On Sunday, October 23, the Azuki NFT project’s official Twitter account announced the Azuki Golden Skateboard auction results. According to the tweet, after 24 hours of “fierce bidding,” the top eight winners of the NFT-backed skateboards have been determined.
The NFT-backed skateboards are part of Azuki’s Physical Backed Token (PBT) initiative. These skateboards, which caused a bidding war to break out on Friday, are physical skateboards authenticated by an embedded BEAN chip.
What Are Azuki’s NFT-Backed Skateboards?
Chiru Labs’ Azuki Golden Skateboard auction allowed people to place bids in Ethereum in the hopes of securing one of eight NFT-backed skateboards. Each of the skateboards is 24-karat gold-plated that weighs 45 pounds. Chiru Labs recommends that the owners of the skateboards, which amassed $2.5 million in ETH, must not ride them.
As mentioned in the get-go, the NFT-backed skateboards are tied to the Azuki NFT project’s recent offering: PBT. The PBT is an open-source token standard linking ownership of physical assets to their digital versions on the Ethereum blockchain. Unlike conventional phygital offerings where physical and digital items are separated after minting, with PBT, users can own physical assets that unlock digital benefits and experiences.
The limited-edition 24-karat gold NFT-backed skateboards are Azuki’s first PBT implementation. Initially, there were nine skateboards, but only eight went up for auction last Friday.
Each skateboard is “custom-designed, precision-milled, and fully coated in 24K gold. Each board is fully functional and depicts an exquisitely detailed golden dragon—along with one of nine unique emblems from the Azuki universe.”
The NFT-backed skateboards’ uniqueness is guaranteed by a BEAN chip embedded inside each one. The chip can be scanned using a smartphone to verify ownership, and Chiru Labs calls this experience “scan-to-win.”
Per Chiru Labs, if a current owner of the NFT skateboard decides to part ways with his board, someone else can scan the BEAN chip to transfer the board’s ownership to another wallet. The company said the PBT technology is one way to prove the authenticity of physical goods in a way that leverages blockchain technology. The PBT is also a great way to track who previously owned an item, which would help establish an artwork’s provenance in the art world.
Holders of the NFT skateboards will also receive an exclusive Dragon banner that they can display on their profiles. Azuki will likewise add a Dragon emblem to their profiles. The NFT holders will also get the fantastic opportunity of becoming a permanent part of the Azuki mythology since they will be enshrined in the Ruins world drop.
Then, beginning in November, those who won the auction can start redeeming and burning their NFTs to receive the physical skateboards. Churi Labs did not set a time limit to redeem the physical skateboards. However, should an owner decide to redeem it, the precious item will be delivered by a fine art handler.
Bidders on the NFT-Backed Skateboards
According to Chiru Labs, the skateboards received a total of 145 bids. The lowest bid of the top eight came from “darklady,” who bid 200 ETH, or roughly $260,000, for the Frog emblem Golden Skateboard.
Meanwhile, the highest bidder, “dingaling,” took home the illustrious Dragon emblem Golden Skateboard for 309 ETH, or over $400,000. Incidentally, dingaling already owns a massive collection of NFTs, including 70 Azuki avatars.
The other NFT-backed skateboards fetched between 202 ETH and 303 ETH. All-in-all, the amount of money Azuki amassed for the NFT-backed skateboards was $2.5 million, putting it on this week’s top OpenSea collections.
The NFT-backed skateboards are not Chiru Labs’ first time dabbling in physical goods. In June this year, holders of Azuki NFTs received tokens via airdrop that they could redeem for physical “Azuki Twin Tigers” jackets that combined American and Japanese street culture.
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