September 25, 2023

Azuki’s Physically Backed Tokens Link Actual Objects to Blockchain

Azuki, the anime-inspired NFT drive is set to expand its presence into web3. This is the goal of the physically backed tokens. The tokens will let users generate digital assets that will represent actual objects on Ethereum.  

Defining New Ways to Own

Thus, it would allow blockchain ownership of real assets. Physically backed tokens will provide businesses and tokens with creative tools. It will let them create experiences, as well as next-generation stories for their target audiences.

Having a virtual representation of actual objects is not new to the world. But how to maintain the connection with the actual object still poses a challenge. And this is the problem Azuki’s latest solution plans to resolve.

Physically backed token technology gives a total on-chain and decentralized system of identification. It also provides the tracking of the ownership history of those physical items. This is achieved through activities on their virtual representation. 

The technology also introduces a trustless mechanism of authentication. It is a method where just anybody and actually everybody can authenticate items. They can equally validate and construct several interactions with said objects. 

Azuki’s physically-backed tokens give a scan-to-own service. It simply lets users generate digital assets by scanning actual objects. The scanner of the actual item, therefore, becomes the owner of the digital item generated by that means.

Azuki’s Antecedents 

Azuki said a lot of web3 projects have come up with ways to develop digital assets for physical items. The issue, however, is that both items get separated almost immediately the after minting the digital version. 

Azuki got around this by coming up with a decentralized authentication method. And it helps to track the physical item all through its existence.

Only a few other projects have reached Azuki’s popularity. It is a project that features 10,000 NFTs inspired by Japanese animations. Its way to prominence has been full of hype, lore, and lots of controversies.

It first entered the NFT space in January of this year. It then, swiftly, won the hearts of many NFT lovers. With its high cost of minting and complexity, Azuki got an air of exclusivity. Many influencers in the NFT space tagged it as a hot item to own.

Azuki creators earlier announced a plan of creating the biggest decentralized metaverse. It would be built and owned by the Azuki holder community. But the plan soon hit a brick wall after the founders were connected with some failed projects.

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