Azuki Teases Anime Series and New Artwork After Missing the Target on Elementals Mint
Following Tuesday’s poorly received launch of non-fungible token (NFT) “Elementals,” blue-chip NFT brand Azuki has rectified its mistakes and outlined its plans to revitalize its NFT ecosystem.
Azuki this week released his latest NFT collection in 20,000 copies titled “Elementals” which sold out in 15 minutes and grossed $38 million. But there was quick reaction from several collectors, who were unable to mint the NFTs due to technical problems and a shortened minting window. Soon after, Azuki released the artwork for the collection, which the owners claimed was virtually indistinguishable from the original collection, fueling rumors of dilution from increased supply. In just a few hours, the reserve price of the original Azuki collection dropped by 44%.
Pseudonymous Azuki owner Arcanic posted a Twitter thread on Thursday detailing what was discussed in a private phone call between the Azuki team and their community. According to Arcanic, Azuki’s pseudonymous co-founder Zagabond and other “core” team members provided clarity on the project’s next steps.
The Azuki team noted their plans to update the Elementals collection’s artwork to make it even more different from the original collection. Arcanic shared leaked artwork by Arnold Tsang, the co-creator of Azuki, showing different backgrounds.
Azuki has previously teased that it is working on an anime series featuring its character universe. According to Arcanic, during the community call, the Azuki team expanded their plans, saying the show will consist of animated shorts that would be self-funded and integrate Web3 technologies. The team also noted that the Green Bean, recently flown to Azuki holders, will also have a role in the series.
Azuki is also working on other ways to reward its holders, such as granting “collector status” to long-term holders and those who own tokens with rare properties, Arcanic wrote.
Arcanic told AskFX that while he’s frustrated with the reveal of the Elementals embossing and artwork, he’s optimistic about Azuki’s future and how the project will learn from its mistakes.
“The team has proven to be extremely competent and passionate,” said Arcanic. “As long as they remain connected to their core community from now on, I believe they can start to regain the trust of the wider community.”
At the time of writing, Azuki Elementals’ reserve price was according to OpenSea at 1.29 ETH, around $2,480, with a trading volume of around 11,930 ETH, or just under $23 million. Azuki’s minimum price is currently 8.19 ETH, around $15,775, with a trading volume of over 596,900 ETH, or over $1.1 billion.
