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High flying anime-themed NFT project, Azuki, has unveiled its new Physically Backed Token (PBT) standard, which is set to open up a new method of linking real-world items to the realm of blockchain-based authentication.
Through the new initiative, anyone can now link a physical item to the Ethereum network by partnering a ‘Bean Chip’ with the PBT token standard and linking them through a self-generated, asymmetric key pair. After which, users can scan the chip using a phone to tie all of the components to a single crypto wallet.
Azuki has launched its new tech via an open-source protocol, meaning that anyone can build with the PBT standard which differs from existing products by conducting all transactions on-chain using a decentralized and trustless framework. Essentially, removing any third-party interaction from the transaction chain. However, it remains unclear whether the technology will prove impervious to the old switcheroo.
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
To debut its new tech, Azuki has prepared a lavish and highly limited-edition set of tokens, launching on October 21 with an outlandish, and somewhat impractical, set of 9 gold-plated skateboards. Each authenticated on the blockchain with the all-new Physically Backed Token standard.
Following the announcement, trading in Azuki NFTs skyrocketed, seeing the collection briefly rise to the top of the OpenSea sales rankings, while also witnessing a modest increase to the overall floor price as past misdemeanours become ancient history.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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