Popular NFT collection Azuki has introduced a new Physical Backed Token (PBT) that links physical goods to a digital token on the Ethereum blockchain. The PBTs will enable brands and creators to create next-generation storytelling and experiences for their communities.
In an October 17 press release, Chiru Labs, the creator of Azuki, confirmed the launching of the Physical Backed Tokens, an open-source token seamlessly connecting a physical item to a digital token exclusively on the Ethereum blockchain.
Introducing the Physical Backed Token (PBT): an open source token standard tying a physical item to a digital token on the Ethereum blockchain. pic.twitter.com/iXavmJR5xv
— Azuki (@AzukiOfficial) October 17, 2022
Physical Backed Tokens
The newly launched PBTs will utilize Blockchain Enabled Authentication Network Chip (BEAN), a unique physical cryptographic chip, to verify the authenticity and proof of ownership of physical items.
Azuki’s PBT project has no set standards, thus enabling pure decentralized authentication and tracking of the full ownership lineage of physical items, all complete chain and without a centralized server.
The PBT will apply “scan-to-own” functionality to allow the current owner to authenticate the physical item and own a PBT. Physical owners can sell and transfer their items and PBT to the new owner using the same “scan-to-own” functionality.
Use Cases Of Azuki’s PBTs
The new tokens feature a series of use cases. These include authenticating a physical item using a QR scan on mobile phones, tracking the ownership lineage of physical goods, and enabling brands to build product experiences for the audiences. PBT also allows users to unlock physical drops and explore more digital experiences.
Azuki has set an example and acquired the “Golden Skateboard,” a limited edition of nine uniquely designed gold-plated skateboards, all plated in 24K gold. The Golden Skateboard is fully integrated with the BEAN chip and will be officially launched on the Azuki auction homepage on October 21.
In the meantime, the Azuki NFT collection has reacted sharply to the recent news announcement. According to CoinGecko, the Azuki NFT collection has soared by 16.8% on its floor prices in the past 24 hours. It has recorded a sales volume of 1,080 ETH over the same period.
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