A group of Azuki non-fungible token (NFT) holders is voting to refund roughly 20,000 ether a week after the Elementals NFT mint, citing reasons ranging from dissatisfaction with the collection to allegations that the team “blatantly scammed” consumers.
The proposal is to return any recoverable funds to a decentralised autonomous organisation (DAO) to “promote the growth of the entire Azuki community,” such as by providing awards and incentives to artists, content makers, and builders.
As of Monday, the newly formed DAO had 72 members, with only 36 votes on the proposal and over 40% of the “yes” votes coming from a single holder.
Chiru Labs, the firm behind the Azuki NFT, published Elementals as an add-on to the Azuki ecosystem last week and received $38 million in ether in 15 minutes.
Holders and market observers, on the other hand, panned the collection.
The prevalent theme in community reactions was that some of the new NFTs appeared too similar to the Azuki collection, which was published in February 2022, despite Elementals having a different branding story.
The Azuki’s floor price has dropped by roughly 50%, and Chiru Labs is currently working to fix its mistakes.