Azuki is diving 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 items with tokens on the Ethereum Blockchain and enable 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. But maintaining this connection for the lifetime of the object is still difficult. The PBT standard provides decentralized authentication and full ownership of physical items on-chain. It monitors this without a central server.
Our first implementation of PBT uses the BEAN Chip, a physical cryptographic chip that self-generates an asymmetric key pair.
PBT enables the hardware to create a new experience we like to call “scan-to-own”. pic.twitter.com/yPyHDXLv1A
— Azuki (@AzukiOfficial) October 17, 2022
Thus, Physical Backed Tokens offer true, reliable authentication. Everyone is free to authenticate and create experiences on top of this technology. No one has exclusive rights over the ownership of objects. Also, the repository is open source and EIP shipping is already in progress. The line between the physical and digital realm is blurring. Chiryu, the team behind 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 the PBT.
How does PBT transfer work?
If physical objects are sold or gifted to a new owner, the next owner can scan to own the same physical object. With just a single 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 goods: Evidence of past and present owners of the item. It enables brands to create product experiences for their target audiences.
- Using physical goods to create digital experiences: Owning a token unlocks physical goods. Owning a physical product unlocks digital experiences.
PBT lays the foundation for new experiences and storytelling. As an owner, you can trade products, combining both the digital and physical worlds. You can also create a collection that participates in real-life missions. NFTs have been declining in volume since last year, as we’ve also reported on Kriptokoin.com. However, this does not prevent the emergence of new projects or products.
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