Azuki Introduces Scan-to-Own for On-chain Ownership of Physical Items

Japanese anime-themed NFT project Azuki has launched the Physical Backed Token $PBT to enable on-chain ownership of physical items.
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Quick take:

  • Azuki has launched the Physical Based Token $PBT on the Ethereum blockchain.
  • The PBT will be used to link physical items to digital tokens via a scan-to-own mechanism.
  • The company also announced the BEAN Chip a physical cryptographic chip that self-generates an asymmetric key pair.

Azuki is diving deeper into the web3 space after announcing a new product dubbed Physical Backed Token $PBT. The Japanese anime-themed NFT project wants to link physical items with digital tokens, enabling on-chain ownership of real-life assets.

Announcing the token via Twitter, Azuki described the PBT as an open-source token standard tying a physical item to a digital token on the Ethereum blockchain.

The short video accompanying the tweet showed an applicable example linking a golden skateboard to a BEAN Chip.

According to the video presentation, Azuki will be launching nine golden skateboards on October 21, the first physical products fully authenticated on-chain.

Source: Azuki/Youtube

Azuki described the BEAN Chip as a physical cryptographic chip that self-generates an asymmetric key pair. The Chip is the first implementation of the PBT.

The company also wrote that the PBT enables the hardware to create an experience called “scan-to-own” the mechanism used to tie physical items to digital tokens on-chain and without a centralised server.

Although other web3 and retail companies have already introduced digital tokens that represent physical items, Azuki claims that the two are often separated after the mint. The PBT overcomes this shortfall with a decentralised authentication and tracking of the entire ownership lineage on-chain.

Ownership between the seller and the buyer is transferred via the scan-to-own mechanism, enabling the decentralised transfer of the item from the previous owner to the new owner.

Elaborating the difference between PBT and current market products that allow collectors to gain access to digital drops, Azuki wrote: “Digital tokens are currently used to provide access to physical drops. And now with PBTs, we’re unlocking the use of physical goods to create digital experiences. A new generation of storytelling and experiences begins today.”

The PBT allows holders to build a collection of products that capture both the physical and digital worlds, whilst also enabling them to trade authenticated items or participate in real-life quests.

Azuki thinks companies could use the PBT to redefine how brands tell stories, hinting that a lot more is yet to come from the Japanese anime-inspired project.

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