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Over the final 24 hours, the NFT market has witnessed a pointy worth drop after the backlash following the Azuki Elementals airdrop final week.

Citing information from NFTGo, common crypto analyst Colin Wu explains: “BAYC fell 16% and fell below 30 ETH, MAYC fell 20% and fell below 5 ETH, and Azuki fell 11% and fell below 6 ETH. The overall market value of the NFT market has fallen by 53% to 3.33million ETH in the past year”.

Last week on June 27, the Azuki Elementals mint was launched, inflicting nice pleasure within the Web3 neighborhood. Marketed as the subsequent stage of the well-known anime-themed PFP challenge, Elementals rapidly bought out, with all 20,000 NFTs being minted even earlier than the presale part concluded.

However, there’s an enormous uproar over the ‘Identical’ Elementals Art, and the thrill round elementals NFTs appear to be subsiding very quickly. As per the most recent reviews, some holders have been promoting Elementals effectively beneath the ninth worth.

Azuki Elementals Floor Price Tanks

On the day of the launch, the Azuki Elementals NFTs bought for two ETH (about $3,800) apiece, or the ground worth. However, the ground worth has come crashing all the way down to now beneath 0.8 ETH in every week of launch, as per the data from OpenSea.

Lots of people who personal or gather NFTs, in addition to creators, have been expressing their dissatisfaction on social media concerning the look of the Azuki Elementals. They really feel that the art work of those NFTs is kind of much like the unique anime-themed Azuki PFPs.

ONE IS AN AZUKI AND ONE IS AN ELEMENTAL…. OMG … WHAT THE FCKKKKKKKKKK … I’m down a lot fucking cash man …. FUCKKKKNN pic.twitter.com/KGFyEipXzb

— Wizard Of SoHo (🍷,🍷) (@wizardofsoho) June 27, 2023

When you evaluate the brand new Elementals NFTs with the originals, they appear virtually the identical aside from some small modifications. People have additionally seen some unusual errors within the art work, like an individual holding a magic wand that appears to be lacking its deal with.

A pseudonymous Twitter deal with Solana Legend, additionally the managing associate at Frictionless Capital, stated: “Azuki managed to nuke the perception of the new collection and the genesis at the same time?”

People are nervous that the Elementals assortment will make the unique Azuki challenge much less particular and invaluable. Because of this, many individuals are promoting their unique Azuki NFTs.

The reputation of Azuki NFTs was fairly excessive earlier this yr, and it even surpassed BAYC NFTs.

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Bhushan is a FinTech fanatic and holds a very good aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary abilities.

The offered content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.