Following months of internal conflict, Azuki DAO has finally announced a rebranding to “Bean.” The unofficial community-led organization surrounding the popular Azuki NFT collection will be shifting its focus from NFTs to meme coins.
This move comes amidst ongoing tensions between the DAO and the Azuki NFT project’s founder, Zagabond, over a controversial $39 million minting affair in June 2023. The DAO had previously proposed a lawsuit against Zagabond alleging dilutive minting practices, but the rebranding and pivot to meme coins signal a new direction for the community.
The newly rebranded Bean project will now operate as a meme coin on the Ethereum Layer 2 (L2) scaling solution, Blast. Bean’s developers have reportedly secured $10 million from “prominent investors” to fuel the project’s development and integration within the Blast ecosystem.
The Rationale Behind the Rebranding and Pivot
Several factors appear to have contributed to Azuki DAO’s decision to rebrand and pivot to meme coins. The contentious minting affair with Zagabond undoubtedly played a role in souring the DAO’s relationship with the Azuki NFT project. Additionally, the meme coin craze has gained significant traction in the cryptocurrency space, with projects like Dogecoin and Shiba Inu attracting widespread attention and investor interest.
By rebranding to Bean and focusing on meme coins, the Azuki DAO aims to establish its own identity and potentially tap into the growing meme coin market. The project’s integration with the Blast L2 scaling solution could also provide several advantages, including faster transaction speeds and lower fees compared to the Ethereum mainnet.
The Implications of this Shift
Azuki DAO’s rebranding and pivot to meme coins represent a significant departure from its original focus on NFTs. This shift highlights the evolving nature of decentralized communities and their ability to adapt to changing trends and opportunities within the cryptocurrency landscape.
The project’s success in the meme coin space remains to be seen, but the $10 million funding from investors indicates confidence in Bean’s potential. The integration with Blast could also provide a competitive edge, attracting users seeking faster and more affordable transactions.