According to Cointelegraph, Azuki DAO, an unofficial community decentralized autonomous organization focused on the nonfungible token (NFT) collection, has announced its rebranding to 'Bean' and dropped a proposed lawsuit against the NFT collection's founder, Zagabond, over a $39 million minting affair. The developers stated that the DAO will rebrand into a memecoin project and become part of the Ethereum layer-2 Blast ecosystem. Bean has reportedly secured $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, with 40% of tokens allocated to its treasury, 50% to Azuki DAO members, and 10% to Azuki NFT creator Zagabond. Minting will only be available to Azuki NFT holders, who must do so within 24 hours of the token's launch or face 'token burn.' The Azuki NFT collection consists of 10,000 anime-themed profile pictures (PFPs). In June, a second series of 10,000 PFPs in the Azuki collection, called 'Elementals,' was released by Zagabond. However, users noticed the close resemblance of Elemental PFPs to Azuki PFPs, leading to the dilution of the latter through an increase in supply. The price of Azuki NFTs reportedly fell 44% in the immediate aftermath of Elementals' release, triggering a community lawsuit proposal launched by Azuki DAO against creator Zagabond. Developers stated that detailed information on financing and a roadmap for future developments will be disclosed shortly.
