NFT-based Azuki unveils open-source physical backed token | The Financial Express

NFT-based Azuki unveils open-source physical backed token

According to Cointelegraph, it was revealed that the first implementation of the PBT will utilise the BEAN Chip, or a physical cryptographic chip that self-generates an asymmetric key pair

NFT-based Azuki unveils open-source physical backed token
While some cryptocurrency enthusiasts were impressed, suggestions of the technology not being new also came in

Anime-based non-fungible token (NFT) project has launched a physical backed token (PBT), which is an open-source token standard that connects a physical item to a digital token on the Ethereum blockchain, as reported by Cointelegraph.

According to Cointelegraph, through Azuki’s Twitter handle, it was revealed that the first implementation of the PBT will utilise the BEAN Chip, or a physical cryptographic chip that self-generates an asymmetric key pair. The combination of the PBT and the BEAN Chip shows a feature that the project is called “scan to own.” 

“Scanning the chip with your phone allows for the PBT to be minted or digitally transferred to the owner’s wallet. This allows the current owner of a physical item to also own the PBT, which verifiably authenticates the item and ties the item to a digital token in the wallet of their choosing,” the Azuki team stated.

On the basis of information by Cointelegraph, the PBT aims to enable decentralised authentication and tracking of the full ownership lineage of physical items, being on-chain and without a centralised server, aiming to make it a trustless authentication. Azuki highlighted that no unit will get the right to ensure authentication or verification of ownership of items. Reportedly, Azuki believes that PBTs will enable the unlocking of physical goods to create digital experiences for creation of new methods of storytelling and other experiences. Insights from the project highlighted that holders can develop a connection for capturing both digital and physical, trade authenticated items or participation in real-life quests. 

Moreover, Cointelegraph noted that Azuki’s announcement on PBT faced mixed reactions from the cryptocurrency community on Twitter. While some cryptocurrency enthusiasts were impressed, suggestions of the technology not being new also came in. Since the update around Azuki’s lauch of a PBT, the project has reportedly secured the top ranking on OpenSea’s 24-hour trading volume rankings.

(With insights from Cointelegraph)

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First published on: 19-10-2022 at 13:35 IST