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.
Set to be part of Blur’s latest ethereum Layer 2 network, Blast, has secured $10 million in funding to facilitate this fascinating meme-inspired initiative, which is said to generate a significant supply of one billion tokens.
The Azuki DAO developers recently admitted that their latest token distribution plan is not up to par. Currently, it issues 50% of Bean tokens to Azuki DAO and 40% to Bean Treasury. Meanwhile, the remaining 10% is reserved for the brand’s founder, “Zagabond”.
The developers promise an improved financial envelope and a roadmap for future progress.
A new chapter after the controversy
Azuki DAO’s decision to adopt a new title comes on the heels of a legal dispute involving Zagabond, related to Azuki’s latest nft collection, “Elementals“.
The elemental NFTs reflected the artwork of the original Azuki PFP assets. Consequently, major monetary setbacks occurred following the project’s launch in June, costing disgruntled investors a total of $39 million: Azuki NFTs were devalued by 44% due to having similarities to the disappointing effort .
Azuki DAO filed a lawsuit against Zagabond following this incident. However, the situation has now been rectified thanks to the organization’s rebranding strategy.
Now, as Bean springs up with a $10 million treasury and a billion tokens to develop, original Azuki fans can anticipate a new meme-focused chapter, taking inspiration from the nft project’s highly prized collection, which was the second in the row, “BEANZ”.
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*All financial/investment opinions expressed by nft Plazas come from the personal research and experience of our site moderators and are intended to be educational material only. People should thoroughly research any product before making any type of investment.
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