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Azuki Introduces The Physical Backed Token (PBT)
NFT top dog Azuki has announced the launch of its latest innovation – the “Physical Backed Token”. Azuki PBT will allow users on-chain ownership of real goods. So, what is the physically backed token? And how is it different from previous “phygital” ownership models? Let’s find out below!
What is Azuki PBT?
Simply put, the Azuki Physical Backed Token is an open source token standard that links ownership of physical objects to their digital counterparts on the Ethereum blockchain. In previous models of digital ownership, when collectors buy digital tokens that represent physical objects, the two are often distinguished by mintage.
According to their EIP, the existing framework for digital ownership of physical objects has two problems:
- NFT cannot proxy as the physical commodity. The current scenario treats the NFT and the real commodity as two separate parts. In this case, the commodity’s NFT is traded on digital marketplaces separate from the physical object.
- The other problem is that the physical item requires a confirmation from a trusted authority to prove its authenticity. For example, buying sneakers on StockX via trusted sellers.
Azuki PBT solves these problems via decentralized authentication and on-chain ownership tracking. The physical items come with a “BEAN” chip attached to them that verifies NFT ownership. Moreover, the PBT standard will also be able to trace the line of ownership of the item in a fully decentralized manner.
Similarly, if the owner of the physical item chooses to sell or give the item to a new owner, the buyer only needs to “scan to own” the item. Once scanned, the PBT is transferred from the previous owner to the new owner of the item! With PBT, Azuki has put in place an improvement on today’s phygital standards. In their words “With PBTs, we unlock the use of physical goods to create digital experiences. A new generation of storytelling and experiences begins today.”
How do PBTs help creators?
It comes as no surprise that the team responsible for the gas-efficient ERC-721A standard has once again found groundbreaking tracks in the new era of storytelling. The PBTs allow creators and brands to build a truly next-generation experience for their communities.
The PBT also helps connect the assigned physical item to its NFT throughout the physical life cycle of the item. As holders of PBT-supported items, collectors can now actively participate in an immersive physical and digital experience. This opens up a wider range of possibilities when it comes to real-life missions and other IRL activations.
Kong designed the hardware for the BEAN (Blockchain Enabled Authentication Network) chip used in the PBT elements. Scanning the chip with the phone allows the PBT to be imprinted or transferred to the new owner’s wallet. In its launch announcement, Azuki stated that this is still only “the tip of the iceberg for the new types of experiences possible through this standard.” In addition, Azuki has invited developers and builders to check the PBT standard and create new implementations.
To celebrate the launch, Azuki has announced nine golden skateboards as the first tangible items in the chain. The skateboards feature 24K gold-plated outer layers and are the first of many PBT-backed items from Azuki. Grab them when they launch on October 21st!
