Bean, formerly known as Azuki DAO, drops lawsuit against founder and undergoes rebranding.
Azuki DAO Rebrands to “Bean” as it Drops Lawsuit Against NFT Collection Founder
After a proposed lawsuit against the founder of the Azuki nonfungible token collection, Zagabond, surrounding a $39 million minting affair, Azuki DAO has announced its rebranding to “Bean.”
Transition to Memecoin Project
The unofficial community decentralized autonomous organization has stated that it will rebrand into a memecoin project and become part of the Ethereum layer-2 Blast ecosystem. Bean has also secured $10 million from “prominent investors” for its development and acceleration within the Blast ecosystem.
Details of the Memecoin
The proposed Bean memecoin will have a total supply of 1 billion. Forty percent of tokens are allocated to its treasury, 50% to Azuki DAO members, and 10% to Azuki NFT creator Zagabond. Minting is 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, which includes 10,000 anime-themed profile pictures (PFPs), encountered controversy in June with the release of a second series of PFPs known as “Elementals.” This release led to a dilution of the original collection through an increase in supply, causing the price of Azuki NFTs to fall by 44% immediately after Elementals’ release.
Shift in Legal Action
Following the dilution of the Azuki NFT collection, the community proposed a lawsuit against creator Zagabond. However, Azuki DAO has now dropped the lawsuit in light of the rebranding to Bean.
Developers have also stated that detailed information on financing and a roadmap for future developments will be disclosed shortly.
Godspeed @cz_binance pic.twitter.com/jIaCj43sx8
— ZAGABOND.ETH (@ZAGABOND) November 21, 2023
Related: AzukiDAO proposes to recover 20,000 ETH from Azuki founder ‘Zagabond’
This rebranding and transition of Azuki DAO to Bean marks a significant shift in the project’s direction and opens up new opportunities for its development within the Blast ecosystem.
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