Azuki, the anime-inspired NFT brand, faced backlash after the release of its latest NFT collection called Elementals. The project sold out within 15 minutes, generating $38 million in revenue. However, technical issues and complaints from holders about unfair advantages led to a downward spiral, causing the project’s floor price to plummet. Azuki is now taking corrective measures to address the concerns and revamp the Elementals project.
In other news, Candy Digital and Palm NFT Studio have merged to create a powerful NFT creative studio. This collaboration aims to expand licensed NFT projects in sports, entertainment, art, and culture, collaborating with major franchises and entertainment giants like Major League Baseball, NASCAR, WWE, Netflix, and Warner Bros Discovery.
Additionally, Warner Music Group (WMG) and Polygon Labs have partnered to launch a blockchain music accelerator program. The program aims to onboard the next generation of musicians into Web3, with a focus on fostering artist-fan communities, decentralized music production and distribution systems, ticketing solutions, music-related merchandise, and integrating music with interactive technology and gaming. Selected projects will receive funding, mentorship, and networking opportunities from WMG and Polygon Labs.
Here are the key highlights:
- Azuki released the Elementals collection, but technical issues and unfair advantages led to a decline in the project’s value.
- Candy Digital and Palm NFT Studio merged to create a strong NFT creative studio.
- Warner Music Group and Polygon Labs launched a music accelerator program for musicians in Web3.
In related news:
- Vera Molnár, a renowned generative artist, is releasing her first on-chain generative art project through Sotheby’s.
- Lacoste expanded its UNDW3 NFT ecosystem.
- Coordinape introduced a soulbound NFT for tracking work history within digitally-native organizations.
- A federal judge permanently banned Mason Rothschild from using the MetaBirkin brand.
- ApeCoin DAO voted to replace two members on its Special Council.
AI-based tools like Warpsound and Riffusion are transforming music creation in Web3, allowing artists to produce and share music more efficiently.
Please note that the above information is a concise summary of the article.