Azuki DAO Rebrands as “Bean” and Drops Lawsuit
Azuki DAO, a decentralized autonomous organization centered around the Azuki NFT collection, has announced its rebranding to “Bean” as it drops a proposed lawsuit against the founder. The DAO will now become a memecoin project and join the Ethereum layer-2 Blast ecosystem. Bean has secured $10 million from prominent investors for its development within the Blast ecosystem.
Bean Memecoin Details
The proposed Bean memecoin will have a total supply of 1 billion tokens. Forty percent of tokens will go to the treasury, 50% to Azuki DAO members, and 10% to Azuki NFT creator Zagabond. Minting will only be available to Azuki NFT holders within 24 hours of the token’s launch.
The Azuki NFT Controversy
The Azuki NFT collection consists of 10,000 anime-themed profile pictures (PFPs). However, when a second series called “Elementals” was released, users noticed that the new PFPs closely resembled the original Azuki PFPs, causing a dilution in value. This led to a decrease in the price of Azuki NFTs and triggered a community lawsuit proposal against Zagabond.
Future Developments
Developers have promised to release detailed information on financing and a roadmap for future developments soon.
Hot Take: Azuki DAO Rebrands as Bean and Drops Lawsuit Against Founder Zagabond
Azuki DAO has made significant changes by rebranding as Bean and shifting its focus to become a memecoin project within the Blast ecosystem. By dropping the proposed lawsuit against Zagabond, the DAO can now move forward with its new direction. The controversy surrounding the Azuki NFT collection and the release of the Elementals series has undoubtedly influenced this decision. It remains to be seen how Bean will fare in the crypto market and whether it can regain the trust and support of its community.
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