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 highlylimited-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.