Azuki DAO, a decentralized autonomous organization associated with the Azuki non-fungible token (NFT) collection, has announced a significant rebranding to "Bean." This rebranding coincides with the DAO's decision to drop a proposed lawsuit against Zagabond, the founder of Azuki, over a contentious $39 million NFT minting affair.
The DAO is transitioning its focus towards developing a memecoin project, integrating it into the Ethereum layer-2 Blast ecosystem. Bean has already secured $10 million from key investors for its development and acceleration within the Blast ecosystem. The Bean memecoin will have a total supply of 1 billion tokens.
The developers clarified the current token supply plan, which differs from the information previously displayed on their website. The updated allocation reveals that 50% of the $Bean tokens are designated for the Azuki DAO community through an airdrop to holders of the Azuki series NFTs, 40% allocated to the Bean Treasury, and the remaining 10% to Zagabond.
The Azuki NFT collection, known for its 10,000 anime-themed profile pictures, experienced market turbulence with the release of a second series, "Elementals," also by Zagabond. The similarity between the Elementals and the original Azuki PFPs led to a perceived dilution of the original series, resulting in a 44% fall in the price of Azuki NFTs after the Elementals' release.
This strategic shift marks a pivotal moment in the NFT and decentralized finance landscape. The move reflects the growing trend among NFT projects to diversify into different blockchain applications and ecosystems, indicating a maturation of strategies in the sector. The future of the Bean project, now tied to its memecoin initiative and integration within the Blast ecosystem, will be a focal point for investors and enthusiasts.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.