NFT project Azuki launches Physical Backed Token

Azuki, a nonfungible token (NFT) venture inspired by anime, has developed a Physical Backed Token (PBT) – an open-source token standard that ties a physical object to an Ethereum blockchain-based digital token.

The BEAN Device, a physical cryptographic chip that self-generates an asymmetric key pair, will be used in the first PBT implementation, according to Azuki’s Twitter account. The project’s “scan to own” capability is made possible by the combination of the PBT and the BEAN Chip.

The Azuki Actual Backed Token is an open-source token standard that connects physical object ownership to digital counterparts on the Ethereum blockchain. In past forms of digital ownership, when collectors purchase digital tokens representing material things, the two are typically split after minting.

According to their EIP, the current framework for digital ownership of physical things has two issues: The NFT cannot be used in place of the real item. In the current case, the NFT and the real-world item are treated as distinct entities. In this case, the NFT of the physical thing is swapped independently from the physical item on digital markets. The second difficulty is that the real object must be confirmed by a credible authority in order to be genuine.

If the owner of the actual thing wishes to sell or give the item to a new owner, the buyer will simply “scan-to-own” the item. After the item is scanned, the PBT is transferred from the previous owner to the new owner. Azuki has upgraded to today’s standards with the PBT. PBTs enable the use of real-world objects to generate digital experiences. Today is the start of a new era of stories and experiences.