Azuki’s ‘Sorry’ for Controversial $40M NFT Launch: What Went Wrong?

1. Azuki’s chaotic NFT launch earns $40M in an hour.
2. Azuki team faces backlash for ‘copy-paste’ NFT collection, responds with ‘Sorry’.
3. Amid NFT dumping, Azuki admits lack of communication and execution in new launch.

In an hour that combined huge profits and controversy, the Azuki team recently launched a new NFT collection, earning a staggering $40 million. The event, however, rapidly descended into chaos as the community grappled with technical issues and dissatisfaction with the collection’s quality.

Read CRYPTONEWSLAND on google news

Source: Twitter/Whalechart

Azuki released 20,000 NFTs priced at 2 ETH each, only for their website to crash under the immense demand, leaving many investors frustrated and unable to purchase. Further issues arose when successful buyers found that the NFTs were essentially modified versions of the original collection, sparking accusations of blatant money grab from the Azuki team.

In response to the growing resentment, Azuki issued an apology, stating that the launch didn’t go according to their plans. However, critics contend that the apology lacks sincerity, serving only as a hollow gesture to placate irate investors. 

Azuki’s team acknowledged the accusations, stating that their ambition to expand the Azuki universe and create unique character variations may have muddled the differences between the original and new collections.

Despite the backlash, Azuki remains committed to its vision of building a decentralized brand. They assert that their original collection is central to their brand identity, promising that it will always take precedence in terms of future rewards, drops, and experiences. However, they conceded that their communication and execution were lacking, acknowledging that they had lost a portion of the community’s trust.

As the dust settles on Azuki’s chaotic launch, it serves as a stark reminder of the volatility and unpredictability inherent in the NFT and broader crypto market. Prospective investors are advised to exercise due diligence and thoroughly research any crypto projects before investing. Despite current setbacks, the future of NFTs remains promising, serving as a testament to the continual evolution of digital ownership and decentralized technology.

Read also:

• South Korea Freezes Do Kwon’s $40M Worth of Crypto
• Starly to Launch Never-Before-Seen David Bowie NFT Collection Soon
• India’s MakeMyTrip Launches Immersive NFT Collection
• Hugo And Imaginary Ones To Launch NFT Collection
• National Geographic to Launch Its NFT on Snowcrash