Blue-Chip NFTs in a Downturn, Art NFTs Holding Their Ground

2023/07/01 00:52:13

Date: June24 - June 30

In this NFT recap, we'll delve into all the essential developments in the NFT space over the past week, ensuring you stay informed and up-to-date on the latest happenings. NFT is all about attention, and attention shifts quickly! There are tons of updates and excitement to share with you all on this week’s NFT Market Recap. We hope you enjoy :) 👇

📈Market Overview

🔑Key Takeaways:

  • This past week saw a significant downturn across various NFT sectors, largely driven by the turmoil surrounding Azuki. The blue-chip NFTs, typically seen as the most secure and valuable, were hit the hardest. Despite the general bearish trends, the art sector of the NFT market has managed to hold its ground. While other sectors were succumbing to volatility, art sector NFTs displayed remarkable resilience, maintaining their value amidst the wider market turbulence.
  • The upcoming expansion of the Moonbirds ecosystem: Lucky holders will have the opportunity to mint 50 Mythics per day, and there will also be a mechanism in place where Oddities can be burned to obtain Mythics.
  • Cool Cats hosted a town hall where they announced their plans to collaborate with renowned game developers for the release of three games and introduce substantial updates to their Cool Pets collection within the next year.
  • Controversial $38M Azuki Elementals NFT Mint Leads to Disappointment and Market Instability Amid Technical Errors and Art Criticism
  • Daily trading volume continued rising, with the major Azuki collections leading the way once again, resulting in a total of 65,000 ETH traded over two days.

🗞️Major NFT Headlines:

🚨Azuki: An Unfortunate Turn of Events

Azuki recently took the spotlight with the highly anticipated release of their Elementals mint, creating a buzz in the crypto community. However, it turned out to be a major disappointment for holders due to various issues that arose during the minting process and subsequent developments. We have gathered all the information and provided a breakdown, along with the team's response, to help you navigate the situation.

During the Elemental mint, the website encountered technical glitches, preventing many participants from successfully acquiring the Elementals NFTs. This led to frustration and disappointment among holders who missed out on the opportunity.

Adding to the disappointment was the art revealing itself. Rather than presenting a fresh and exciting collection, the revealed artwork for Elementals appeared to be an expansion of the current set, featuring only a small percentage of rare and new characters. The art also showcased duplicates within the set and technical errors, including poorly executed shadows and incorrect placements of hands and mouths.

In response to the outcry, the Azuki team issued apologies to address the shortcomings. They introduced a new Green Bean NFT as a gesture of goodwill to Azuki holders, with each receiving 10,000 Green Bean NFTs.

In the most recent AMA session on Discord, the team provided further insights into the situation. They explained that the intention behind the Elementals collection was to build upon the success of their existing PFP project. The team acknowledged underestimating the impact of dilution and expected that the audience would appreciate the subtle differences among the elemental characters, similar to the way luxury watches are valued. However, this expectation did not align with the holders' response.

To address the concerns raised by the community, the team reaffirmed their commitment to prioritize OG AZUKI holders and announced plans for a community-driven roadmap. The roadmap aims to allow holders to vote on updates to the backgrounds of the Elementals collection to differentiate them from the existing set.

Additionally, the team introduced Beanz as the third tier within the Azuki ecosystem, positioned below the Elementals. Beanz is designed as a unique IP (Intellectual Property) targeting a younger audience and the mainstream market. It will have an independent roadmap and a stronger focus on IP development.

Looking ahead, Azuki is venturing into new territory with the development of a new type of anime content. Recognizing the potential for disruption in the current anime business model, Azuki plans to produce short animated episodes as part of its anime offering. The aim is to create an interactive anime experience where viewers can engage with the non-player character, Azuki, after watching the show. Token rewards have also been hinted at.

Furthermore, the team revealed the existence of Green Bean, an NFT associated with the anime but not a new PFP. However, it will not be tradeable in the short term.

Azuki is set to launch a new product soon, incorporating a points-based system to determine allocations for Azuki holders. The team emphasized that OG Azuki tokens will always hold more value than the Elementals, even if the art style is similar, as the tokens themselves are distinct.

In conclusion, the Biggest Week in Azuki took an unfortunate turn with the disappointing Elementals mint and subsequent developments. The team's apologies, the introduction of Green Bean, and plans for community involvement aim to address the concerns raised by holders. As Azuki moves forward, they are determined to explore new avenues in the anime space while emphasizing the continued value of OG Azuki NFTs.