Azuki DAO — the Decentralized Autonomous Organization (DAO) behind the OG NFT project — is reportedly changing its name to “Bean” as it rebrands. Interestingly, this name change represents a strategic realignment for the organization as it evolves into an intriguing meme project.
Poised to be part of Blur’s latest Ethereum Layer 2 network, Blast, $10 million funding has been secured to facilitate this fascinating meme-inspired initiative, which is said to generate a significant supply of one billion tokens.
Azuki DAO developers recently admitted that its latest token distribution plan isn’t up to scratch. Currently, it issues 50% of Bean tokens to Azuki DAO and 40% to the Bean Treasury. Meanwhile, the remaining 10% is reserved for the brand’s founder, “Zagabond”.
The developers promise an improved financial endowment and roadmap for future progress.
A New Chapter Following Controversy
The choice for Azuki DAO to embrace a new title comes on the heels of a legal dispute involving Zagabond, related to Azuki’s latest NFT collection, ‘Elementals‘.
Elemental NFTs mirrored the artworks of original Azuki PFP assets. Consequently, significant monetary setbacks ensued following the project’s launch in June, costing displeased investors a total of $39 million — Azuki NFTs devalued by 44% owing to having similarities of the underwhelming endeavor.
Azuki DAO initiated a lawsuit against Zagabond following this incident. However, the situation has now been rectified through the organization’s rebranding strategy.
Now, as Bean sprouts with a treasury of $10 million and a billion tokens to develop, original Azuki fans can anticipate a fresh meme-centric chapter, taking inspiration from the NFT project’s highly cherished collection, which was second in line, ‘BEANZ’.
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