NFT project Azuki launches Physical Backed Token

Anime-inspired nonfungible token (NFT) task Azuki has released a Physical Backed Token (PBT) — an open-source token modular that ties a carnal point to a integer token connected the Ethereum blockchain.  

Azuki shared connected its Twitter relationship that the archetypal implementation of the PBT volition usage the BEAN Chip; a carnal cryptographic spot that self-generates an asymmetric cardinal pair. The operation of the PBT and the BEAN Chip introduces a feature, which the task is calling “scan to own”.

Introducing the Physical Backed Token (PBT): an unfastened root token modular tying a carnal point to a integer token connected the Ethereum blockchain. pic.twitter.com/iXavmJR5xv

— Azuki (@AzukiOfficial) October 17, 2022

According to the information shared by the Azuki team:

“Scanning the spot with your telephone allows for the PBT to beryllium minted oregon digitally transferred to the owner’s wallet. This allows the existent proprietor of a carnal point to besides ain the PBT, which verifiably authenticates the point and ties the point to a integer token successful the wallet of their choosing.”

The PBT intends to alteration decentralized authentication and tracking of the afloat ownership lineage of carnal items, each wholly connected concatenation and without a centralized server, making it a trustless authentication. According to Azuki, nary entity volition person the singular close to authenticate oregon verify ownership of items. Everyone is escaped to authenticate, verify, and physique experiences connected apical of this technology.

Azuki believes that PBTs volition unlock the usage of carnal goods to make integer experiences thereby, creating a caller procreation of storytelling and experiences. According to the project, holders tin physique a postulation that captures some the integer & physical, commercialized authenticated items, oregon enactment successful real-life quests.

Related: Azuki Founder Under Fire

Azuki’s announcement of the PBT was received with mixed reactions connected Crypto Twitter. Not each crypto enthusiasts were impressed, immoderate suggested that the exertion wasn’t needfully new. Twitter idiosyncratic @W3Meysam shared:

Translation: @AzukiOfficial uses readily disposable NFC spot exertion and links it with an ERC-721 token. Fancy selling lingo though. #pbt https://t.co/KX8P71VFhN

— Meysam (@W3Meysam) October 18, 2022

Since the quality of Azuki's motorboat of a Physical Backed Token, the task has go fig 1 connected OpenSea’s 24-hour trading measurement rankings.