Blue-chip NFT project Azuki introduces the Physical Backed Token
In Brief
Azuki developers introduce the Physical Backed Token
The feature is already available for developers to use
Blue-chip NFT project Azuki has introduced a new feature named the “Physical Backed Token.”
The token is an open-source standard and ties physical items to digital tokens on the Ethereum blockchain. Azuki developers call this new decentralized authentication experience “scan-to-own.” The technology permits users to transfer the ownership of physical items and track their lineage with no need for a centralized server, as the data is stored completely on-chain.
The feature gives users the possibility to experience physical goods in a new way. For instance, holders will be able to transfer digital ownership of physical items when gifting or selling them. The usage of PBT could also be a great opportunity for brands, as they could unlock digital experiences for verified owners of physical products.
Notably, the Physical Backed Token technology is an open standard and is already available for developers to use.
“A new generation of storytelling and experiences begins today,” states Azuki’s Twitter thread.
Azuki is a collection of 10,000 anime-inspired NFTs with a variety of traits. The project was among the hottest collections in the first quarter of this year. Launched in January 2022 by Chiru Labs, a team of four experienced developers, Azuki gained collectors’ attention straightaway. At the end of March, the collection hit a record secondary sale of more than $1 million.
However, in May, the NFT community discovered that alleged scammer Zagabond was one of the creators. Azuki holders reacted negatively and started selling, which made the floor price of the collection drop to 9 ETH, which was then approximately $20,700.
The current floor price of Azuki is 11.4 ETH (approximately $15,090), with 265K ETH of total volume traded.
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]
