- The latest reports show the NFT market has fallen by 53% in the past year.
- The most recent trigger seems to be the Azuki incident where the newly released collection bore a resemblance to the previous one.
- However, industry experts believe that the NFT market will continue to survive.
Sharing the latest analytics, Colin Wu from Wu Blockchain reported that the NFT market fell sharply again in the past 24 hours as a result of the “Azuki incident.” The incident mentioned in the tweet refers to the new Azuki Elementals NFTs that faced a major backlash due to their similarity to the original Azuki collection.
In the last week of June, Chiru Labs released Azuki Elementals, their latest collection of anime-themed art. However, the collection bore a striking resemblance to the original Azuki NFT set. The crypto, NFT, and art community quickly and fiercely expressed their displeasure at this situation. Azuki Elementals which started with a 2 ETH floor price rapidly plummeted to 0.8 ETH in just a few days. As a result, the Azuki NFT collection’s price dropped a staggering 44%.
According to crypto Twitter, most of the artwork appeared to be recycled for the new collection with minor or no changes at all. Some even noticed logical errors in the images such as one where a magic wand missed a handle. This is especially disheartening as the original Azuki NFTs were hugely popular and the current situation has caused its prices and value to collapse as well.
Impacted by these developments, the prices of Bored Ape Yacht Club NFTs dropped by 16% and fell below 30 ETH, and those of Mutant Ape Yacht Club plunged by 20% and fell below 5 ETH. Meanwhile, Azuki’s rates dropped 11% and fell below 6 ETH. Azuki, Elemental, and Azuki Elemental Beanz collections all showcased drops in their floor price of more than 20% in past 24 hours. Consequently, the overall market value of the NFT market has fallen by 53% to 3.33 million ETH in the past year.
In a Twitter Spaces hosted earlier today, some of the leading names in the NFT space discussed the trends in the market. Even though the discussion was titled “NFTs are over. We failed,” the general consensus in the meeting was that NFTs would make a comeback and that the current bear market would push out rapacious entities that only focused on making money instead of enjoying the art aspect of it as well.
In related news, several crypto influencers took to Twitter to support the Azuki community in their legal fight against the creator of the Azuki NFTs who goes by the name of Zagabound. “I will gladly aid the Azuki community in their legal actions against @ZAGABOND,” said popular crypto influencer Pauly.
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