TL;DR

• Remember yesterday when we wrote about the Azuki ​NFT​ project's release of a new series of 20k NFTs, called 'Elementals'?

• We speculated that 'given the size of the Azuki project,' they'll probably offer more than just new art and access to a gated online community. WELL. We were wrong. They didn't.

• The Azuki team tripled the total supply of Azuki NFTs from 10k to 30k without reeeeally changing the art all that much (which is putting it lightly - see the image below).

• The release has massively devalued the Azuki project as a whole, wiping out 44% of its total value since the launch.

Full Story

Alright, someone get us a bib!

It's time for us to eat some words.

Remember yesterday when we wrote about the Azuki ​NFT​ project's release of a new series of 20k NFTs, called 'Elementals'?

We harped on about the importance of offering more than just new art and access to a gated online community...

Speculating that 'given the size of the Azuki project,' they'll probably go above and beyond...

WELL.

We were wrong. They didn't.

In fact, it looks as though they (somehow) did less than that...

The Azuki team tripled the total supply of Azuki NFTs from 10k to 30k without reeeeally changing the art all that much (which is putting it lightly).

For example...

One is an original Azuki, while the other is an 'Elemental'.

...which is which? We couldn't tell you! But even if we could - would that really make one more valuable than the other? Magic 8-ball says: no.

As a result, the existing Azuki collector base is peeeaved!

And rightly so - the release has massively devalued the Azuki project as a whole, wiping out 44% of its total value since the launch.

Yiiiiikes!