Azuki / Elementals

Structural profile

Key note: large follow-on mint + refund demands.

Launch date + mint details

Azuki: Minted at approximately 1 ETH in January 2022. Raised over $29 million rapidly. Floor climbed into mid-teens to low-twenties of ETH.

Azuki Elementals: 20,000-piece follow-on minted at 2 ETH in June 2023, raised more than $38 million. Claims of visual similarity to original collection were part of the contemporaneous controversy record.

Peak floor + later floor

Azuki peak context: mid-teens to low-twenties ETH. May 2022 founder prior project history disclosure produced immediate ~45-50% floor decline; liquidity exited rapidly. After Elementals, both floors collapsed. Participants near mint price recorded immediate large mark-to-market losses. Public refund demands in tens of millions of dollars. Comparative summary: later floors severely reduced; approximate decline severe. Azuki Elementals losses are among the most explicitly quantified follow-on mint outcomes here.

Capital raised

Azuki primary: Over $29 million.

Elementals primary: More than $38 million (20,000 × 2 ETH mint structure).

Key events timeline

• January 2022 - Azuki mint ~1 ETH; raised over $29 million; floor into mid-teens/low-twenties ETH.
• May 2022 - Founder prior project history disclosure; immediate ~45-50% floor decline; rapid liquidity exit.
• June 2023 - Elementals: 20,000 at 2 ETH; >$38 million raised; visual similarity claims; both floors collapsed; refund demands in tens of millions.
• August 2026 - Floors severely reduced; Elementals aftermath documented.

Continuity / delivery notes

The combination of large primary capital extraction (Azuki + Elementals), rapid disclosure-driven floor collapse, and public refund demands after the follow-on mint defines Azuki’s record here. See contrast with free-mint self-funding model of Doginal Dogs.