- The launch of the Azuki Elementals NFT collection last week has led to floor prices of multiple leading NFT collections slumping.
- A substantial number of liquidations have also taken place recently.
In the latest instance of NFTs drifting into the world of sports, Swiss investment bank Credit Suisse is collaborating with the Swiss Football Association to release a non-fungible token (NFT) collection supporting women’s football.
The Swiss Women’s National Team, as well as other organizations working to empower female football players, will receive 100% of the proceeds from the sale of this collection. The 756 NFTs, minted on Ethereum [ETH], will be available for purchase on Credit Suisse’s digital banking app, beginning 11 July.
Sandra Caviezel, Credit Suisse’s head of partnerships and sponsorship, said that she is excited to use NFTs as a financial support to assist drive the growth of women’s sports in Switzerland.
New Azuki collection sparks NFT market slump
Meanwhile, the market witnessed a disastrous fall last week as we saw a substantial selloff.
On 27 June, Azuki launched the Azuki Elementals NFT collection. The entire collection got sold via private transactions in just 15 minutes. Hence, the sale never went public.
The Azuki team made $38 million thanks to this launch.
However, this sparked significant criticism, with complaints ranging from the short presale window to mint failures due to an overloaded website. The community also rued the lack of originality.
Holders were also concerned that releasing 20,000 new NFTs would dilute the value of pre-existing NFTs in the collection. This episode led to a significant slump in the market.
Parsec Finance revealed on 30 June that there had been 500 liquidations on Blend in the previous 10 days, with Azuki being severely hit.
There have been 500 liquidations on Blend in the last 10 days, azuki and beanz leading the way
With >500 active auctions the pattern of extremely high turnover on loans continues amidst high volatility pic.twitter.com/XCiVN0A8X0
— parsec (@parsec_finance) June 29, 2023
The floor price of the Azuki collection has dropped by nearly 60% within a fortnight. Similarly, the floor prices of other well-known NFT collections also fell.
Notably, Mutant Ape Yacht Club [MAYC], Bored Ape Yacht Club [BAYC], and Pudgy Penguins dipped 30%, 25%, and 12% within a fortnight.
