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Azuki has introduced the Physical Backed Token (PBT) to the community, enabling the members to tie physical items to digital tokens. PBT is an open-source token standard with its first implementation already in place. It uses a BEAN chip to create a unique experience called scan-to-own through the hardware.
PBT differs from what already exists in the industry. There are indeed alternative digital tokens representing physical items; however, both are often separated as partners after the conclusion of the mint. What PBT brings to the table is pretty interesting.
A set of features, including decentralized authentication and tracking of ownership lineage of physical items, have already attracted members in large numbers. While some members have expressed excitement about accessing the update, others have appreciated the team’s coming up with it on the network. FLR Finance, the builder of the multi-chain DeFi economy, was one such curious mind to respond to the update posted on Twitter.
FLR Finance said it recently announced the Ernis Protocol and would love to add support for the PBT token standard. This approach waits to hear from Azuki. Meanwhile, Azuki has further highlighted in its update that when a physical item is transferred or sold to a new owner, the subsequent owner can access the scan-to-own functionality to enable the decentralized transfer of PBT from its previous owner.
The objective is to discover the methods to harness physical goods to develop proper digital experiences. Digital tokens have now leaked this approach despite providing access to physical drops. However, some might call it a revolution, but PBT will bring some drastic changes. Already established players will feel the tide changing its course; however, the new generation will simply go with the flow with no hesitation.
PBT brings a new storytelling experience by, firstly, allowing developers to begin building with PBT. A document to review EIP submission, technical documentation, and open source GitHub repo is available on the official website of PBT. Secondly, holders will have the power to build their collection to capture digital and physical trade authenticated items. Brands can leverage this tool by opening the gates to real-life quests. Higher participation will bring excitement for users and attention to the brand. More information by Azuki on the same line is awaited.
Community members hold enough authority to draft new experiences, which could range from unlocking digital experiences to getting on board with real-life quests. PBT is different from platforms that rely on centralized servers. It sticks to the ideologies of decentralization with the new launch. The trustless feature allows everyone from the community to build upon the foundation laid by the team. Open discussions and discourse are highly welcomed for improvement. No single entity holds rights to authenticate items and ownership, making it completely trustless.