETH, many holders were left unsatisfied with the results. Due to the low differentiation between the two projects, the community jokingly referred to Azuki as implicit inflation, increasing from 10,000 to 30,000.

This outcome prompted dissatisfied holders to sell off their assets. Shortly after the reveal of Azuki Elementals, its price plummeted below the casting price, reaching a low of 1.35 ETH at the time of writing. Additionally, Azuki and BEANZ were also affected, with Azuki dropping by 34% in a single day, hitting a low of 9 ETH, and BEANZ dropping by 44%, reaching a low of 0.64 ETH.

During the Azuki Elementals casting event, the Azuki team reportedly earned 20,000 ETH, approximately $37.6 million. However, they have yet to address the ongoing reveal controversy. If the team fails to provide satisfactory remedies to the community in the future, it may lead to a significant decline in their prices.

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