The key elements are the Titans, the war with the Olympians, and Atlas's punishment. The Titans were the first group of powerful beings. They fought against the Olympians. Atlas was a Titan and after their defeat, he was made to hold the sky.
The key elements in the atlas origin story include the existence of the Titans as a powerful and ancient race. Atlas, being one of the Titans, was involved in the power struggle against the Olympians. The war between these two groups was a crucial part of the story. After the Titans lost, Atlas was condemned to hold up the sky. This not only defined his fate but also became a symbol in mythology. It represents the consequences of losing in a great battle. Also, the story is often used to illustrate the power dynamics between different generations of gods in Greek mythology, and how the new order, represented by the Olympians, imposed their rule on the old, like with Atlas's punishment.