Azuki launches physical-backed token, PBT
Blue-chip NFT project Azuki announced the launch of a brand new physical-backed token (PBT) via Twitter.
PBT is an open-source token that links physical assets to a digital token on the Ethereum blockchain.
It leverages the BEAN chip, which is a physical cryptographic token chip that self-generates an asymmetric key pair. The Bean chip and PBT combined will create the ‘scan-to-own’ experience.
Users can mint or transfer a PBT by scanning the chip with their phone. This would verify the ownership of the physical asset and link it to a digital token to the current owner’s crypto wallet. This allows the current owner of a physical item to also own the PBT.
What’s more, PBT will enable decentralized authentication and tracking of ownership of physical assets on-chain.
‘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,’ said Azuki.
Azuki also said holders could use the technology to build a collection that captures both the digital and physical worlds, while trading authenticated items and join real-life quests.