Azuki DAO Rebrands as "Bean"; Drops Lawsuit and Joins Ethereum's Blast Ecosystem
Summary:
The Azuki DAO, an unofficial decentralized autonomous organization tied to the Azuki NFT collection, has rebranded as “Bean.” This change comes along with the abandonment of a proposed lawsuit against Azuki's founder, Zagabond. The rebranding involves integrating Bean into the Ethereum layer-2 Blast ecosystem, aiming to transform it into a memecoin project. Bean has reportedly obtained $10 million from notable investors for its development within this ecosystem. It also references a contentious issue of a new series of NFTs that significantly diluted the original Azuki NFTs, leading to a lawsuit proposition against the creator.
The unofficial Azuki DAO, a decentralized autonomous organization associated with the eponymous NFT collection, has declared a transformation to “Bean,” while also withdrawing a planned legal dispute against the NFT collection's creator, Zagabond, concerning a $39 million minting issue. In a press release shared with Cointelegraph, Azuki's programmers noted the transformation of DAO into a memecoin venture as a part of the Ethereum layer-2 Blast ecosystem. Additionally, they mentioned that Bean has secured an investment of $10 million from “prominent investors” to propel the project within the Blast system. The proposed Bean memecoin will have a 1-billion total supply, distributed as such: 40% to its treasury, 50% to Azuki DAO members, and 10% to Azuki NFT originator Zagabond. Only Azuki NFT owners are eligible for minting within 24 hours of the token's debut, or they risk a “token burn.”
Azuki’s NFT series comprises 10,000 anime-themed profile images. This past June, Zagabond launched a second 10,000-profile-image series called “Elementals”, that looked strikingly similar to the existing Azuki images, resulting in a dilution of the Azuki series via an increase in supply. This introduction reportedly led to a 44% drop in the pricing of Azuki NFTs. Consequently, the Azuki DAO initiated a lawsuit proposition against Zagabond. The programmers announced that they will soon provide detailed information regarding financials and the roadmap for future growth.
Published At
11/25/2023 10:00:00 AM
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