The Azuki non-fungible token (NFT) collection is associated with Azuki DAO, an autonomous decentralized autonomous organization (DAO), which has announced a major rebranding to become “Bean.” This modification coincides with the DAO’s decision to drop plans to sue Zagabond, the founder of Azuki, over a contentious $39 million NFT minting event. Bean is now focused on creating a memecoin project and incorporating it into the Ethereum layer-2 Blast ecosystem, which is a change in strategy indicated by the rebranding.
The initiative’s developers have disclosed that Bean has obtained significant funding, totaling $10 million, from significant investors. This money is specifically intended to advance the project’s development and quicken its integration into the Blast ecosystem. One billion tokens will be the maximum quantity available for the Bean memecoin.
Azuki DAO Converts to Allocation of Beans
The information that was previously posted on their website is different from the current token supply plan, the developers have made clear. 40% of tokens would go to the Treasury, 50% would go to Azuki DAO members, and 10% would go to Zagabond, the creator of Azuki NFT, according to the antiquated plan. Additionally, it stated that for a full day after the token’s launch, minting would only be accessible to holders of Azuki NFT, with any unclaimed tokens being burned.
The updated plan proposes a new distribution: an airdrop of 50% of the $Bean tokens to holders of the Azuki series NFTs, which was finished four months ago, will go to the Azuki DAO community. The tokens that are left are still stored at the same address. Further, 40% of the proceeds will go to the Bean Treasury the tokens, with the remaining 10% going to Zagabond, which is also located at the same address.
With the release of a second series, the “Elementals,” the Azuki NFT collection—which is well-known for its 10,000 anime-themed profile pictures (PFPs)—saw a disruption in the market. Released by Zagabond, this series has 10,000 PFPs and is very similar to the original Azuki PFPs. Because of this resemblance and the abrupt rise in supply, the original series was perceived as being diluted.
The change from Azuki DAO to Bean and its integration with the new Blast ecosystem is a significant development in the history of NFTs and decentralized finance. The change is indicative of a maturing strategy in the industry as NFT projects are increasingly diversifying into various blockchain applications and ecosystems. The future of the Bean project is now strongly dependent on the accomplishment of its memecoin initiative and its