Azuki DAO, an unofficial, decentralized autonomous organization based around the eponymous non-fungible token collection, has announced its rebranding to “Bean” as it drops a proposed lawsuit against the NFT collection’s founder, Zagabond, over a $39 million coin affair traps.
In a statement to Cointelegraph, Azuki developers said that the DAO will turn into a memecoin project and become part of the Ethereum layer-2 Blast ecosystem. Developers also claim that Bean has also secured $10 million from “prominent investors” for its development and acceleration within the Blast ecosystem.
The proposed Bean memecoin will have a total supply of 1 billion. Forty percent of the tokens will be allocated to the treasury, 50% to Azuki DAO members and 10% to Azuki NFT maker Zagabond. Coins are only available to Azuki NFT holders, who must do so within 24 hours of the token’s launch or face ‘token burn’.
The Azuki NFT Collection represents 10,000 anime-themed profile pictures (PFPs). In June, a second series of 10,000 PFPs in the Azuki collection was released by Zagabond, called ‘Elementals’. However, immediately after release, users noticed the close similarity of Elemental PFPs to Azuki PFPs, leading to the dilution of the latter due to an increase in supply.
The price of Azuki NFTs reportedly dropped 44% in the immediate aftermath of Elementals’ release. The move also led to a proposed community lawsuit launched by Azuki DAO against maker Zagabond.
“Detailed information on financing and a roadmap for future developments will be announced shortly,” the developers wrote.
Godspeed @cz_binance pic.twitter.com/jIaCj43sx8
— ZAGABOND.ETH (@ZAGABOND) November 21, 2023
Related: AzukiDAO Proposes to Reclaim 20,000 ETH From Azuki Founder ‘Zagabond’