Avalokiteshvara is one who refuses to accept Nirvana since he considers such acceptance selfish in view of the ignorance of the great majority of the people who have not yet attained that stage.
This mala is made from bodhi seeds, the bodhi tree (also know as the Sacred Fig or Ficus religiosa), being a symbol of wisdom, since it was under a Bodhi tree that Gautama Buddha attained enlightenment.