Azuki launches A Physical Backed Token

Physical Backed Token
Photo by Markus Winkler:

Azuki has launched an open-source token representing a physical item within Ethereum’s blockchain. This anime-inspired NFT token project, Azuki, has created some buzz within the blockchain community with this news. 

Azuki broke the news of this physically backed token via Twitter. It further stated that this project’s first implementation would utilize physical cryptographic chips or the BEAN chip. The cryptographic chip would self-generate a key pair.

The chip combination of BEAN Chip and PBT introduces a scan-to-own feature to Azuki’s NFT project.

According to what Azuki’s team shared: Scanning this chip using mobile phones allows the minting or digital transfer of PBT to a user’s wallet. Thus, allowing the physical item’s current owner to own the PBT too. All this authenticates the physical item and then ties it to the digital token via their wallets.

The said PBT enables decentralized tracking and authentication of the ownership lineage of the physical items. This authentication is trustless since it happens without centralized servers. And the authentication is also wholly on-chain.

Elsewhere, no monopoly entity or group will have exclusive rights to verify or authenticate the items’ ownership. Therefore, users can verify, authenticate, or build anything on their technology. 

Azuki’s team believes that the PBT will unlock or boost the utilization of physical items to develop digital experiences. Thus, creating a neo-generation of experiences and storytelling. 

Also, according to Azuki’s project, the items’ holders can develop collections that envisage their items’ physical and digital versions. They can partake in real-life activities, too, for example, quests.

The project’s announcement about the PBT has brought mixed feelings within the crypto Twitter space. And honestly, the news never impressed all crypto enthusiasts. 

Some said that this tech isn’t something new.

Azuki’s NFT project shot up to the top spot on OpenSea’s trading volume rankings in 24 hours. That happened after their project announcement.

Ethereum has opened the door for several opportunities globally, especially in agriculture. I mean, what can’t this blockchain network do?

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