#NFT #Crypto #Ethereum #PBT #PhysicalBackedToken #Azuki #Art
Source: Business2Community
Azuki has released the Physical Backed Token (PBT), an open-source token standard that connects a tangible object to a virtual token in the Ethereum blockchain.
The creators of the token said that by scanning the chip with a smartphone, PBT can be minted or converted into a digital wallet.
The physical item can now be authenticated and linked to a digital token in the current owner’s preferred wallet thanks to the PBT.
The goal of PBT is to provide fully online, decentralized authentication and traceability of full ownership of physical goods without the use of a centralized server, making authentication credible.
No organization will own the property rights, but anyone will be able to verify ownership and authenticate the goods.
Sync the real and digital worlds.
Corresponding skateboard PBT will be able to scan the chip using a smartphone, transfer ownership to a new owner, and be recorded on the blockchain. According to Azuki, the technology may be used in the following ways:
- Decentralized product authentication is possible by just scanning the physical item with a smartphone.
- Keep track of ownership transfers for tangible goods: Establish the product’s previous owner so that brands can give consumers fresh product experiences.
- Having digital tokens unlocks tangible things, and now owning physical products also unlocks digital experiences. This is a two-way interaction between the virtual and physical worlds.
Despite the fact that the NFT market has been declining since late 2011 till the present, Azuki is a potential NFT initiative this year. Launching in January 2022, this NFT project is a 10,000 avatar anime library.
One of the most significant collections for NFT producers is Azuki, which has a vast selection of photos. With 44,469 ETH transacted within 30 days in June 2022, Azuki came in second place.
Golden Skateboard Sale.
Azuki made $2.5 million at a gold skateboard auction, selling 8 items that can be burned to get physical PBT tokens.
With this $2.5 million sale, the Azuki NFT Project attracted quite a bit of attention this weekend.
The back of the skateboard features a detailed gold dragon and one of nine different icons from the Azuki universe. The release is limited to only 9 copies worldwide (8 copies at this auction).
Skateboard ownership can be transferred digitally and isolated from the original NFT, offering a fresh perspective on the expanding “physical” (physical plus digital) collectibles market.
This is possible with a “cryptographic BEAN chip” implanted in each board, which can be scanned with holders similar to the NFC chip.
With 266,000 ETH (about $355 million) sold since its inception in January, Azuki is NFT’s seventh most popular collection overall in terms of sales. NFT Floor Price reports that the collection’s minimum price has increased to 11.5 ETH from a peak of 29 ETH in May.
It is unknown at this time whether NFT owners will elect to keep their tokens for resale or swap them for money. The highest active bid for one of the eight NFTs, according to OpenSea, was only 6 ETH ($8,000) at the time of writing.
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