Confused by the latest @Azuki drop?
You’re not alone
Here’s a perspective on Elementals from someone who has held since mint 🧵
1. Azuki holders wanted & expected an airdrop in Vegas
After all the hype leading to the event, the team needed to deliver
We expected a moment very similar to the original “Check your wallet” BEANZ airdrop, which sent the floor flying last year
2. We got that moment
@ZAGABOND told us to check our wallets again, & Azuki holders had an elemental bean waiting for them
So… what happened? What went wrong?
3. First, since it was expected this time around, the floor dropped after the announcement
This is nothing new
Airdrops take value off of the main collection due to value essentially being passed/spread to multiple assets
4. Next, the team announced a 2eth mint price
Shock, combined with liquidity gathering, sent floors lower as holders got set to mint Elementals
Still, sentiment was good & holders expected to profit from this drop
5. The mint was rough, to say the least
Website overload combined with a short mint window caused many holders to miss the chance to mint
Presale Azuki allocation also caused most BEANZ to not have a chance at minting
No public allocation was the icing on top
6. These things are surprising from the Azuki team’s history, but not unrecoverable
Mistakes happen
But then the collection revealed & chaos ensued
7. Once they revealed, we realized that the human Elementals looked uncomfortably similar to OG Azukis
This was completely unexpected & made many holders feel like their Azuki had been devalued
This was the start of the true selling frenzy
8. As this panic continued, most of the community expected a big surprise announcement from the team
Specifically, we thought there was an upgrade/metamorphosis coming as a part 2 to the drop
Meanwhile, BEANZ holders felt like they were a forgotten step-child the whole time
9. What could have been better?
Hindsight is 20/20, but the team could have avoided this
- One distinct Elemental trait to differentiate from Azukis
- Excluding humans from the collection
- Longer mint window with a better chance for BEANZ to mint
- Lower mint price
10. What now?
All Azukis have been dropped a “Little Green Bean”
No one knows the utility, but we are hopeful that it changes one of the collections to help differentiate between Elementals & Azukis
Price discovery can’t settle until this is achieved
11. Hold or Sell?
Many OGs don’t believe this was the end of the plan for Elementals
Some are holding on hope, or conviction, and others because they are in disbelief
Some OGs were disappointed to the point of selling now that their favorite asset doesn’t feel as special
12. How bad is it?
The community has had it’s faith shaken, which will take time for the team to restore
However, the floor price is comparable to where it sat before the Vegas hype cycle
There is no mass-exit occurring, but the team has to come through big now
13. JPB’s opinion:
Azuki always tries new things & always has a vision
I don’t think they rushed a cash grab, but rather rushed a bold idea that needed more communication
I’m personally holding & buying, anxiously awaiting the team’s next moves
TLDR:
- Post-hype price discovery is normal
- The team made errors in the mint and communication
- Community is shaken, but hopeful
- I believe the Azuki team will keep doing dope sh*t
IKZ ⛩️