• Azuki, a successful NFT collection, has experienced a 45% price drop after the launch of their Elementals NFT and claims of rugpulls.
• The team behind Azuki has admitted that the new NFTs are “dilutive” to the project and many in the community have called them out for clumsy minting.
• There have also been reports of phishing attacks using Azuki’s name which some members are trying to get Elon Musk’s attention to stop.
Azuki NFT Floor Dumps 45% in a Week
Azuki, one of the most successful non-fungible token (NFT) collections ever, has seen its floor price drop by 45% in just one week following accusations of rugpulling and poorly managed minting processes. This has resulted in a panic sell from many users within the community.
The drama on Twitter began when many holders of Azuki’s tokens expressed disappointment with how similar their new Elementals NFTs were to their earlier ones. This caused an immense price plunge on June 28th, 2023 that saw the blue-chip collection slip to single digits for a brief period before bouncing back slightly. Additionally, there have been numerous reports of phishing attacks using Azuki’s name which some members are attempting to get Elon Musk’s attention about in order to prevent further damage from being done.
Team Admits „Dilutive“ Drop
The team behind Azuki acknowledges missing the mark with their latest drop and admits it is „dilutive“ to their project as a whole. Despite this admission, they still face intense criticism from many within their own community as well as external observers alike for not handling the situation better or taking more preventative measures against fraudsters preying upon unsuspecting buyers.
Founder’s Past Comes Back To Haunt Him?
This isn’t the first time that Azuki has faced public scrutiny either – last year, founder ZAGABOND confessed to having perpetrated several rugpulls on Twitter himself resulting in even further backlash towards him and his team at large for seemingly not learning from past mistakes.
Overall, this is undoubtedly very difficult times for Azuki and its fans – however it remains unclear what steps they will take going forward in order to restore faith within their community again or if any steps will even be taken at all at this point given how much damage already seems done beyond repairable levels.