The DAO claims to be made up of a committed group of Azuki fans. It’s the most recent development since the contentious “Elementals” collection debuted.
A proposal to recoup 20,000 Ether from Zagabond, the creator of the well-known non-fungible token (NFT) brand Azuki, has been made by a decentralized autonomous organization (DAO) that claims to be made up of ardent Azuki supporters. The plan, which was started on July 2nd, proposes hiring a lawyer to pursue legal action against Zagabond—Alex Xu is his real name—for allegedly participating in dishonest actions across numerous enterprises.
With the contentious release of Azuki’s “Elementals” NFT collection, Zagabond reportedly earned $39 million worth of ETH, which is what the clawback request seeks to recoup. Any money that is recovered will be put back into the DAO to assist the development of the entire Azuki community.
At the time this article was published, a sizable majority of 88.11% of the DAO’s Bean tokens had been used to vote in favor of the proposed action, demonstrating broad support from the community. There is, however, a minority that disagree, with 11.9% of Bean tokens voting against the motion. The voting period will end on July 3 at 6:38 AM UTC.
The community’s resolve to deal with the suspected fraudulent actions connected to Zagabond and the “Elementals” collection is evident in this DAO-led movement. The Azuki fans aim to correct the problem and defend the interests of the whole Azuki community by using the DAO’s collective decision-making power.
Who is really AzukiDAO?
Despite AzukiDAO’s assertion that it is made up of “OG Azuki holders,” questions have been raised about the DAO’s authenticity and its ties to the Azuki project’s participants. On July 3rd, a commentator going by the alias @tytan.eth tweeted to his 19,000 followers that most Azuki holders were unaware of the AzukiDAO and believed it to be either bogus or a group with bad intentions. This suspicion shows that the DAO is neither respected or trusted by the larger Azuki community.
Further material raises doubts regarding the reliability of AzukiDAO. According to Etherscan data, the “Bean” token contract, which is used to vote on the proposed action, was just established two days ago, indicating a recent establishment.
Additionally, the linked Twitter page was established in June 2023, which is also a recent date. The DAO’s assertion that a sizable fraction of Azuki holders are represented by it is called into question by the Discord channel’s modest size, which only has 116 members.
Elementals controversy addressed
Following the contentious release of its “Azuki Elementals” collection on June 27th, the Azuki team has come under heavy fire from both Azuki NFT holders and members of the larger NFT community. Due to a number of perceived problems and deficiencies with the project, the launch drew criticism and unfavorable reaction from numerous parties.
The “Elementals” initiative was originally alluded to on June 23rd in Las Vegas at an Azuki-branded event. A select few of the 20,000 NFTs were airdropped to particular Azuki NFT holders during the event. This teaser raised interest and prepared people for the collection’s official release.
The remaining NFTs from the “Elementals” collection went on sale on June 27th. The sale procedure, however, was criticized because it was kept a secret. Instead, a 20-minute pre-sale window was made available to only current owners of Azuki NFTs and “BEANZ” tokens, who were given first access to buy the new NFTs.
The sale was completed quickly; in less than 15 minutes, the entire collection was purchased in private deals. Many people in the community expressed alarm over this quick sell-out, which prompted more criticism of the Azuki team.
The launch brought in $38 million for the Azuki team, but there was significant backlash because of a number of factors, including the short pre-sale period, website issues that resulted in mint failures, and the impression that the new NFTs’ artwork lacked originality.