Azuki DAO, the community-driven decentralized autonomous organization linked to the renowned nonfungible token collection, is undergoing a significant transformation. The DAO has chosen to rebrand itself as “Bean”.

This move is accompanied by the withdrawal of a proposed lawsuit against Zagabond, the founder of the NFT collection. Also, this decision comes in the wake of a controversial $39 million NFT minting incident that unfolded in June.

The Rebirth of Bean: From Lawsuit to Memecoin

In an official statement delivered, Azuki developers revealed their intention to pivot towards a memecoin project. As part of this evolution, Bean will now integrate into the Ethereum layer-2 Blast ecosystem. Adding a layer of excitement, developers also shared that Bean has successfully secured $10 million from prominent investors. This has further fueled its development and acceleration within the Blast ecosystem.

Notably, the proposed Bean memecoin is set to have a total supply of 1 billion tokens. A subsequent statement clarified that the current token supply plan on the website is outdated. The original allocation however, indicating 40% to the treasury, 50% to Azuki DAO members, and 10% to Zagabond, is being revised.

According to the updated details, “50% of the $Bean [token] was allocated to the Azuki DAO community for the airdrop of Azuki series NFTs,” a concluded event from four months ago. The remaining tokens are still in the designated address. Furthermore, “40% of $Bean [token] was allocated to the Bean Treasury, and 10% of $Bean was allocated to Zagabond, which is currently still in the address.”

Unraveling the Azuki NFT Saga

At the heart of the controversy lies the Azuki NFT collection, consisting of 10,000 anime-themed profile pictures (PFPs). The release of a second series, named “Elementals,” by Zagabond in June triggered a cascade of events. Further, the Elementals’ close resemblance to Azuki PFPs led to a significant dilution of the original collection, causing a sharp 44% decline in Azuki NFT prices.

This downturn further prompted the Azuki DAO community to propose a lawsuit against Zagabond, seeking redress for the perceived damages.

The Path Ahead for Bean: Financing and Roadmap

Importantly, developers assured stakeholders that detailed information regarding financing and a roadmap for future developments will be disclosed shortly. As Bean embarks on its memecoin journey within the Blast ecosystem, the community eagerly awaits the unveiling of the next chapter in this transformative saga.

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