NFT REVIEW NEWS Azuki Debuts Open-Source Physically Backed Token Standard

High flying anime-themed NFT project, Azuki, has unveiled its new Physically Backed Token (PBT) standard, which is set to open up a new method of linking real-world items to the realm of blockchain-based authentication.

Through the new initiative, anyone can now link a physical item to the Ethereum network by partnering a ‘Bean Chip’ with the PBT token standard and linking them through a self-generated, asymmetric key pair. After which, users can scan the chip using a phone to tie all of the components to a single crypto wallet.

Azuki has launched its new tech via an open-source protocol, meaning that anyone can build with the PBT standard which differs from existing products by conducting all transactions on-chain using a decentralized and trustless framework. Essentially, removing any third-party interaction from the transaction chain. However, it remains unclear whether the technology will prove impervious to the old switcheroo.

To debut its new tech, Azuki has prepared a lavish and highly limited-edition set of tokens, launching on October 21 with an outlandish, and somewhat impractical, set of 9 gold-plated skateboards. Each authenticated on the blockchain with the all-new Physically Backed Token standard.

Following the announcement, trading in Azuki NFTs skyrocketed, seeing the collection briefly rise to the top of the OpenSea sales rankings, while also witnessing a modest increase to the overall floor price as past misdemeanours become ancient history.

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Source link

If this article, video or photo intrigues any copyright, please indicate it to the author’s email or in the comment box.

What do you think?

26 NFT Points
Upvote Downvote


I am the curator of the NFT Review Market News. If the document or content infringes any copyright, please point it out in comments and it will be promptly removed. To all the articles we include the link of the Resource that appears as Source Link If this article, video or photo intrigues any copyright, please indicate it to the author's email or in the comment box.

NFT REVIEW NEWS Nexus Voyagers NFTs – Empowering Web3 Entrepreneurship

My Crypto Lawyer Sec News Los fundadores de Three Arrows Capital (3AC) imitan a Do Kwon y desaparecen