The burgeoning world of non-fungible tokens (NFTs) is continually evolving as creative new projects gain attention and bring with them impressive trading volumes. One such example is the Azuki collection, a popular blue-chip NFT project inspired by elements within its own ecosystem.
In a press release, Azuki announced the launch of Azuki Elementals, a collection of 20,000 NFTs representing the four primary elements of earth, fire, lightning, and water. With varied levels of rarity traits set to be revealed upon mint, the collection is drawing keen interest from both enthusiasts and collectors alike.
The sale, which will take place on Tuesday via a Dutch Auction, starts at a noteworthy 2 ETH (approximately $3,800) and will initially be available to current holders of Azuki NFTs or BEANZ—another Azuki derivative project. The auction format will see the price dropping incrementally by 0.1 ETH, equivalent to $187, every five minutes with the sale persisting until all 10,000 remaining Elementals NFTs have been sold.
In a promotional event held in Las Vegas titled “Follow the Rabbit,” a portion of the new NFT collection was airdropped to existing Azuki holders. Attendees received an unrevealed Azuki Elemental NFT in addition to a soulbound token to commemorate the occasion. One such participant, Charlie G, shared the sentiment that the quality of the new collection’s trailer was unlike anything previously seen in the space, generating a level of enthusiasm that extends beyond what is typically associated with NFT projects.
With impressive statistics backing the Azuki project, according to OpenSea data, the floor price for Azuki NFTs currently sits at 15.3 ETH, or roughly $29,000. The project has generated a trading volume of 569,795 ETH, translating to just over $1 billion. Meanwhile, BEANZ’s floor price is 1.28 ETH, or $2,400, and has a trading volume of around $300 million.
The project’s success can be observed in previous auctions, such as the October sale of eight golden skateboards tied to “physical backed tokens,” which raised a staggering $2.5 million sales volume.
While the excitement and potential for growth generated by Azuki Elementals is clear, there remains an undercurrent of skepticism about the sustainability of such projects. Are these high valuations indicative of a long-lasting trend, or will NFT enthusiasts ultimately seek out new innovations within the space? Regardless, the anticipation surrounding Azuki Elementals serves as a testament to the ongoing influence and impact of NFTs in the world of digital assets.
Source: Coindesk
