- PBT will utilize the BEAN chip to confirm authenticity as well as proof of ownership.
- The Physical Backed Token is a brand new Ethereum token that is based on the ERC721 standard.
- The token is available to the community for free.
According to Azuki’s Twitter post, Physical Backed Token’s initial implementation will utilize the BEAN Chip. It is a real cryptographic chip that produces an asymmetric key pair on its own. Merging PBT with BEAN Chip leads to a feature, which has been termed ‘scan to own’ by the project.
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
Based on the details given by the team of Azuki, upon scanning the chip with the user’s phone, PBT is minted or digitally transported to the wallet of the owner. This allows the existing holder of the physical item to acquire the PBT, which validates the item and links it to a digital token in the wallet they prefer.
The aim of the PBT is to allow decentralized authentication as well as trace the complete ownership lineage of real items, on chain without any centralized server, which makes it a doubtful verification. Azuki has cleared that none of the entities will possess the singular authority to confirm or verify items’ ownership. Anyone can confirm, verify as well as create experiences.
Azuki hopes that PBTs will allow the utilization of physical goods for the creation of digital experiences; thus, leading to a new whole generation of experiences and storytelling. Owners can create a collection including physical and digital trade verified items or they can take part in real quests.
Crypto Twitter saw mixed reactions on Azuki’s announcement about the PBT. Some crypto buffs didn’t seem impressed while some found the technology to be not new.
A Twitter user, shared:
Ever since the update about PBTs launch has been made, the project has grabbed the #1 spot on OpenSea in terms of 24-hour trading volume rankings.A few days back, Today NFT News reported, Azuki Web3 anime universe introduces the Azuki Collector’s Profile.