Azuki To Link Physical And Digital Items Through PBT Launch

Anime-themed NFT project Azuki has introduced the Physical Backed Token as it continues its foray into Web 3.0. The introduction of the Physical Backed Token (PBT) will enable on-chain ownership of physical items. 

The new PBT token will look to link physical assets to digital tokens using a scan-to-own mechanism. 

Expansion Into Web 3.0 

Azuki is continuing its expansion into the Web 3.0 ecosystem, announcing the launch of a new token christened the Physical Backed Token (PBT). The Japanese NFT project is looking to link physical items with digital tokens through the PBT token, enabling the on-chain ownership of real-world assets.

Azuki announced the launch on Twitter, describing the Physical Backed Token as an open-source token standard linking physical, real-world items to digital tokens based on the Ethereum blockchain. 

“Introducing the Physical Backed Token (PBT): an open-source token standard tying a physical item to a digital token on the Ethereum blockchain.”

The announcement was accompanied by a short video that featured an example of how the PBT would work, linking a golden skateboard to a BEAN chip. Azuki has confirmed the launch of nine golden skateboards on the 21st of October, and these will become the first fully authenticated physical products on-chain. 

Azuki Also introduced the BEAN chip, created in partnership with Kong. The BEAN or Blockchain Enabled Authentication Network Chip is a chip that is capable of self-generating an asymmetric key pair. The BEAN Chip is the first implementation of the PBT standard.

The PBT Standard 

Azuki described the PBT Standard as a solution that enables the decentralized authentication and tracking of the full ownership lineage of physical items on-chain and without a centralized server. According to Azuki, this introduces trustless authentication, where everyone is free to authenticate and verify items.

Difference Between Current Offerings And PBT 

This is not the first time digital tokens representing physical assets have been introduced, with several companies having already introduced such tokens. However, Azuki claims that current offerings are often separated after the minting process. Azuki adds that PBT overcomes this shortfall through decentralized authentication and on-chain ownership tracking. The ownership between buyers and sellers is transferred through the scan-to-own mechanism, allowing the decentralized transfer of the asset to the new owner. Further highlighting the differences, Azuki added, 

“Digital tokens are currently used to provide access to physical drops. And now, with PBTs, we’re unlocking the use of physical goods to create digital experiences. A new generation of storytelling and experiences begins today.”

According to Azuki, PBT could be used by companies to redefine how brands tell stories. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.