A crucial announcement has catalyzed the popularity of Azuki’s non-fungible tokens on the largest digital collectibles marketplace, OpenSea: various metrics are surging amid Crypto Winter.
Azuki proposes Physical Backed Token, bridges real world economy to virtual one
Creators of Azuki, the sixth largest NFT collection by estimated net market capitalization, has introduced the concept of the Physical Backed Token (PBT). It is designed to link a physical object to a unique token on the Ethereum (ETH) blockchain.
Introducing the Physical Backed Token (PBT): an open source token standard tying a physical item to a digital token on the Ethereum blockchain. pic.twitter.com/iXavmJR5xv
— Azuki (@AzukiOfficial) October 17, 2022
The inaugural implementation of Azuki’s PBTs will leverage BEAN Chip, a physical cryptographic chip that self-generates an asymmetric key pair. With PBTs, hardware devices cn be used in novel “scan-to-earn” technical designs.
From the user’s point of view, Azuki’s PBTs can be used for transparent and tamper-proof transfer of “physical” value that can be verified by public blockchain-based instruments.
In turn, businesses can experiment with PBTs to integrate physical items into virtual experiences like metaverse, VR/AR, games, e-commerce, online education, etc.
Trading indicators rocketing despite recession
Azuki devs released an open-source code on GitHub so that all crypto enthusiasts are able to experiment with using PBTs for various use cases.
This release sent interest in Azuki products through the roof. As noticed by NFT analysts from SeaLaunch, Azuki traders processed 870 Ethers in trading volume following the announcement of PBT.
As such, daily trading volume smashed through August and September highs. In the last 60 days, the median price of one Azuki token added almost 90%, data says.