Azuki announcement of The Physical Backed Token (PBT)

NFT leaders Azuki have announced the launch of their newest product, the “Physical Backed Token.” With the Azuki PBT, users will be able to own real-world items on the blockchain. So, what is a Physical Backed Token? How is it different from other ways of owning “phygital” things? Read on to find out!

What is the PBT Azuki?

Simply put, the Azuki Physical Backed Token is an open-source token standard that links ownership of physical items to their digital counterparts on the Ethereum blockchain. In older models of digital ownership, when collectors bought digital tokens that represented physical items, the tokens and the items were often separated after they were made.

Their EIP says that there are two problems with the current system for digital ownership of physical items:

• The NFT can’t stand in for the real thing. In the current situation, the NFT and the real-world item are treated as two different things. In this case, the NFT of the item is traded separately from the physical object on digital marketplaces.
• The second problem is that the physical item needs to be checked by a trusted source to show that it is real. For example, you could buy sneakers from trusted sellers on StockX.

The Azuki PBT solves these issues by using decentralized authentication and on-chain tracking of ownership. The physical items have a “BEAN” chip on them that proves they belong to the NFT. Also, the PBT standard will be able to track the chain of ownership of an item in a way that is completely decentralized.

In the same way, if the person who owns a physical item wants to sell or give it to someone else, the new owner only needs to “scan-to-own” the item. Once scanned, the PBT goes from the old owner of the item to the new owner. With the PBT, Azuki has made a change to the way people use their bodies today. “With PBTs, we’re making it possible to use physical goods to make digital experiences,” they said. Today is the start of a new generation of stories and experiences.”

How do PBTs help those who create?

It’s not surprising that the same group that came up with the gas-efficient ERC-721A standard has again found new ways to tell stories in the new era. The PBTs make it possible for creators and brands to give their communities an experience that is truly cutting-edge.

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During the physical lifecycle of the item, the PBT also helps link the assigned physical item to its NFT. As owners of PBT-backed items, collectors can now take part in both physical and digital experiences that are very immersive. This opens up more options for real-life quests and other IRL actions.

The Blockchain-Enabled Authentication Network (BEAN) Chip used in PBT items was made by Kong. By using your phone to scan the chip, the PBT can be made or sent to the new owner’s wallet. In their launch announcement, Azuki said that this is still just “the tip of the iceberg” for the new types of experiences that are possible with this standard. Azuki has also invited developers and builders to check out the PBT standard and make new implementations.

To celebrate the launch, Azuki has announced that the first fully on-chain items will be nine Golden Skateboards. The outer layers of the skateboards are plated with 24K gold, and they are the first of many PBT-backed items that Azuki will make. When they come out on October 21, get them!

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