Azuki NFT Prices Slide 44% After Creator Releases 'Basically Identical' Elementals

Elementals became the most-hyped and largest NFT offering in recent months, but community reaction has been critical.

AccessTimeIconJun 28, 2023 at 8:36 a.m. UTC
Updated Jun 28, 2023 at 7:24 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Floor prices of Chiru Labs' popular Azuki NFT collection slid 44% in the past 24 hours after Elementals, the company's new NFT collection, was slammed by holders and market watchers.

The company released its latest collection on Tuesday, raking in $38 million in 15 minutes. Azuki Elementals was first teased last week at a holders-only event held in Las Vegas titled “Follow the Rabbit.”

Community reactions following the sale have a common thread: That some of the new NFTs look too similar to the Azuki collection, released in February 2022, despite Elementals initially having a different branding story.

“Azuki really sold a 20K collection at 2 ETH exclusively to their own holders extracting $40MM only for the art to be revealed as basically identical to the main collection,” tweeted Charlotte Fang, creator of the popular Milady NFT collection. “Bluechip bagholders in disbelief.”

A side-by-side comparison showed both collections displayed similar features, such as facial structure, angle and the general vibe, leading to some observers terming Elementals as a cheaper version of the main collection.

The similarities may have led to holders dumping the main Azuki collection and Elementals falling under their mint prices.

Analytics shows sales of Azuki NFTs increased almost 400% compared with last week, while prices fell from over 14 ether (ETH) to 9.7 ether in a single day. Elemental floor prices dropped 55% as presale buyers dumped the collection en masse.

Meanwhile, Azuki responded to the community backlash in Asian evening hours on Wednesday and seemingly accepted the shortcomings.

"We hear you - the mint process was hectic, the PFPs feel similar and, even worse, dilutive to Azuki," developers tweeted. "Our ambitious goals led to a new collection which confused the community on the tangible differences with the original Azuki collection."

"Azuki’s vision is to build a decentralized brand. Doing so requires great communication and execution, both of which were lacking with the Elementals sale. We know that we lost a piece of trust today, but nothing gets us more motivated to make things right," they added.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about