Azuki DAO rebrands to Bean, drops lawsuit against founder

Azuki DAO, the entity associated with the Azuki NFT collection, is undergoing a comprehensive transformation, rebranding itself as "Bean." A notable shift in strategy accompanies this rebranding, as the DAO opts not to pursue a potential legal dispute against Zagabond, the creator, concerning a significant $39 million NFT minting event in June.

This strategic shift sees Bean positioning itself as a memecoin, finding a new home within the Ethereum layer-2 Blast ecosystem. The move is backed by a substantial infusion of capital, with $10 million secured from prominent investors, indicating a strong vote of confidence in the project's development and integration into the Blast ecosystem.

The anticipated Bean memecoin is poised to hit the market with a total supply of 1 billion tokens. A key development is the revision of the initial token distribution plan, now considered outdated. The updated breakdown allocates 50% of the $Bean tokens to the Azuki DAO community, while the remaining 40% and 10% find their place in the Bean Treasury and Zagabond's address, respectively.

Behind this decision lies the backdrop of a controversy surrounding the Azuki NFT collection. The release of the "Elementals" series, an additional 10,000 NFTs in June, drew attention for closely resembling the existing Azuki NFTs. This led to an oversupply of tokens, resulting in a 44% drop in Azuki NFT prices. In response, Azuki DAO initially contemplated legal action against Zagabond.

With the rebranding to Bean, developers seek to usher in a new phase for the project. Community assurance comes in the form of a promise for transparency and forthcoming details on financing arrangements. The community can anticipate a roadmap that delineates future developments, underlining Bean's commitment to openness and continued progress within the evolving NFT and memecoin landscape.