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Azuki DAO, an autonomous organization (DAO) connected to the Azuki Non-Fungible Token (NFT) collection, has announced a rebranding move as it withdraws its legal action against Zagabond, the founder of Azuki, in a controversial $39 million NFT creation incident.
Azuki DAO Becomes Bean
The rebranding move comes with expectations of a strategic change as Bean aims to develop into a memecoin project and integrate it into the new Ethereum layer-2 project called Blast.
The development team behind the decision to adopt the name Bean also revealed that the project received a significant financial support of $10 million from major investors. The funds will be used to accelerate the project’s development and integration into the Blast ecosystem. Bean memecoin will have a total token supply of 1 billion.
The developers also mentioned that changes have been made to the project. It was stated that the current token supply plan is different from the previously shared information on their website. According to the old plan, 40% of the tokens were to be allocated to the treasury, 50% to Azuki DAO members, and 10% to Azuki NFT creator Zagabond.
Furthermore, it was previously announced that after the token’s release, the creation would only be open to Azuki NFT holders for a 24-hour period, and any unclaimed tokens would be burned.
According to the revised plan, the distribution will be as follows: the Azuki DAO community, which owns the completed Azuki NFT series from four months ago, will receive 50% of the $Bean tokens through an airdrop to the owners of the NFTs. The same address will continue to hold the remaining tokens. Additionally, the Bean treasury will receive 40% of the tokens, and Zagabond will own the last 10% remaining at the same address.
Bean Launches into the Market
The Azuki NFT project, known for its anime-themed 10,000 profile pictures (PFP), faced unexpected reactions with the release of its second series, “Elementals.” The series, released by Zagabond, consists of another 10,000 PFPs and was criticized for its similarity to the original Azuki PFPs.
This similarity caused significant trouble for the owners of the original series. The rebranding of Azuki DAO to Bean and its alignment with the rapidly growing Blast ecosystem could signify an important future in the evolving landscape of NFTs and decentralized finance.
This move could bring diversity to different blockchain applications and ecosystems among NFT projects. It is also indicative of the industry’s evolving strategies.