Azuki, a well-known non-fungible token (NFT) series, has recently experienced market volatility caused by its new product line Elemental. After the release of Elemental, the overall market value of the Azuki series dropped significantly, from US$332,068,800 before the release to US$249,217,084 after the release.
This decline in market value seems to be related to the market's disappointment with Elemental, and has had a significant impact on the two major product lines, Azuki and Beanz. Before the release of Elemental, Azuki's floor price was 14.67 ETH, with a market value of approximately $275,668,800. However, after the launch of the Elemental product line, Azuki's floor price dropped to 9.0000 ETH, and its market value also fell to $167,921,084.
This reflects the market's lackluster response to the new product line and has dealt a significant blow to the market value of the entire Azuki series. On the other hand, Beanz had a floor price of approximately 1.5 ETH before the launch of Elemental, with a market value of $56,400,000. However, the launch of Elemental also affected the performance of Beanz.
Beanz’s floor price dropped to 0.68504 ETH after Elemental’s release, and its market cap also dropped to $25,552,000. This further demonstrates Elemental’s impact on the overall market cap of the Azuki series.
Azuki Elemental Beans had a floor price of 1.48800 ETH after the launch, with a market cap of $55,744,000. Although Azuki Elemental Beans added a new product line to the Azuki series, it did not make up for the decline in the market cap of Azuki and Beanz.
The following is the change in the market value of the Azuki series before and after the release
Elemental before release:
Floor price: 14.67 ETH1
Market value: 14.67 ETH * 10,000 * 1880 USD = 275,668,800 USD
After Elemental is released: Floor price: 9.00005 ETH2 Market value: 167,921,084 USD2
Before Elemental’s release:
Floor price: about 1.5 ETH3
Market value: 1.5 ETH * 20,000 * 1880 USD = 56,400,000 USD
#Elemental After release:
Floor price: 0.68504 ETH
Market value: 0.68 ETH * 20,000 * 1880 USD = 25,552,000 USD
Azuki Elemental Beans
After the sale: Floor price: 1.48800 ETH
Market value: 1.48 ETH * 20,000 * 1880 USD = 55,744,000 USD
Overall market value:
Before the sale: 275,668,800 USD (Azuki) + 56,400,000 USD (Beanz) = 332,068,800 USD
After release: 167,921,084 USD (Azuki) + 25,552,000 USD (Beanz) + 55,744,000 USD (Azuki #Elemental Beans) = 249,217,084 USD
Azuki's overall market value has shrunk dramatically, falling by nearly 100 M. This set of NFT nesting logic seems to have become tired, and investors no longer seem to buy it.
