Japanese anime-inspired NFT initiative Azuki is expanding its presence in Web3 with the launch of a physically-backed token (PBT). The PBT will allow users to generate digital tokens to represent real objects on the Ethereum blockchain allowing on-chain ownership of tangible assets.
The PBT will give businesses and content creators a tool for creating experiences and next-generation storytelling for their audiences.
Creating digital representations of real-world objects is not a new concept. However, maintaining the link with the object throughout its lifetime is still a challenge and that is what Azuki&s new PBT token standard aims to solve.
Physical Backed Token standard
The Physical Backed Token standard technology provides complete on-chain, decentralized identification, and monitoring of the entire ownership history of physical goods through their digital representations. It introduces trustless authentication where anyone and everyone can freely authenticate, validate, and construct interactions with the objects.
Azuki&s scan-to-own experience
Azuki&s PBT offers a &scan-to-own” experience that allows users to generate digital tokens by simply scanning real objects. The person who scanned the physical item (who is also the owner of a physical item) then becomes the owner of the generated digital token.
According to Azuki, several Web3 projects have developed ways of developing digital tokens for physical products but in most cases, the physical product and the generated digital token are immediately separated after the digital token is minted.
Azuri has gotten around this drawback by providing decentralized authentication and tracking of the physical product throughout its lifetime.