NFT project Azuki launches Physical Backed Token

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Ani­me-inspired non­fun­gi­ble token (NFT) project Azu­ki has released a Phys­i­cal Backed Token (PBT) — an open-source token stan­dard that ties a phys­i­cal item to a dig­i­tal token on the Ethereum blockchain. 

Azu­ki shared on its Twit­ter account that the first imple­men­ta­tion of the PBT will use the BEAN Chip; a phys­i­cal cryp­to­graph­ic chip that self-gen­er­ates an asym­met­ric key pair. The com­bi­na­tion of the PBT and the BEAN Chip intro­duces a fea­ture, which the project is call­ing “scan to own”. 

Accord­ing to the infor­ma­tion shared by the Azu­ki team:

“Scan­ning the chip with your phone allows for the PBT to be mint­ed or dig­i­tal­ly trans­ferred to the owner’s wal­let. This allows the cur­rent own­er of a phys­i­cal item to also own the PBT, which ver­i­fi­ably authen­ti­cates the item and ties the item to a dig­i­tal token in the wal­let of their choosing.” 

The PBT intends to enable decen­tral­ized authen­ti­ca­tion and track­ing of the full own­er­ship lin­eage of phys­i­cal items, all com­plete­ly on chain and with­out a cen­tral­ized serv­er, mak­ing it a trust­less authen­ti­ca­tion. Accord­ing to Azu­ki, no enti­ty will have the sin­gu­lar right to authen­ti­cate or ver­i­fy own­er­ship of items. Every­one is free to authen­ti­cate, ver­i­fy, and build expe­ri­ences on top of this technology. 

Azu­ki believes that PBTs will unlock the use of phys­i­cal goods to cre­ate dig­i­tal expe­ri­ences there­by, cre­at­ing a new gen­er­a­tion of sto­ry­telling and expe­ri­ences. Accord­ing to the project, hold­ers can build a col­lec­tion that cap­tures both the dig­i­tal & phys­i­cal, trade authen­ti­cat­ed items, or par­tic­i­pate in real-life quests.

Relat­ed: Azu­ki Founder Under Fire 

Azuki’s announce­ment of the PBT was received with mixed reac­tions on Cryp­to Twit­ter. Not all cryp­to enthu­si­asts were impressed, some sug­gest­ed that the tech­nol­o­gy wasn’t nec­es­sar­i­ly new. Twit­ter user @W3Meysam shared:

Since the news of Azuk­i’s launch of a Phys­i­cal Backed Token, the project has become num­ber one on OpenSea’s 24-hour trad­ing vol­ume rankings.



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