A group of token holders of Azuki Non-fungible coins has voted to return 20,000 ether this week. This was because of the recent Elementals NFT mint that did not go as planned.
The Elementals NFT mint was the new collection issued by the creator of the Azuki tokens. The investors and token holders claim that the Elemental NFTs look very similar to the original ones with only a few changes. According to the reports, the tokens were introduced with a very different icon than the one that it was sold by. This was not taken too well by the investors as they felt that they had been taken for a ride.
The creator of the popular Milady NFT collection stated that Azuki sold 20K in 2 ETH with the same art that looked like the main collection extracting $40MM from their own token holders.
The Elemental tokens were released on Tuesday making $38 million in just 15 minutes. Earlier to the release the Azuki, released a teaser at the event in Las Vegas to only the token-holders called “Follow the Rabbit.”
The investors compared Azuki with the recently launched cryptocurrency collection and found that the facial structures, angles, and overall vibe were remarkably similar, except for the expressions. Azuki had a serious expression while the Elemental NFTs had a cheerful one.
This led to the investors claiming that the Elemental NFTs were the cheaper version of the original. This created chaos among the investors who proceeded to dump the original Azuki token which has led to a 44% slide in the price of Elemental NFTs.
According to Analytics, the sales of the Azuki tokens increased by almost 400% last week and then dropped from 14 ETH to 9.7 ETH in a single day. The Elemental prices dropped by 55% because of the dumping from their token holders.
The creator of the Azuki token responded to the investors’ slam and confessed that the token does look similar and due to the hectic minting process the images look dilutive as well. Azuki also stated that their main ambition was to create a new collection but in turn, confused the investors and the token holders on the distinct difference with the original collection.
Furthermore, Azuki confessed that they have the vision to create a decentralized platform with excellent communication and execution, which lacked in the recent Elemental sale collection. They aim to make things right.
The similarity was not the only problem with the Elemental NFTs. According to resources, a lot of the buyers were frustrated as they couldn’t obtain the elemental NFTs even though they were Azuki and BEANZ NFT holders. There were a lot of system errors when trying to acquire these Elemental tokens.
Due to these technical errors and the similarities in the profile pictures, investors have asked for the return of their money. A proposal was created over the weekend that showed 88% of the buyers wanted their money back, instead of it being replaced with the newer NFTs.
Many investors have expressed their disappointment and disbelief by stating that they have always supported Azuki through their highs and lows and they believe that Azuki has blatantly scammed them.
The investors proposed the idea of hiring a lawyer to initiate legal proceedings against the creator of Azuki, known as “Zagabond,” and the team for their alleged involvement in “rugging” various projects.
Some of the cryptocurrency investors have questioned the intentions of the AzukiDAO community as they haven’t heard of this group before and since it was created only 2 days back, the crypto enthusiasts are all the more skeptical about the group and its authenticity.
According to sources, AzukiDAO claims that they have always existed and it was made of a group of “Diamond handed NFT holders”. They aim to force the creators of Azuki to create a positive impact.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
