Azuki DAO, the unofficial community decentralized autonomous organization surrounding the eponymous collection of non-fungible tokens, announced its rebranding to “Bean,” dismissing a proposed $39 million issuance lawsuit against the NFT collection’s founder Zagabond.
Developer Azuki said in a statement to Cointelegraph that the DAO will be rebranded as the Memecoin project and become part of the Ethereum layer 2 Blast ecosystem. The developers also claim that Bean has secured $10 million from “high-profile investors” to develop and accelerate development within the Blast ecosystem.
The proposed total supply of Bean memecoins is 1 billion. 40% of tokens will be allocated to the Treasury, 50% will be allocated to Azuki DAO members, and 10% will be allocated to Azuki NFT creator Zagabond. Minting is only available to Azuki NFT holders and must be done within 24 hours of token launch or a “token burn” will occur.
The Azuki NFT collection represents 10,000 anime-themed profile pictures (PFPs). In June, the second 10,000 PFP series of the Azuki collection, “Elementals,” was released by Zagabond. However, soon after launch, users noticed that Elemental PFP was very similar to Azuki PFP, which led to Azuki PFP being diluted through increased supply.
The price of the Azuki NFT reportedly dropped 44% shortly after Elementals launched. The move also sparked a proposed community lawsuit launched by Azuki DAO against its creator Zagabond.
“More details on funding and future development roadmap will be released soon,” the developers wrote.
god speed @cz_binance pic.twitter.com/jIaCj43sx8
— ZAGABOND.ETH (@ZAGABOND) November 21, 2023
Related: AzukiDAO Offers to Recover 20,000 ETH from Azuki Founder ‘Zagabond’