Azuki Elementals NFT Raises $37M from Pre-Sale Mint

NFTs are dead, huh?
Image source: Azuki Elementals/OpenSea

Quick take:

  • The Azuki Elementals NFT sold out in 15 minutes before reaching the public sale.
  • The collection raised 20,000 ETH, approximately $37.24 million at the time of writing.
  • The pre-sale stage was available to Azuki and Beanz NFT holders.

Chiru Labs’ latest NFT collection, Azuki Elementals on Tuesday sold out in 15 minutes before even reaching the public sale stage. The collection, which features 20,000 NFTs based on the four Azuki elements of earth was first offered to Azuki and Beanz NFT holders across two pre-sale rounds.

Holders of the Azuki NFTs were given a 10-minute window to mint the NFTs, with the holders of the BEANZ NFTs also receiving 10 minutes after that. They were all required to commit 2 ETH to participate in the mint.

The public sale, which was meant to begin at 9:20 AM PT never happened after the collection sold out in presale.

Source: Azuki on Twitter

According to data from Etherescan, the collection generated 20,000 ETH, approximately $37.24 million at the time of writing.

However, while from the perspective of the time taken to sell out the Elementals NFT collection things look incredible, some bidders received zero NFTs.

One collector, IllumanBeing, an Azuki holder, who bid for 20 elementals expressed his displeasure after his bids all returned errors due to a lack of supply. “Went from the highest highs to the lowest lows, all I got were errors and was ready to mint 20 ELEMENTALS, instead I got ZERO,” he wrote.

This complaint was backed by Chris Lepensky, data lead at DAO operations firm Utopia Labs, who said that the website errors prevented many Azuki holders from minting Elementals.

The Elementals NFT collection attracted so much demand that, though no clarity for any correlation, triggered 150 Azuki NFT NFT withdrawals from BendDAO collateral two days before the mint.

Whether the high demand contributed to the errors is yet to be communicated, but Azuki did admit that the mint did not meet its standards.

Location TBA, one of the creators of the Azuki NFT and co-founder of the parent organisation Chiru Labs tweeted: “We hear your feedback loud and clear. The mint experience was not up to the Azuki standard. Want to give some clarity on what happened during the presale and some general thoughts.”

On Wednesday, Azuki’s official Twitter account followed up with another thread admitting to the collections failed to hit the mark.

“We challenged ourselves to make 4 variations of almost every clothing, offhand, and other traits and then adjusted to fit across adults, kids, and animals. The result was something that we thought would grow the Garden closer to our ultimate vision.”

“However, our ambitious goals led to a new collection which confused the community on the tangible differences with the original Azuki collection.”


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