SNEAK PEEK
- Azuki DAO rebrands to “Bean,” marking a significant shift in strategy.
- The DAO drops a lawsuit against NFT collection founder Zagabond.
- Bean transitions to a memecoin project within Ethereum’s Blast ecosystem.
In a significant shift, Azuki DAO, the decentralized autonomous organization associated with the Azuki nonfungible token (NFT) series, has announced a rebranding to “Bean.” This change comes alongside the decision to drop a previously proposed lawsuit against the NFT collection’s founder, Zagabond. The legal action concerned a contentious $39 million NFT minting event in June, initially stirring up substantial debate within the community.
Moreover, the rebranding marks a strategic pivot for the DAO. Bean will transition into a memecoin project as part of its new direction, integrating into the Ethereum layer-2 Blast ecosystem. This move will enhance the project’s presence and capabilities within the digital asset space.
Developers have revealed that Bean has already garnered significant support, securing $10 million in funding from notable investors. This financial backing aims to accelerate the project’s growth and development within the Blast ecosystem. The proposed Bean memecoin will have a total supply of 1 billion tokens, indicating the project’s ambitions for widespread adoption and utility.
Additionally, there have been updates regarding the token distribution plan. Initially, as outlined on the DAO’s website, the plan detailed a 40% allocation of tokens to the treasury, 50% to Azuki DAO members, and 10% to Zagabond, the Azuki NFT creator. It also stated that minting would be exclusively available to Azuki NFT holders, with a 24-hour window for action, after which any unclaimed tokens would be subject to burn.
However, recent clarifications indicate changes in the distribution strategy. The follow-up statement from the developers specified that “50% of the $Bean [token] was allocated to the Azuki DAO community for the airdrop of Azuki series NFTs,” a process concluded four months ago. The statement also confirmed that “40% of $Bean [token] was allocated to the Bean Treasury, and 10% of $Bean was allocated to Zagabond.”
Godspeed @cz_binance pic.twitter.com/jIaCj43sx8
— ZAGABOND.ETH (@ZAGABOND) November 21, 2023
This rebranding and strategic shift signify a new chapter for the former Azuki DAO, now Bean. By dropping the lawsuit and embarking on a fresh path with a memecoin project, the organization is set to explore new horizons in the blockchain and NFT sphere. The move reflects decentralized organizations’ dynamic and evolving nature and the digital asset industry.
