Bean Emerges: Azuki DAO’s New Chapter

Azuki DAO, a decentralized autonomous organization (DAO) centered around the Azuki nonfungible token (NFT) collection, has unveiled a significant rebranding strategy. Transitioning to ‘Bean,’ the DAO simultaneously dropped its proposed lawsuit against Azuki’s creator, Zagabond, pertaining to a contentious $39 million NFT minting incident.

The rebranding of Azuki DAO into Bean signifies a new direction for the community. Bean’s emergence as a memecoin project within the Ethereum layer-2 Blast ecosystem marks a pivotal shift from its initial focus. According to a statement from Azuki developers to Cointelegraph, this rebranding is supported by a substantial $10 million investment from prominent backers, aimed at propelling Bean’s growth and integration within the Blast ecosystem.

Bean’s introduction to the cryptocurrency market comes with a significant total supply of 1 billion tokens. This update renders the previous token supply plan obsolete, according to the developers. The outdated plan allocated 40% of tokens to the treasury, 50% to Azuki DAO members, and 10% to Zagabond, with minting exclusive to Azuki NFT holders within a 24-hour window or risk of token burn.

The revised allocation plan now states that 50% of the $Bean tokens were distributed to the Azuki DAO community through an airdrop of Azuki series NFTs, which concluded four months ago. The remaining tokens are still held in the address. Furthermore, 40% of the $Bean tokens are allocated to the Bean Treasury, with the remaining 10% designated for Zagabond.

The Azuki NFT collection, known for its 10,000 unique anime-themed profile pictures, experienced a significant challenge in June. Zagabond released a second series of 10,000 PFPs, named ‘Elementals.’ This release drew attention due to its striking similarity to the original Azuki PFPs, leading to market dilution and a subsequent 44% drop in the price of Azuki NFTs. The community’s response was swift, proposing a lawsuit against Zagabond, which has now been withdrawn in light of the DAO’s rebranding to Bean.

The transformation of Azuki DAO into Bean marks a new era in the rapidly evolving NFT and cryptocurrency landscape. This strategic shift, coupled with substantial financial backing and integration into the Blast ecosystem, represents a significant development in the DAO’s trajectory. As Bean embarks on this new journey, it exemplifies the dynamic and ever-changing nature of the digital asset space, where communities adapt and evolve in response to market forces and internal challenges.