Azuki DAO, a decentralized autonomous organization (DAO) at the heart of the Azuki nonfungible token (NFT) collection, recently underwent a noteworthy metamorphosis. The organization disclosed its shift towards a memecoin project named “Bean” while concurrently abandoning a proposed legal action against Zagabond, the Azuki NFT collection’s creator.
The Azuki developers revealed that Bean would evolve into a memecoin project integrated into the Ethereum layer-2 Blast ecosystem. This strategic pivot is accompanied by substantial financial backing, with Bean securing $10 million from notable investors to facilitate its development and integration within the Blast ecosystem.
Bean’s memecoin introduction involves a total supply cap of 1 billion tokens. Initially, Azuki DAO’s token supply plan outlined allocations for the treasury, DAO members, and Zagabond. However, the current distribution clarifies that 50% of the $Bean tokens were allocated for the Azuki DAO community through an NFT airdrop event concluded four months ago. The remaining tokens, 40% of $Bean, reside in the Bean Treasury, and the remaining 10% belongs to Zagabond.
The Azuki NFT collection, known for its anime-themed profile pictures (PFPs), faced controversy with the release of the “Elementals” series by Zagabond. This series, bearing a resemblance to the original Azuki PFPs, resulted in a 44% drop in the value of Azuki NFTs. In response, Azuki DAO initially proposed a lawsuit, citing dilution’s adverse impact on the community and the value of holdings. However, the legal action has now been dropped, marking a resolution to the dispute.
Azuki developers have promised further details on Bean’s memecoin project, including financing specifics and a comprehensive roadmap for future developments. This announcement signifies a new chapter for the Azuki community as it navigates the dynamic landscape of NFTs.