- PBT is an open-source token standard that ties a physical item to a digital token on the Ethereum blockchain.
- As per Azuki, everyone is free to use the PBT standard to authenticate, verify, and build experiences.
Azuki, the anime-based non-fungible token (NFT) project has recently launched a physical backed token (PBT), which is an open-source token standard that ties a physical item to a digital token on the Ethereum blockchain. According to the announcement from the Azuki team, the PBT enables brands and creators to generate next-generation storytelling and community experiences.
Azuki stated:
The PBT standard is a solution which enables decentralized authentication and tracking of the full ownership lineage of physical items, all completely-chain and without a centralized server. This introduces trustless authentication.
The team furtherly added that everyone is free to authenticate, verify, and develop experiences with this technology.
Benefits of PBT
As per Azuki, the BEAN Chip, a physical cryptographic chip that generates an asymmetric key pair on-the-fly, will be used in the PBT’s initial implementation. The combination of the PBT and the BEAN Chip demonstrates a feature known as “scan to own” in the project.
The NFT project added:
Scanning the chip with your phone allows for the PBT to be minted or digitally transferred to the owner’s wallet. This allows the current owner of a physical item to also own the PBT, which verifiably authenticates the item and ties the item to a digital token in the wallet of their choosing.
The announcement additionally conveys that the PBTs will enable the use of physical goods to produce digital experiences, ushering in a new era of narrative and experiences. Holders can create a collection that includes both digital and physical items, trade authenticated goods or take part in genuine quests.
Moreover, Azuki claimed that the holders can build a collection that captures both the digital and physical worlds, trade authenticated items, and take part in real-world quests.
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