Oct 18, 2022 at 03:40One of the top NFT collections, according to CoinMarketCap, has a new surprise in store for us. Azuki introduced the Physical Backed Token (PBT): an open-source token standard tying a physical item to a digital token on the Ethereum blockchain.
In celebration of the event, a limited edition 24-karat gold-plated skateboards will be auctioned off. Bidding will begin at 6 p.m. on Oct. 21 (Pacific time).
Each board is fully functional and features an exquisitely detailed gold dragon as well as one of nine unique emblems from the Azuki universe.
Only 8 of the 9 skateboards will be available for purchase. Winners of the auction will receive an NFT, which can be exchanged for a 24K Golden Skateboard with PBT support.
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From November, winners will be able to redeem and burn their NFTs to receive a physical skateboard. The physical Golden Skateboard can be used indefinitely.
What is Azuki?
It’s a collection of 10,000 avatars that give owners access to The Garden, some kind of peculiar rabbit hole: a corner of the internet where artists, builders, and web3 enthusiasts meet to create a decentralized future.
Azuki holders get access to exclusive drops, streetwear, experiences, and more.
The Azuki Web3 anime universe has the AZUKI token of the same name, which has a price of $0.007022 as of October 18.
The price of the cheapest NFT starts at 11.40 Ethereum (at the time of writing, this is approximately $15,111). You can buy some on OpenSea.
And what does PBT give you?
Traditional authentication systems rely on centralized servers — PBT is different. It is an open-source token standard that links a physical item to a digital token in the Ethereum blockchain. It is based on the use of a chip capable of self-authentication using an asymmetric public-private key pair. PBT is completely open source and available for free community use. PBT was released under the MIT license.
The MIT License or X11 License is an open and free software license developed by the Massachusetts Institute of Technology. The MIT License is one of the earliest free licenses because it is relatively simple and illustrates some of the basic principles of free licensing. It is a permissive license, which means that it allows programmers to use the licensed code in closed-source software, provided that the license text is provided with the software.
The license is GPL-compatible, meaning that it allows programmers to combine and distribute GPL-programmed products with software under the X11 license.
The only use of the copyright holder’s good name in advertising is forbidden.
Thus, physical objects come with a BEAN (Blockchain Enabled Authentication Network) chip attached to them, which confirms NFT ownership. Moreover, the PBT standard also allows all previous owners of an item to be traced.
And if the owner of the physical item decides to sell or gift the item to another person, the buyer needs only to “scan” the chip with a cellphone to receive the item. After scanning, the PBT will be transferred from the previous owner to the new owner. The creators called it “scan-to-own.”
PBT helps link a particular physical element to its NFT throughout its physical existence.
In exclusive comments to buidlbee, Azuki shares some new interesting details:
- To claim the PBT you must scan the Bean Chip (NFC chip). No special application is needed, the scanning flow happens on the phone’s browser. The only way to claim the PBT is through scanning a chip. The chip has a dual private/public key, so it can’t be replicated or copied online. Only the current owner of the physical item can own the PBT.
- All skateboards will be real and fully functional. But the creators don’t recommend riding them because of the weight: 20 kilos (45 lbs) each!
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