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Azuki 'Satoshi Nakamoto' Hoodie Is Tokenized on Both Bitcoin and Ethereum

source-logo  decrypt.co 22 May 2024 19:09, UTC
Ethereum NFT project Azuki and multi-chain marketplace Magic Eden have teamed up to create what they’re calling the first dual-chain NFT product that exists on both the Bitcoin and Ethereum blockchains—a limited edition hoodie inspired by the creator of Bitcoin, represented by an NFT on both chains.

The Azuki x Satoshi Nakamoto Enduro Hoodie, first revealed last fall, was created exclusively for holders of Azuki's "Spirits" NFTs—so there are just 98 pieces in total. The hoodies serve as a tribute to Bitcoin's pseudonymous creator Satoshi Nakamoto.

Each hoodie contains an embedded chip that allows owners to scan it and mint a corresponding NFT as proof of ownership and authenticity on Ethereum—but also an NFT-like Ordinals inscription on Bitcoin.

The hoodies utilize Azuki’s own Physical Backed Token (PBT) technology per the Ethereum Improvement Proposal EIP-5791 standard. Ownership transfers require a signature from the physical chip embedded in each hoodie, creating what Azuki calls “decentralized on-chain verification combined with off-chain ownership."


— Azuki (@Azuki) October 31, 2023

“The ownership on ETH is still tied to immutable art on BTC,” Azuki and Magic Eden noted in a statement. “The concept was built around the desire to collect and trade artifacts in a user-friendly way, which led to programming on EVM while keeping the art enshrined on BTC.”

Azuki is one of the most prominent NFT properties, with more than $1.1 billion to date worth of trading volume for its original Ethereum collection alone, per CryptoSlam.

Magic Eden has been the leading NFT marketplace by trading volume in recent months, thanks in part to its early bet on Bitcoin Ordinals. The marketplace also supports the recently launched Bitcoin Runes tokens.

Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Andrew Hayward.