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Chiru Labs, the creator of the Azuki non-fungible token (NFT) collection, is facing backlash from the community due to the release of Elementals.
Chiru Labs released Azuki Elementals on Tuesday, but they are almost copycats of the original Azuki NFTs. The Azuki Elemental pre-sale received huge community anticipation, but as the artwork was revealed, the community found it too similar to the original Azuki collection.
Floor Price of Azuki NFTs Crashed 28% After Elementals Release
The community has unleashed its wrath, with economist Alex Krüger lashing out on Twitter:
“The Azuki team made $40 million by launching Azuki Elementals and reusing old “artwork” for it. How is this even legal?”
A community member sarcastically wrote, “first time I’ve seen the original team release their own first copy.”
The mishap in the launch and severe community criticism has led to the floor price of the Azuki NFT plummeting. According to CoinGecko, the floor price is around 9.91 Ethereum (ETH), down by more than 28%.
The Apology
After heavy backlash, Azuki wrote a Twitter thread apologizing to the community. It wrote:
“This time, we missed the mark.
We hear you – the mint process was hectic, the PFPs feel similar and, even worse, dilutive to Azuki.”
However, many community members still call it a poor community decision to release the exact same art, causing dilution to the main collection.
OpenSea is one of the largest marketplaces for NFT trading. But lately, its competitors have been gaining prominence. Check out our article here.
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Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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