Azuki DAO, a decentralized autonomous organization focused on the popular Ethereum-based non-fungible token (NFT) collection, recently revealed a rebrand to “Bean.”
This rebranding follows the decision by the DAO to withdraw a lawsuit against Azuki’s founder, Zagabond, filed in July after the launch of the Azuki Elementals NFT collection. The new collection featured NFTs remarkably similar to the original, resulting in a nearly threefold increase in Azukis, which led to a subsequent 40% drop in the original collection’s value.
As reported by Cointelegraph, the project is now shifting its focus to become a memecoin project centered around Blast, a recently launched Layer 2 (L2) solution on Ethereum by NFT marketplace Blur.
Regarding the Bean token ($Bean) distribution, with a total supply of 1 billion, 50% has been allocated to the Azuki DAO community, 40% to the Bean Treasury, and the remaining 10% to Zagabond.
Introduced in January 2022, the NFT collection features 10,000 anime-inspired characters designed by Chiru Labs, a startup founded by artists and technologists in Los Angeles. Beyond NFTs, the project extends its involvement into various Web3 spaces, including the launch of “Hilumia,” a metaverse space for community members.
Since its launch, Azuki DAO has rapidly gained popularity, securing the ninth position among the top ten NFT collections based on all-time sales volume, according to CoinMarketCap data. However, in the last 24 hours, the project experienced a significant decline, with a 77% decrease in sales volume and a corresponding 78% drop in sales.
