Welcome to “This Week in the Metaverse”, where Fortune brings together the most interesting news in the world of NFTs, culture and metaverses. e-mail marco.quiroz-gutierrez@fortune.com with tips.
Launched in 2022 by Los Angeles-based Web3 Chiru Labs, the Azuki NFT pool has lost some of the luster that made it one of the most popular PFP projects after the disappointing launch of the “Elementals” series this week.
Although it was highly anticipated, many Azuki fans felt that 20,000 Items was very similar to the original set, despite its lower price. Some took to Crypto Twitter to question Azuki NFTs’ uniqueness and value, causing the price of the company’s original non-fungible tokens to drop 34% in the 24 hours after Elementals Mint, according to Leticia Melo, author of the book. DappRadar report On Drop published Wed.
Milo said in an email to luck.
Everything over the past 24 hours must have been a death knell for Azuki.
> The minting experience was subpar
> You didn’t plant the “garden” with new members, just grow their wallets with new ETH with 2e mints fully accessible to people already in the garden.
> The art is uninspired and in… https://t.co/uRdltqWhwL
– batz (batzdu) June 28, 2023
The sale still collected about $40 million from the new drop, but instead of attracting new buyers, some said sales came in. Mostly from existing buyers.
The official Azuki Twitter account quickly released a statement acknowledging his mistakes and assigning some of the blame to him Ambitious goals.
“We know we lost a bit of confidence today, but nothing drives us more to make things right,” Azuki’s Twitter account wrote on Wednesday.
But for some holders, it was too little, too late. Such was the case for Arthur0x, the founder of crypto investment firm DeFiance Capital, who, prior to Friday, owned seven Azuki NFTs.
Shortly after Elementals dropped, he posted a tweet He puts five of his NFTs up for sale. He has already sold three. Arthur0x said that the mistakes Azuki made with the launch had affected his desire to keep the rare Azuki and that he was worried about loosening the price floor.
He said, “He was disappointed and surprised by how much contact with them was cut off.” luck.
Azuki did not immediately respond to a request for comment.
Elementals’ decline highlights the challenging environment for NFTs as the cryptocurrency market continues to slow down. The best NFT projects have survived because of their strong communities and by providing value to their members. In the low market, the development of this community becomes more important.
Mello said the active collectors during bear markets are those who are deeply invested in the advancement and development of their favorite projects. Any wrong move is more likely to be noticed and called out by this group, and according to Milo, backlash can be swift.
“The incident about the Azuki Elementals tells us that no group, large or small, is safe from society’s harsh judgment.”
In other news:
A federal judge has permanently banned the creator of MetaBirkins, Mason Rothschildfrom sale NFTs He said he had to take the court order off the air to its current owners. The order also prohibits Rothschild or its associates from marketing or making the appearance of NFTs Meta Perkins Associated with a fashion brand Hermes In the future, You mentioned decryption.
Edouard Berthelot – Getty Images
Fashion models Kendall Jenner And Kate Moss The musician will join J Balvinartist Jeff Koonsmovie Maker Baz Luhrmann In judging an NFT competition aimed at benefiting AIDS research, You mentioned decryption. Submitted designs will first be narrowed down by public voting on the voting platform Prospect 100before the finalists are judged by celebrities.
Sean Zane – Getty Images for Longchamp
auction building Sotheby’s announced a new generative art program that will be launched on July 26, CoinDesk reported. The program will promote two to three born artists annually using full sales across the chain through Art blocks engine, which specializes in generative art. Fashion models Kendall Jenner And Kate Moss The musician will join J Balvinartist Jeff Koonsmovie Maker Baz Luhrmann In judging an NFT competition aimed at benefiting AIDS research, You mentioned decryption. Submitted designs will first be narrowed down by public voting on the voting platform Prospect 100before the finalists are judged by celebrities.
John Sato — WireImage
Warner Music Group And Polygon Labs This week, it launched the Music Acceleration Program, which aims to support developers to launch music-related projects and dApps on Google Play ribbed network, according to press release. Applicants will be accepted on a rolling basis and those selected will receive funding from both institutions and support which includes mentorship and check-in as well as assistance with marketing and promotion.
Bored monkey creator Yoga Labs She released her latest game HV-MTL Forge which will incorporate NFTs that have a tie-in to one of its latest games Doki Dash. The latest Yuga game is about building personalized workshops that are then voted on by community members.
