A New Standard – PBT Token
Azuki, an NFT project with an anime theme, has unveiled the Physical Backed Token ($PBT) to allow on-chain ownership of real items.
PBT (Physical Backed Token) is a new Ethereum token standard., PBT is an open-source token standard, that links a real-world item to a digital token on the Ethereum blockchain.
Businesses and creators may create experiences and cutting-edge storytelling for their audiences using the capabilities provided by Physical Backed Token. At pbt.io, PBT is currently available for development.
The Physical Backed Token Norm:
Although creating a digital token to represent a physical object is nothing new, preserving that connection throughout the object’s lifetime is still difficult, according to the press release.
The Physical Backed Token standard is a piece of technology that allows for decentralized, chain-wide identification and tracking of a physical good’s entire ownership history. With this, trustless authentication is introduced.
On top of this platform, anyone is free to authenticate, validate, and build interactions; no organization has exclusive ownership rights to items. The EIP submission is currently in progress, and the repository is open-source.
The Bean Chip:
Blockchain Enabled Authentication Network Chip Known as the “BEAN Chip,” it is a physical cryptography chip that creates an asymmetric key pair on its own. PBT gives the hardware the ability to develop a new experience known as “scan-to-own.”
Scan-to-own Experience:
The PBT can be printed or transferred digitally to the owner’s wallet by scanning the chip with a smartphone. The PBT, which verifiably authenticates the physical thing and links it to a digital token in the owner’s preferred wallet, can then be owned by the present owner of the physical item.
Although other Web3 and retail companies have created digital tokens that can replace real products, according to Azuki, the two are commonly split up after minting. PBT circumvents this issue via decentralized authentication and tracking along the chain of ownership lineage.
Finally, PBT is now accessible to the free community and is entirely open source. The project is also licensed under the MIT License, which permits the usage of open-source software created at MIT.
Launch of Golden Skateboards:
The linking of a golden skateboard to a bean snack is depicted in the short film that goes with it. The nine Golden Skateboards will be the first actual product to receive full on-chain approval.
The Golden Skateboard will be formally introduced on the Azuki auction portal starting on October 21 and is fully integrated with the BEAN chip.
From Owner-To-Owner:
The succeeding owner can scan-to-own the same physical thing if it is sold or given to a new owner, which transfers the PBT from the first owner to the second owner decentralized.
You would be able to scan whatever you were intending to purchase from someone to determine if it was genuine or not.
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
Creating A Physical And Digital World Together:
PBT creates the framework for new experiences and narratives. As a holder, you have the option to create a collection that covers both the physical and digital worlds, engage in real-world adventures, or exchange authorized items.
Overall, this seems to be a fantastic effort by Azuki given that the current NFT market has struggled to recover from a deep recession because of the effects it has had on the sector as a whole.
When the founder once admitted to “giving up” on three other ventures, the basic price of NFT Azuki also dropped significantly, and the decline was even more pronounced. Chiru Labs, the organization behind Azuki, however, succeeded in raising $30 million in funding as a “blue-chip” NFT project to keep developing and growing.