Chiru Labs, the developer of Azuki, has made a splash with its latest launch. Despite a weakened NFT market, Azuki’s new Elementals profile picture (PFP) collection sold out in just 15 minutes, raising an astounding $38 million worth of Ethereum.
NFTs sold out during pre-sale
The success of the sale took place in a pre-sale, with all 10,000 of the Azuki Elementals NFTs being snatched up before they even reached the public. The quick sellout came as no surprise considering the brand’s strong standing in the space, boasting over $1 billion worth of secondary trading volume since its launch in early 2022.
Earlier in the weekend, Azuki announced the new NFT drop and airdropped 10,000 additional Elementals NFTs to existing Azuki NFT holders, further exemplifying the brand’s clout and fan base. Those who held Azuki NFTs and spinoff Beanz NFTs were granted an exclusive 10-minute window to purchase the Elementals NFTs before the public sale.
In total, Chiru Labs amassed a substantial 20,000 ETH, or $38 million at Ethereum’s current price, through the sale. The team is now poised to reveal the Elementals artwork and initiate secondary trading, an event anticipated to set off a wave of NFT flips on marketplaces.
Most successful NFT project of last year
Azuki’s impressive performance in the market, even amidst weakened conditions, demonstrates its strength. Among non-derivative original projects in the Web3 IP space, Azuki emerged as the most successful new project in 2022. Furthermore, its Beanz collection has already generated $276 million in trading, consolidating Azuki’s position as a leader in the NFT landscape.
Today’s achievement represents a significant milestone in the path of Azuki and Chiru Labs, proving that even in a challenging market, well-curated and well-positioned NFT projects can achieve remarkable success.