On Friday, the Azuki brand held an auction of 8 physical skateboards with the NFTs that were associated with each of these skateboards. Azuki’s business operation earned him the equivalent of around $2.5 million in ethers.
An initiative by Azuki that earns him $2.5 million with particular NFTs
This Azuki project is unique in that physical skateboards were sold through an NFT auction on the Ethereum blockchain. In fact, each NFT (Token non fongible) can be exchanged for a physical skateboard by their owner.
This auction is just the latest example of the growing trend of combining physical collectibles with virtual ones.
Last September, Rolls-Royce launched its own line of NFTs, each copy of which can be exchanged for a physical and personalized Rolls-Royce Ghost. Thus, the more time passes, the more the border between the virtual and real world becomes blurred.
Azuki’s skateboards aren’t what you might think
At first glance, Azuki’s skateboards may look like any other skateboard on the market. But on closer inspection, we see that each board is equipped with a small RFID chip that links it to a token on the Ethereum blockchain.
This token named PBT serves as a unique identifier for each skateboard. Also, it allows the owner to transfer their ownership if they wish or add additional information to their digital skateboard record.
Skateboards incorporating a PBT are part of a larger trend to connect physical objects to the blockchain using NFT technology.
By doing so, companies can create a safer and more transparent system for tracking products, tracing them and managing their property.
In the case of Azuki’s skateboards, this technology could help reduce fraud and counterfeiting in the skateboard industry.
And as more and more products are equipped with similar digital labels, it could lead to a more efficient and streamlined supply chain.
While these boards may seem like just a cool new gimmick, they could actually pave the way for major change in the way we track and manage physical assets. thanks to blockchain technology and NFTs.
Why are more and more people interested in NFTs?
There are several reasons why NFTs are gaining momentum and investors are eager to invest in NFTs (see how to buy an NFT). Thus, for some of them, it is a means of investing in assets that can achieve good economic performance over time.
For others, it’s a way to collect rare or unique items in a rapidly growing virtual world. And finally, some people just think NFTs are cool and want to stay on trend.
In summary, this auction not only generated a lot of money. But it also showed that NFTs can be used in a context other than digital art alone since from a technical point of view, it is still a real feat.