Azuki DAO, an unofficial decentralized autonomous community organization surrounding the non-fungible token collection of the same name, has announced its name change to “Bean,” as it drops a proposed lawsuit against NFT collection founder Zagabond over a $39 million minting matter.
In a statement to Cointelegraph, Azuki developers said the DAO will be rebranded as a memecoin project and become part of the Ethereum Layer-2 Blast ecosystem. The developers also claim that Bean has also raised $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 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 being released or face a “token burn.”
The Azuki NFT collection represents 10,000 anime-themed profile pictures (PFPs). In June, Zagabond released a second 10,000 PFP series of the Azuki collection, called "Elementals." However, immediately after launch, users noticed the close resemblance of PFP Elemental to PFP Azuki, which led to the dilution of the latter through an increase in supply.
The price of Azuki NFTs reportedly dropped by 44% immediately after the release of Elementals. The movement too motivated a proposed community lawsuit launched by Azuki DAO against creator Zagabond.
"Detailed information regarding financing and a roadmap for future development will be released shortly," the developers wrote.
Good luck @cz_binance pic.twitter.com/jIaCj43sx8
—ZAGABOND.ETH (@ZAGABOND) November 21, 2023
Related: AzukiDAO proposes to recover 20,000 ETH from Azuki founder 'Zagabond'
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