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- Azuki NFT collection has come up with Physical Backed Tokens.
- The tokens are linked to physical items IRL.
- The collection had a floor price of 11.09 ETH at the time of writing.
Azuki Going Physical
Azuki NFT, the anime-based NFT collection, has gained a lot of popularity in a short span of time. The collection’s release was instantly compared with the likes of Bored Apes Yacht Club (BAYC). But sadly, it didn’t get to the same heights the Bored Apes went. Recently, the anime digital collectible announced Physical Backed Token (PBT) on Twitter.
The virtual tokens will be attached to physical items through the BEAN chip capable of creating asymmetric pairs through physical cryptography. The launch introduces a new concept called scan-to-own allowing the users to transfer ownership via scanner. Initially, the organization will drop 9 24-carat gold plated skateboards linked to PBT.
This is not a new concept in the NFT sector as digital tokens linked to physical items have already forayed in the space. Problem with them is that they both get detached after the mint. PBT will enable decentralized authentication and ownership lineage of physical items according to the Twitter thread.
Usually owning a physical token unlocks virtual drops, but PBT will unlock physical drops in future. Chiru Labs, creators of Azuki, describes the community as a corner of the internet where creators and web3 enthusiasts come together to create a decentralized future. The makers also created the Beanz collection as an element of the Azuki universe.
Azuki was launched in January 2022 and became popular real fast. People started comparing the collection to the most admired NFT collectibles BAYC. In March 2022, the digital collection saw Azuki #9605 becoming the most expensive token, sold for 420 ETH ($1.4 Million at that time).
Non-fungible tokens are not getting any significant attention amid the crypto winter. Neither are there any prominent entrants since the Goblins entered the market. Meanwhile, Otherside’s full version is yet to be released, Yuga Labs gave a glimpse of their metaverse during the “First Trip” and people loved it.
Craze for the non-fungible tokens has faded and may vanish from the market soon if the users don’t see any utility emerging in the future. With this said, companies and developers around the globe are coming up with unique use cases linked to the tokens. One of the most interesting uses of the tokens remains storing the authentic data associated with a physical product.
This eliminates any chances of piracy. Today, there are numerous fake products which we usually call “first copies,” circling around the globe. People are not able to figure out the authenticity of the item, and hence, are easily tricked into buying pirated ones.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
