Unchained The Chopping Block: Why the Azuki Elementals Drop Was a Big Flop - Ep. 512
Jun 29, 2023
The hosts dive into the controversy surrounding Azuki's new NFT collection, with community backlash highlighting concerns over originality. They dissect the collapse of Prime Trust and its implications for crypto custody, questioning if it constitutes fraud. Layer 2 solutions also take center stage, with debates on the strengths of Arbitrum versus Optimism and potential future innovations like shared sequencers. Insights into the political nature of these rollups reveal the complex dynamics within the Ethereum ecosystem.
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Azuki Elementals Controversy
- Azuki's new NFT collection, Elementals, was released and sold for 2 ETH each, raising $36-40 million.
- Upon reveal, the Elementals looked almost identical to the original Azukis, leading to a 40+% price drop and community outrage.
NFT Business Models
- NFTs are exploring sustainable business models, including media, gaming, or art with royalties.
- The key challenge is achieving continuous primary issuance while keeping the community engaged.
Focus on Existing NFTs
- Instead of creating more NFTs, projects should focus on enhancing the value of existing ones.
- Explore new utility and functionalities for current NFTs to foster a thriving ecosystem.