Azuki dives deep into the web3 space with the launch of its new product, Physical Backed Tokens (PBT). The anime-themed NFT project has found a way to combine physical elements with tokens on the Ethereum Blockchain and provide on-chain ownership of real-life assets. In this article, we will share details about Azuki NFT coin project PBT…
Azuki NFT coin: What is PBT?
The Physical Backed Token (PBT) is an open source token standard that links a physical item with a token on the Ethereum Blockchain. PBT enables brands and creators to develop the next generation of stories and experiences for their communities. Creating a token representing a physical object is nothing new. However, it is still difficult to maintain this relationship throughout the life of the object. The PBT standard provides decentralized authentication and full ownership of physical items on-chain. It monitors this without a central server.
Thus, Physical Backed Tokens offer true, secure authentication. Everyone is free to authenticate and create experiences on this technology. No one has exclusive rights over the property of the objects. Also, the repository is open source and EIP shipping is already in progress. The line between the physical and digital space is blurring. Chiryu, the team behind the Azuki NFTs, is working hard to connect them.
What is a bean chip?
The Bean chip is a cryptographic chip that provides a new scan-to-own experience. It is what you might call a Blockchain Enabled Authentication Network (BEAN) chip that generates an asymmetric key pair by itself.
What is scan-to-own?
You can extract a PBT by scanning the chip with your phone or transfer it to a different wallet. PBT authenticates the physical object and links it to a token in the holder’s preferred wallet. This ensures that the current owner of a physical item also owns PBT at the same time.
How does PBT transfer work?
If physical objects are sold or offered to a new owner, the next owner can scan for the exact physical object. With just one scan, it can decentralize PBT from previous owner to new owner.
What are the use cases for the Azuki NFT coin?
Currently, PBTs are available for the following features:
- Decentralized authentication of products:Authenticate a physical item by simply scanning it with your phone.
- Tracing the origin of ownership of physical artifacts: It proves the past and present owners of the item. It enables brands to create work experiences for their target audience.
- Use of physical artifacts to create digital experiences: Owning a token unlocks physical artifacts. Owning a physical artifact unlocks digital experiences.
PBT lays the foundation for new experiences and storytelling. As an owner, you can trade artifacts, combining both the digital and physical worlds. You can also create a collection that participates in real-life missions. Koindeks.com As we have also reported, NFTs have been declining in volume since last year. However, this does not prevent the emergence of new projects or works.