Chiru Labs, the creators behind the Azuki NFT collection, recently hosted an auction of skateboards that are physical products linked to an NFT, which they are calling a physically backed token, or “PBT.”
Eight skateboards were up for auction this time and 145 bids were placed. The auction fetched $2.5 Million in total with the highest amount paid for one skateboard coming in at $400,00 and the lowest successful bid at $260,000. The skateboards are plated in 24 karat gold and each one weighs 45 pounds. Well known NFT collectors Dingaling, who already owns over 70 Azuki NFTs, won the auction for the most expensive skateboard.
Ownership of the skateboards is verified via an embedded chip that can be scanned by a smartphone to confirm ownership, which Chiru Labs is calling “scan-to-own.” The same process is followed when transferring ownership to a new owner. According to Chiru Labs the skateboards work as a “PBT” physically backed token that can be used to prove authenticity and ownership by linking the physical item to the digital NFT asset stored on the blockchain. This allows people to trace the history of ownership and the item’s provenance.
A number of NFT brands are now starting to play in the ‘phygital’ space as we saw recently with the Deadfellaz and Wrangler partnership. We have also seen the RTFKT NFT collaborate with Rimowa to release a limited set of suitcases. Chiru Labs has also previously experimented with physical goods when they airdropped tokens that could be exchanged for physical items like jackets earlier this year. As more NFTs explore creating physical products, the advantages provided to NFT owners will continue to grow.