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Another OpenSea bug strikes again. It’s a less than ideal way to end the week for the once blue chip NFT collection, Azukis. Holders of Azuki NFTs were awakened on Friday to an email from OpenSea that allegedly informed NFT holders that many Azuki NFTs were being delisted. The once blue chip collection has had a significant fall from grace, but still commands high respect with a steady floor price around 10 ETH lately.
While re-listings for the project appear to be happening throughout the day on Friday, the failure represents another instance of the “accidental removal” of a major project on OpenSea. Let’s take a look at more details from the situation and what we can expect next.
Speculation was rife on Friday in the NFT community, as some people believed it could have a major impact on the rally – rather than a mistake on OpenSea’s part. However, the official Azuki Twitter account and product manager Demna were quick to keep an open line of communication with the community:
We have reached out to @open sea about the takedown mails sent to Azuki holders, awaiting response. Our working theory is that we are facing a similar error/problem as this one. Check Discord for live updates, @DemnaAzuki will also be tweeting as we work to resolve this issue.
— Azuki (@AzukiOfficial) 30 September 2022
Demna has described the problem as a “technical error” on OpenSea and the NFT market has issued a separate statement on Friday morning, proclaiming that there was an “error in our Trust & Safety flag system” that caused Azukis to be delisted, but that their team was working quickly to resolve the issue.
Ethereum (ETH) based NFT collection, Azuki, had to deal with some hiccups on Friday following an accidental delisting on OpenSea. | Source: ETH-USD on TradingView.com
As the Azuki Twitter account alluded to, this isn’t the first time we’ve seen this happen to a blue chip pool at OpenSea. Back in June, Bored Ape Yacht Club faced a similar dilemma, with OpenSea briefly removing some of the BAYC collection. Overall, this is not a new problem or one that is particularly clear to understand, but the consequences can be significant. Fortunately for Azukis, the floor price before and after the delisting debacle on Friday was relatively untouched, falling from just over 10ETH to just under 10ETH, currently sitting at 9.97ETH at press time.
Nonetheless, it has still been a significant fall from grace for a once high-flying project. At one point earlier this year, the project had a daily average sale price of just 40ETH, but in recent months some Azukis have sold for a fraction of that, at times logging daily average sales between 6ETH and 7ETH.
Featured image from Pexels, Charts from TradingView.comThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
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