Widely used NFT collection A new Physical Backed Token (PBT) by Azuki connects tangible assets to a digital token on the Ethereum network. The PBTs will provide businesses and artists the tools they need to develop experiences and next-generation storytelling for their audiences.
Azuki’s developer Chiru Labs announced the introduction of the Real Backed Tokens, an open-source token that effortlessly links a physical object to a digital token that exists only on the Ethereum blockchain, in a press release on October 17.
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
Tokens with a physical back
To confirm the validity and provide evidence of ownership of tangible objects, the recently released PBTs will make use of the Blockchain Enabled Authentication Network Chip (BEAN), a special physical cryptographic chip.
The PBT project by Azuki has no predetermined criteria, allowing for completely decentralized authentication and monitoring of the ownership history of physical objects in a complete chain without the need of a centralized server.
The present owner will be able to authenticate the physical object and own a PBT by using the “scan-to-own” capabilities of the PBT. Using the same “scan-to-own” capability, physical owners may sell and transfer their possessions to new owners, as well as their PBT.
Applications For Azuki’s PBTs
A number of use cases are included with the new tokens. These include allowing companies to create product experiences for the audiences, monitoring the ownership history of physical products, and authenticating a physical object with a QR scan on a mobile device. Users of PBT may also access actual drops and discover more digital worlds.
The “Golden Skateboard,” a limited edition of nine specially created gold-plated skateboards, all plated in 24K gold, was purchased by Azuki as an example. On October 21, the Golden Skateboard will be formally unveiled on the Azuki auction portal after being properly connected with the BEAN chip.
The newest news release, however, has provoked a strong response from the Azuki NFT collection. The Azuki NFT collection’s floor prices have increased by 16.8% during the last day, according to CoinGecko. Over the same time period, it reported a sales volume of 1,080 ETH.
Thanks to Dominic Kimani at Business 2 Community whose reporting provided the original basis for this story.