Magical Beans
Azuki has had its ups and downs but the team has not stopped building and continuing to focus on what can be done for the community. There were reports that the team was looking to gain $30 million in funding but the question was what the funding was for. Recently the team has made a few announcements and moves that have made the need for funding clear and with the technology being built by the team it would seem that funding is not far off.
Azuki Proof of Skate
Azuki’s “Proof of Skate ” technology installation was announced a few days ago via their Twitter account. The Announcement came just after the company announced the new “Collector Profiles” which are online profiles of the user and their Azuki NFTs that they own. The profiles give the holder the ability to join in on future drops, display their NFTs, and earn badges.
Introducing the Azuki Collector’s Profile: a web3-native showcase for the Azuki universe.
— Azuki (@AzukiOfficial) October 14, 2022
🏅 Earn badges
🖼️ Display your NFTs
📦 Participate in upcoming drops
Set up your profile now: https://t.co/ZcGVtcpe7V pic.twitter.com/wZc00bCZTU
After explaining the collector profiles the team then went on to drop a new secret announcement to the community via Twitter.
PROOF OF SKATE
— Azuki (@AzukiOfficial) October 14, 2022
An Azuki technology installation at K11 Musea, Hong Kong, October 19 – 23. Details coming soon.
The project was a Physical Backed Token concept that rolled out in tandem with the phygital collection. This collection was a limited edition blue-chip golden skateboard NFT. The digital asset came paired with a real-world skateboard coated in 24K gold and adorned with a dragon and one of the nine Azuki universe emblems.
The Physical Backed Token is an open-source token standard tying a physical item to a digital token on the blockchain. The goal is to link real-life items to digital ones thus cementing ownership. The first implementation of that technology is the BEAN chip. The Azuki universe has cute little bean avatars as another collection that was airdropped to holders of the Azuki NFT. The BEAN chip is a physical cryptographic chip that self-generates an asymmetric key pair The Bean Chip and PBT technology allows for “scan to own” dynamics making it possible to tie physical items to a digital token without a centralized server. There are many applications to this such as being able to transfer ownership seamlessly with a scan freely authenticating, verifying, and building experiences without the need for a third party.
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 concept is quite novel and allows for seamless transactions to be made without the need for a marketplace.
If the physical item gets sold or gifted to a new owner, the subsequent owner can then “scan-to-own” that same physical item, enabling decentralized transfer of the PBT from the previous owner to the new owner. pic.twitter.com/IxFinUGBRK
— Azuki (@AzukiOfficial) October 17, 2022
The skateboards are fully functional but weigh 45 lbs each which means you probably won’t be doing much shredding on them. The collection was comprised of only 9 skateboards and eight of those were put up for auction on the website on October 21. The team will keep the final board for something they say is really cool. The winning bidders will receive the NFT and the exclusive right to redeem the custom skateboard. The auction saw the highest bidder have the first pick of all the designs. Once the NFT was traded for the item the NFT was burned, and the skateboard will then be delivered to the winning participant’s door via a fine arts transporter( sorry it won’t be Statham.)
Cool Success
The team was able to raise $2.5 million with this venture even through a bear market because they focused on the die-hard degens that were in the community with pockets deep enough to show off. The collectible is something to show off to everyone, a conversation starter, a tool of envy. The team built a product they knew would garner attention and were able to create an influx of funds to further build towards the promise it made of a decentralized connected anime community. The winners were congratulated by the team and shown off to the community and immortalized by “becoming enshrined in the ruins”
To all our 8 Golden Skateboard auction winners, you will become an unforgettable part of the Azuki story by becoming enshrined in the Ruins. pic.twitter.com/tLJeCKg3lt
— Azuki (@AzukiOfficial) October 23, 2022
There is more coming from the team and their new PBT technology will certainly be the talk of the web3 community for some time as more find interest in the applications and daily use.
If you enjoyed this article you may enjoy some of our other articles as well!
The Sandbox and Decentraland Refute Claims of Low Attendance
Ripple CEO furious Due to SEC lawsuit
Twitter to Collaborate with various NFT marketplaces
Check out our website for more on all things Solana and web3!
