Azuki ‘Elementals’ Mint Mishap Is a Reminder of the Precarious State of the NFT Market

Last Friday, the Azuki team held a token-gated event in Las Vegas called “Follow the Rabbit,” where they airdropped a portion of the unrevealed Elemental NFTs to holders in attendance. On Monday, the team announced details of the mint, explaining that the remaining Elemental NFTs would be sold in 10-minute rounds – first to holders of Azuki NFTs, then to BEANZ holders and then to the general public. The sale was meant to be held Dutch auction style, where the price of the NFTs would begin at 2 ETH and would decrease by 0.1 ETH, or about $200, every five minutes until all of the NFTs were sold.