Web3 startup Chiru Labs has announced the launch of an all-new open-source token format called the Physical Backed Token (PBT). The new token utilizes "Scan-to-Own" technology that enables users to turn their physical items into digital tokens, which are then stored on the Ethereum blockchain.
"PBT introduces a new dimension to how brands tell stories. As a holder, you can build a collection that captures both the digital & physical, trade authenticated items, or participate in real-life quests," said the company in a recent press statement.
According to the company, the first version of the PBT will use a 'BEAN Device,' a physical cryptographic chip that creates an asymmetric key pair on its own. This hardware allows for the development of unique "scan-to-own" experiences.
Scan-To-Own Physical NFTs
Chiru Labs Debuts a New Kind of NFT, the 'Physical Backed Token (PBT)'
Trend Themes
1. Physical Backed Tokens - The 'Physical Backed Token' format, utilizing scan-to-own technology, presents an opportunity for digital and physical item collection, trading, and real-life quests.
2. Scan-to-own Technology - The 'Scan-to-Own' technology introduces a new dimension to how brands tell stories, enabling users to turn their physical items into digital tokens on the Ethereum blockchain.
3. BEAN Devices - BEAN Devices, the physical cryptographic chip that creates an unique key pair, provides a new innovative and secure way to develop scan-to-own experiences.
Industry Implications
1. Crypto and Blockchain - The introduction of a new token format, the Physical Backed Token, brings new applications for blockchain technology and potential disruption for the crypto industry.
2. Retail - Scan-to-Own technology provides an opportunity for retailers to create unique experiences for customers by digitizing physical items, enabling safer and potentially more secure transactions, and allowing for item collection and trading.
3. Marketing and Advertising - The Physical Backed Token format and Scan-to-Own technology presents a new way for brands to tell stories, potentially disrupting traditional marketing and advertising methods as users can participate in real-life quests and trade authenticated items.