The Azuki DAO has proposed the retrieval of 20,000 ETH from the founder of Azuki following the release of the Elementals collection in June. This proposal, emerging from the newly formed Azuki DAO consisting of approximately 72 members, garnered support from 40% of the voters, including a significant percentage from a singular holder.
The Elementals collection, despite its significant revenue, faced substantial backlash within the community. Criticism poured in, asserting that the Azuki ecosystem was diluting its value and that the new NFT series lacked innovation, failing to differentiate itself from its predecessors.
The immediate aftermath of the Elementals launch saw a staggering 44% plunge in Azuki NFT prices. Simultaneously, a faction of Azuki holders formed the Azuki DAO, aiming to demand restitution from Zagabond, the project’s NFT creator, on behalf of the community.
“We’ve contributed to building the community and promoting the Azuki brand through various means. However, the project team blatantly deceived users with empty promises,” stated Azuki DAO in their proposal on June 30.
However, skepticism arose within the Azuki community regarding the authenticity and motives of the Azuki DAO. According to Tytaninc, the founder of Nfty Finance, most holders of Azuki NFTs had never heard of this organization. “This could be a fabricated community, established with malicious intent,” Tytaninc remarked.
Recently, Azuki DAO dropped the lawsuit against Zagabond. Additionally, the DAO intends to rebrand itself as the memecoin project “Bean” and participate in the Layer 2 ecosystem, Blast. Developers claim to have successfully raised $10 million from “renowned investors” to build the project on Blast.
As per the proposal, Bean, with a total supply of 1 billion USD, allocates 40% of tokens to the project fund, 50% to the Azuki DAO group, and 10% to Zagabond. Moreover, only holders of Azuki NFTs possess the minting rights within 24 hours of the token’s launch. However, the Azuki DAO team disclosed alterations to this plan. Instead, 50% of Bean tokens were allocated to the Azuki DAO community four months prior. 40% of tokens were assigned to the project fund, and 10% were sent to Zagabond, which remain in wallet addresses.
The saga surrounding Azuki’s rise, the controversial Elementals release, and the subsequent emergence of Azuki DAO and Bean project continues to captivate the crypto community. Amidst accusations, fluctuating token distributions, and shifting alliances, the future of Azuki and its evolving narrative remains uncertain, leaving stakeholders and enthusiasts on edge as they await further developments in this gripping crypto saga.
Source: https://azcoinnews.com/rebranding-of-azuki-dao-into-memecoin-unveiling-the-bean-token-release.html