In response to a dilutive $39 million NFT minting that happened in June, the DAO had earlier suggested filing a lawsuit against Zagabond, the creator of Azuki.
In the midst of dropping a planned lawsuit against Zagabond, the founder of the NFT collection, over a $39 million minting scandal, Azuki DAO, an unofficial community decentralised autonomous organisation centred around the namesake nonfungible token collection, has announced its rebranding to “Bean.”
The DAO will change its name to memecoin and join the Ethereum layer-2 Blast ecosystem, according to a recent statement from Azuki developers. Additionally, Bean’s developers state that the company has received $10 million from “prominent investors” for Bean’s growth and acceleration inside the Blast ecosystem.
There will be one billion of the proposed Bean memecoin in circulation. 10% of tokens are given to Zagabond, the creator of Azuki NFT, 50% go to Azuki DAO members, and 40% go to the company’s treasury. Only holders of Azuki NFT are able to mint, and they have to do so within 24 hours of the token’s launch to avoid “token burn.”
Ten thousand profile pictures (PFPs) with anime themes are included in the Azuki NFT collection. Zagabond released “Elementals,” the second series of 10,000 PFPs in the Azuki collection, in June. But soon after their release, users began to see how similar Elemental PFPs were to Azuki PFPs, which caused the latter to be diluted by being more plentiful.
Following the release of Elementals, the price of Azuki NFTs reportedly dropped by 44%. Additionally, the action prompted Azuki DAO to propose a community lawsuit against creator Zagabond. Developers stated that “further details regarding funding and a development roadmap will be revealed soon.”