Azuki NFT collection ends Elemental mint with $37.5 million — before it was ever open to the public

Quick Take

  • Azuki Elemental Beans, a new collection from the Azuki NFT brand, finished its mint within 15 minutes of launch. 
  • The mint, which for the first 20 minutes was only open to Azuki or BEANZ holders, sold all 10,000 NFTs on sale before it opened to the public. 

Popular NFT collection Azuki ended a fresh mint with 20,000 ETH (around $37.5 million) in the bag — before it was ever open to the public.

The new collection, called Azuki Elemental Beans, contains 20,000 NFTs tied to Azuki's main collection. Consuming an Azuki Elemental Bean reveals the user's Azuki Elemental, an avatar that can control water, fire, earth or lightning, according to the collection's OpenSea page. Half of the NFTs were given to Azuki holders for free.

The auction started at 12:00 p.m. ET for Azuki holders, who could mint one Elemental for every Azuki NFT owned. At 12:10 p.m. ET, holders of BEANZ, a spin-off collection to Azuki, could mint one Elemental for every NFT owned, with additional constrictions if they hold an Azuki NFT and minted in the presale. Finally, at 12:20 p.m. ET, the Elemental mint opened up to the public. 

The Azuki Elemental sale used a dutch auction structure, in which the starting mint price was 2 ETH and would decrease by 0.1 ETH every five minutes until no NFTs were left.

Within 15 minutes, the collection sold out — and was never available to the public. 

"Azuki's new collection generated $37.5 million in revenue from today's minting of 10,000 units, each priced at 2 ETH," said Brad Kay, research analyst at The Block Research. "The last instance of minting surpassing $30 million in revenue occurred over a year ago on May 1st, when Yuga Labs generated $319 million from Otherdeeds for Otherside."

Data from past NFT sales, according to The Block Research.

Azuki's expanding universe

The launch of Elemental adds one more facet to the Azuki universe. The project launched its own virtual city called Hilumia in January 2023, which included blended physical and digital worlds. The connector between the two would be the Physical Backed Token, or PBT, which facilitates how physical items show up in the Azuki virtual universe.

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