On October 18, less than a day ago, the famous NFT project Azuki released a new product called PBT (Physical Backed Token) to create a connection between the real world and the blockchain. And that was the catalyst for crazy sales growth.
Introducing the Physical Backed Token (PBT): an open source token standard tying a physical item to a digital token on the Ethereum blockchain. pic.twitter.com/iXavmJR5xv
— Azuki (@AzukiOfficial) October 17, 2022
What is a Physical Backed Token?
PBT is a new Ethereum token based on the ERC721 standard that links the individual representing the token on Ethereum. The PBT will use the BEAN chip, a cryptographic chip that attaches an object to the PBT for authentication and proof of ownership, can generate asymmetric key pairs, provide decentralized authentication, and track ownership of physical items.
The release is presented on the example of Bean, their signature item, used throughout the project. When a Bean Chip is attached to a physical item, scanning the chip with a smartphone will either mint it or digitally transfer it to the owner’s wallet. This allows the current owner of the physical item to own the PBT and make the item verifiable.
If a physical item is sold or gifted to a new owner, it is possible to easily transfer the digital token from the previous owner.
What is the uniqueness of Physical Backed Token (PBT)?
- Decentralized authentication of goods. By simply scanning with a smartphone, the actual product is authenticated.
- Track the history of item ownership. Proof of ownership, past and present, allows brands to create products for their audiences.
- Use physical products to create a digital experience. Owning a digital token opens access to a physical product, and owning a physical product opens access to a digital experience.
Azuki offers the use case described above. So far, there have been other projects linking physical items and digital tokens, but no one has yet been able to implement a token linking them directly.
Auction Golden Skateboard as a demonstration of PBT functionality
Azuki decided to showcase and commemorate their breakthrough with the Golden Skateboard Auction. As a physical item containing PBT, the Golden Skateboard is scheduled to be auctioned off in a quantity of 9 pieces.
This item is a specially designed skateboard fully encrusted with 24k gold weighing 45kg. Each of them depicts one of the nine unique emblems of the Azuki universe.
PBT release blows up sales of NFTs Azuki
- Sales up 433% for Azuki and 250% for Beanz,
- Deals up 408% for Azuki and 559% for Beanz,
- Floor price increased by 15% for Azuki and 13% for Beanz.
Prospects for the development of PBT from Azuki
After the announcement of the unique functionality of its kind, the entire vast community reacted very actively to the news, providing the Azuki NFT collection with the first line of blue-chip ratings over the past 24 hours.
If a high-profile release is followed by a truly functional and technical breakthrough, then the Azuki project will forever go down in the history of the NFT industry from this side as well. Thus, giving rise to many opportunities for using NFT, and for brands this is a new dimension in the presentation of their products and stories.