Azuki, the trendy NFT collection, has again shattered records with its latest release, the Azuki Elemental Beans collection. This exclusive minting event resulted in an impressive acquisition of 20,000 ETH (equivalent to approximately $37.5 million) before the public even had a chance to participate.
The Azuki Elemental Beans Collection
The Azuki Elemental Beans collection comprises 20,000 NFTs intricately tied to Azuki’s primary collection. Each Azuki Elemental Bean, upon consumption, unveils the owner’s Azuki Elemental, an avatar imbued with the power to control elements such as water, fire, earth, or lightning, as outlined on the OpenSea page dedicated to the collection. Notably, Chiru Labs generously distributed half of the NFTs as complimentary rewards to existing Azuki holders, further reinforcing their loyal community.
Exclusive Sales Process and Unprecedented Demand
The highly anticipated minting event commenced June 27, 2023, by granting priority access to Azuki holders at 12:00 p.m. ET, allowing them to mint one Azuki Elemental for each Azuki NFT they owned.
Subsequently, at 12:10 p.m. ET, holders of BEANZ, a spin-off collection derived from Azuki, were allowed to mint an Elemental for each corresponding NFT owned. Additional limitations were in place for those who held both Azuki NFTs and participated in the presale. Finally, at 12:20 p.m. ET, the Azuki Elemental mint became available to the general public, albeit for a limited period.
The Azuki Elemental sale utilized a Dutch auction structure, commencing with an initial mint price of 2 ETH, gradually decreasing by 0.1 ETH every five minutes until all NFTs were swiftly claimed. Remarkably, the entire collection was sold out within a remarkable 15-minute timeframe without being accessible to the general public.
The collection’s sellout marks the first instance of a minting event surpassing the $30 million mark since Yuga Labs’ momentous accomplishment of generating $319 million from Otherdeeds for Otherside over a year ago on May 1, 2022.
Introducing the Azuki Elemental Beans collection adds another captivating dimension to the ever-expanding Azuki universe. The project unveiled Hilumia, its own virtual city, in January 2023 to commemorate Azuki’s first anniversary. Hilumia seamlessly blends physical and digital realms, facilitated by implementing Physical Backed Tokens (PBTs), which enable the manifestation of physical items within the Azuki virtual universe.
Azuki’s remarkable success continues unabated, with its initial NFT collection amassing an astonishing 574,722 ETH (equivalent to approximately $1.08 billion) and maintaining a floor price of 14.25 ETH ($26,700). Furthermore, the accompanying BEANZ sidekick collection achieved an impressive 162,634 ETH ($305 million) at a floor price of 0.85 ETH ($1,594), according to reports from OpenSea.
The resounding triumph of the Azuki Elemental Beans collection in its exclusive minting event cements Azuki’s position as a dominant force in the NFT market. The overwhelming demand and record-breaking revenue attained are a testament to the unwavering support and enthusiasm of the Azuki community.
As Chiru Labs, the visionary company behind Azuki, continues its trajectory of success; it solidifies its reputation as an industry leader and innovator in the ever-evolving world of digital collectibles. With each milestone surpassed, Azuki forges new paths and captivates the imagination of collectors worldwide, leaving an indelible mark on the landscape of NFTs and virtual experiences.