H2: Azuki DAO Rebrands to “Bean” and Drops Lawsuit Against NFT Founder
In a surprising turn of events, Azuki DAO, a community decentralized autonomous organization associated with the Azuki NFT collection, has announced a complete rebranding to “Bean.” This decision comes as a result of the DAO dropping a proposed lawsuit against Zagabond, the founder of the NFT collection, in connection with a $39 million minting controversy.
H3: Transition to Memecoin Project and Partnership with Blast Ecosystem
According to a statement provided to Cointelegraph, the developers behind Azuki DAO revealed that the organization will undergo a significant transformation, positioning itself as a memecoin project. Furthermore, Bean is set to become an integral part of the Ethereum layer-2 Blast ecosystem. Excitingly, developers have also disclosed that Bean has secured a substantial $10 million from “prominent investors” to propel its growth and development within the Blast ecosystem.
H3: Details of the Proposed Memecoin and Token Allocation
The proposed Bean memecoin is expected to have a total supply of 1 billion tokens. Out of this supply, 40% of the tokens are allocated to the treasury, 50% to Azuki DAO members, and the remaining 10% to Azuki NFT creator Zagabond. Additionally, it has been revealed that minting of Bean tokens will only be accessible to Azuki NFT holders, who must do so within 24 hours of the token’s launch, or risk facing a “token burn.”
H3: Background and Controversy Surrounding Azuki NFT Collection
The Azuki NFT collection consists of 10,000 anime-themed profile pictures (PFPs) and gained significant attention within the NFT community. However, the controversy arose with the release of a second series of PFPs within the collection, known as “Elementals,” by Zagabond. This led to a noticeable dilution of the original Azuki NFTs, causing their price to plummet by 44%. As a result, the DAO initially proposed a lawsuit against Zagabond, which has now been dropped.
Furthermore, the developers noted that they will soon provide detailed information on financing and a roadmap for future developments. This rebranding and the shift to a memecoin project are set to bring about a new chapter for Bean within the NFT and cryptocurrency space.
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