AzukiDAO Votes to Reclaim 20,000 Ether After Botched NFT Mint by Elementals
A group of Azuki token holders vote to return almost 20,000 Ether a week after Elemental’s NFT was minted. The reasons for this range from disappointment with the collection to claims that the team “blatantly cheated” buyers.
The vote proposes returning all recovered funds to a “decentralized autonomous organization” (DAO) to “encourage the growth of the Azuki community,” such as by providing rewards and incentives for artists, content creators, and developer . As of Monday, the newly formed DAO consisted of 72 members, but only 36 voted in favor of the proposal. Almost 40% of the “Yes” votes came from an individual.
Chiru Labs (the company behind Azuki NFT) released Elementals as an addition to the Azuki ecosystem last week and earned $38 million in Ether in 15 minutes. Owners and market observers criticized the collection.
Community reactions were all based on the same theme: that some of the NFTs seemed too similar to Elementals’ Azuki collection (released February 2022), even though Elementals is a completely different brand. The Azuki reserve price fell nearly 50%, and Chiru Labs has now taken steps to correct its mistakes.
Some Azuki DAO users seem to want their money back. In the proposal put forward over the weekend, 88% of voters voted to give the money back to users rather than buy newer NFTs.
“We have supported Azuki through both its ups and downs.” In Friday’s proposal, DAO members said they helped build a subcommunity and promote the brand. “Despite our best efforts, we only received a profile picture resembling that of the original Azuki owners and nothing else.” The team is clearly cheating us by making promises and checking our empathy.
Members suggested hiring a lawyer to take legal action against Azuki creator “Zagabond” for allegedly “interfering with” several projects. Rug pulling occurs when a creator or developer promotes a product, such as a coin issue or NFT, and then the product disappears along with the investor funds.
However, some crypto enthusiasts have taken to Twitter to question AzukiDAO’s authenticity and intent.
“Most Azuki owners have never heard of the group and assume it’s either fake or malicious,” tweeted @Tytaninc, founder of Nfty Finance. The voting tokens were minted just two days ago, so here we go,” they said.
AzukiDAO tweeted to AskFX that they consisted of former core Azuki contributors and that the group consisted of “Diamond-handed “NFT holders”.
The group added that their proposal included “Zagabonds to force you to do something positive”.
