Experience the Latest NFT and Metaverse Updates This Week

**Azuki NFT Collection Faces Backlash After Elementals Release**

Los Angeles-based Web3 company Chiru Labs launched the Azuki NFT collection in 2022, which quickly gained popularity in the space. However, the recent release of its “Elementals” series has left many fans disappointed and questioning the uniqueness and value of the collection. The 20,000 Elementals were deemed too similar to the original collection, causing the price of the company’s NFTs to fall by 34% in the 24 hours after the mint.

**Lack of Differentiation Leads to Decreased Community Trust**

The lack of differentiation between the Elementals and the original collection has damaged the community’s trust in Azuki. The disappointment has caused some existing holders, such as Arthur0x, the founder of crypto investment firm DeFiance Capital, to consider selling their NFTs. Arthur0x believes that the mistakes made by Azuki during the launch have affected the value of his rare Azuki NFTs and diluted the price floor.

**Tough Environment for NFTs Amid Lagging Crypto Market**

The Elementals drop highlights the challenging environment for NFTs as the crypto market continues to struggle. NFT projects that have strong communities and provide value to their members are more likely to survive during bear markets. Cultivating a dedicated community becomes even more crucial in such times. The incident with Azuki shows that no collection, regardless of size, is immune from the community’s judgment and backlash.

**Federal Judge Bans MetaBirkins Creator**

Mason Rothschild, the creator of MetaBirkins, has been permanently banned by a federal judge from selling the NFTs. The judge also ordered Rothschild to airdrop the court order to current holders and prohibits him or his associates from marketing the NFTs or making false claims about a connection with fashion brand Hermès in the future.

**NFT Competition to Benefit AIDS Research**

Fashion models Kendall Jenner and Kate Moss, along with musician J Balvin, artist Jeff Koons, and filmmaker Baz Luhrmann, will be judging an NFT competition to support AIDS research. Designs will be submitted and narrowed down through a public vote on the Prospect 100 voting platform. The celebrity judges will then select the finalists. The competition aims to raise awareness and funds for AIDS research.

**Sotheby’s Launches Generative Art Program**

Auction House Sotheby’s announced the launch of a new generative art program that will promote two to three generative artists per year. The program will utilize the Art Blocks Engine, known for its expertise in generative art, and will conduct fully on-chain sales. This initiative aims to support and showcase the work of talented generative artists.

**Warner Music Group and Polygon Labs Launch Music Accelerator Program**

Warner Music Group and Polygon Labs have collaborated to launch a music accelerator program on the Polygon network. The program aims to support developers launching music-related projects and dApps. Applicants will receive funding and mentorship from both organizations, as well as marketing and promotion assistance.

**Yuga Labs Releases HV-MTL Forge Game**

Yuga Labs, the creator of Bored Ape NFTs, has launched a new game called HV-MTL Forge. The game incorporates NFTs linked to their previous game, Dookey Dash. Players build custom workshops and community members vote on their creations in this new Yuga Labs game.

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