Japanese anime-inspired NFT initiative Azuki has expanded its presence on Web3 by launching a physical-backed token (PBT). The PBT will let users create digital tokens that can be used to represent tangible things in the Ethereum blockchain. This will allow on-chain ownership for physical items.
The PBT will give companies and content creators a platform to develop experiences and new-generation storytelling for their viewers.
Making digital representations of actual objects isn’t a new idea. But maintaining the connection to the object over its lifespan is an issue. This is the problem that Azuki’s brand-new PBT token standard is designed to resolve.
The Physical Backed Token standard technology gives complete on-chain decentralized identification and monitoring of the complete owner history for physical items through digital representations. It is a secure authentication system that allows anyone to authenticate, validate and build interactions with objects freely.
Azuki’s PBT provides a “scan-to-own” experience, allowing users to create digital tokens by scanning objects. The person who has scanned the object (who owns the physical object) is then in possession of the created digital token.
According to Azuki, the various Web3 projects have come up with ways to create digital tokens that can be used to purchase physical goods; however, most of the time, the physical item and the digital token are separated when the digital token is created. Azuri has overcome this issue by offering a decentralized authentication system that allows tracking the physical item throughout its lifespan.
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