The prestigious NFT collection Azuki launches the Physical Backed Token feature.
In Brief
The developers behind Azuki have launched the Physical Backed Token feature.
This feature is readily accessible for developers looking to implement it.
Azuki has recently brought forth a new capability known as the 'Physical Backed Token.'
This token operates on an open-source framework, binding physical objects to digital tokens on the Ethereum blockchain. According to Azuki's developers, this new decentralized verification capability, termed 'scan-to-own,' enables users to transfer ownership of tangible items and trace their origin without relying on a centralized server, as all data is securely stored on-chain.
This feature allows users to interact with physical products in an exciting and innovative way. For instance, owners can transfer the digital claim of physical items to others when they give or sell them. The application of PBT also opens up fantastic avenues for brands, enabling them to create digital experiences accessible to verified owners of their real-world products.
Notably, the Physical Backed Token The underlying technology is based on an open standard and is now available for tech developers to leverage.
Azuki's Twitter announced, 'A new era of storytelling and experiences kicks off today.' thread .
Azuki consists of a captivating collection of 10,000 anime-themed NFTs, featuring a range of unique traits. This project emerged as one of the top collections in the first quarter of the year. Since its launch in January 2022 by Chiru Labs, which comprises a skilled team of four developers, Azuki quickly captivated collectors. By the end of March, the collection reached significant milestones. record secondary sale of more than $1 million.
However, in May, the NFT community faced controversy when it was revealed that the alleged scammer Zagabond was one of the project's creators. This revelation prompted a backlash from Azuki holders as they began to sell their NFTs, resulting in a drop in the collection's floor price to 9 ETH, roughly equivalent to $20,700 at that time.
Currently, Azuki's floor price stands at 11.4 ETH (approximately $15,090), with a total trading volume of 265K ETH.
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