Azuki, the Japanese anime-themed NFT project, has launched $$PBT—Physical Backed Token—enabling on-chain ownership of physical items.
The Japanese anime-themed NFT project Azuki has launched the $PBT—Physical Backed Token—on the Ethereum blockchain. The physical backed token will be used to link physical items to digital tokens via an innovative scan-to-own mechanism.
Azuki also announced the development of the BEAN Chip, a physical cryptographic chip that self-generates an asymmetric key pair. The BEAN Chip works simultaneously with the physical backed token.
Azuki has always been at the forefront of innovative undertakings, such as when Azuki #40 joined NASA and SpaceX’s Crew-4 Mission en route to the International Space Station (ISS). The unique NFT project knows how to dig its way out of a rut, even with one of its four pseudonymous founders admitting past project abandonment issues. This latest development is a striking example.
Delving Deeper into Azuki’s $PBT
Azuki is expanding its Web3 efforts with the announcement of the physical backed token—$PBT. They made the token official through a Twitter post where Azuki described the physical backed token as an open-source token standard that ties physical items to digital tokens on the Ethereum blockchain.
The innovative mechanism makes it possible for users to have on-chain ownership of real-life assets. The physical backed token is a standard enabling decentralized authentication. It also makes on-chain ownership lineage tracking of physical items easier, even without a central server.
Simultaneous with the release of the physical backed token, the anime-themed NFT collection also announced the BEAN Chip, a physical cryptographic chip that creates its own asymmetric key pair. The BEAN Chip is the physical backed token’s first implementation.
Many Web3 and retail companies have introduced digital tokens representing real-life items, which is a typical concept. However, after the mint, the two are typically kept separate. Per Azuki, the physical backed token does away with this through decentralized authentication and tracking of the physical item’s on-chain ownership lineage.
Because of the physical backed token, the BEAN Chip enables the “scan-to-own” mechanism that allows the decentralized transfer of an item from its previous owner to the new owner. So, for instance, if an initial owner of a physical object decides to sell or give it to a new owner, the new owner only needs to “scan-to-own” the said object. Such would result in the centralized transfer of the physical backed token from the original owner to the new owner.
Azuki included a short video in their announcement with an example showing how to link a golden skateboard to a BEAN Chip. Incidentally, Azuki will launch nine golden skateboards on October 21, the first physical products to be fully authenticated on-chain.
“Digital tokens are currently used to provide access to physical drops. And now, with $PBTs, we’re unlocking the use of physical goods to create digital experiences,” said Azuki in an effort to explain the difference between physical backed tokens and current market products that provide collectors access to digital drops. “A new generation of storytelling and experiences begins today.”
With the physical backed token, holders can now build a collection of products capturing both the physical and digital worlds while allowing them to trade authenticated items or join real-life quests. Azuki believes other companies can use the physical backed token to redefine their brands’ storytelling.
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