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

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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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Valeria Goncharenko

Valeria is an Italy-based writer passionate about Web3 and innovation. She is getting her second Major in International Business Management while dedicating her spare time to photography and fashion.

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