Azuki, an NFT initiative inspired by Japanese anime, expands its presence in Web3 through the launch of a physically-backed token (PBT). The PBT allows users to generate digital tokens which can be used as real objects on Ethereum’s blockchain. It also allows for the on-chain ownership or tangible assets.
Businesses and content creators will have the ability to create experiences and next-generation storytelling with the PBT.
Physical Backed Token standard
It is not new to create digital representations of real-world objects. 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.
The Physical Backed Token standard technology allows for complete, on-chain, decentralized identification and monitoring of all ownership histories of physical goods via their digital representations. It provides trustless authentication that allows anyone to authenticate, validate and create interactions with 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 generated digital token becomes the property of the scanner who also scanned the item.
Azuki said that many Web3 projects have developed methods of creating digital tokens for physical goods. However, most cases where the digital token has been minted, the physical product is immediately separated from the digital token. Azuri has solved this issue by providing decentralized authentication and tracking for the physical product throughout its lifespan.
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