H2: Azuki DAO Rebrands to “Bean” Following Lawsuit Drop
Azuki DAO, a decentralized autonomous organization associated with the Azuki nonfungible token collection, has made headlines by announcing its rebranding to “Bean.” In addition to this major update, the DAO group has also revealed that it has dropped a proposed lawsuit against Zagabond, the founder of the NFT collection, over a $39 million minting affair.
H3: Embracing a New Identity
The decision to rebrand into “Bean” was shared with Cointelegraph in a statement by Azuki developers. They also disclosed that the new entity, Bean, will transition into a memecoin project and join the Ethereum layer-2 Blast ecosystem. Making a bold move, the developers announced that Bean has managed to secure $10 million from “prominent investors” to boost its development and growth within the Blast ecosystem.
H3: Details about the Bean Memecoin
The upcoming memecoin, Bean, is set to have a total supply of 1 billion tokens. The distribution plan allocates 40% of tokens to its treasury, 50% to Azuki DAO members, and 10% to Azuki NFT creator Zagabond. Minting of the memecoin will be exclusively available to Azuki NFT holders, who must take action within 24 hours of the token’s launch to avoid facing “token burn.”
H3: Background on the Lawsuit
The saga leading up to the rebranding and the drop of the lawsuit dates back to the release of the “Elementals,” a new series of 10,000 PFPs in the Azuki NFT collection by Zagabond. Following the release, it was discovered that the Elemental PFPs bore a striking resemblance to the existing Azuki PFPs, causing a dilution of the original collection due to an increase in supply. This led to a significant 44% drop in the price of Azuki NFTs and prompted the Azuki DAO to consider legal action against Zagabond.
H3: The Future of Bean
As the community awaits further updates on the rebranding and the drop of the lawsuit, developers have assured that detailed information on financing and a roadmap for future developments will be shared shortly.
In conclusion, the rebranding of Azuki DAO to “Bean” and the decision to drop the lawsuit against Zagabond mark a new chapter for the community decentralized autonomous organization and its associated NFT collection. With the future launch of the Bean memecoin and the support of prominent investors, it will be fascinating to see how this will shape the trajectory of the newly revamped entity within the Blast ecosystem.
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