Azuki Raises $2.5M With NFT-Backed Golden Skateboard Sale

An anime-inspired NFT project has auctioned off eight golden skateboards that can be burned for physical-backed tokens, an experimental new concept that blends physical and digital goods.

Famous non-fungible token (NFT) project Azuki garnered attention this weekend with the public sale of eight golden skateboard NFTs, which raised $2.5 million ETH in sales volume.

Holders can burn the NFTs to redeem a real-existence, gold-plated skateboard. The sale is related to the debut of what Azuki is calling its “physically backed tokens,” or PBTs. Chiru Labs, the creative collective behind the project, said the skateboard weighs 45 kilos and is not encouraged for using.

The Azuki Golden Skateboard auction is live: https://t.co/6lmiMUCkd7

The Golden Skateboard is the first implementation of the Physical Backed Token (PBT) and marks the beginning of a new era of interactive storytelling. 🧵 pic.twitter.com/SUF1a0PK1k
— Azuki (@AzukiOfficial) October 22, 2022

Ownership of the physical skateboards may be transferred digitally and is cut loose the original NFT, a new take on the burgeoning “phygital” (physical + digital) collectibles market. Chiru Labs says it does so with a “cryptographic BEAN chip” implanted in every board, which can be scanned by means of holders just like an NFC chip.

The Azuki stewards instructed CoinDesk the auction had 145 bids in total, with the lowest prevailing bid being 200 ETH (approx. $267,000) positioned via darklady.eth and the highest winning bid being 309 ETH (approx. $413,000) set through dingaling.eth, a prominent NFT collector who owns 102 Azuki NFTs.

For excessive-rolling JPEG creditors, the NFTs mean extra than just their redeemable skateboards. The project says winning bidders turns into “an unforgettable a part of the Azuki story,” enshrined inside the collection’s lore through unique emblems attached to the NFTs displayed at the project’s website.

It’s not the first project to meld high-fee physical collectibles with degen collectibility. In August, jewellery maker Tiffany and Co. released a group of NFTs for CryptoPunk owners that would be redeemed for diamond necklaces, raising $12 million in sales.

Azuki is the fifth-most famous NFT collection of all time by sales volume, with 266,000 ETH (approx. $355 million) in sales since its launch in January. the collection is currently holding onto a floor price of 11.5 ETH, down from its high of 29 ETH in might also, according to statistics from NFT floor price.

Whether or not holders of the NFTs select to redeem their tokens for the skateboard or hold for resale value is but to be seen. on the time of publishing, the best active bid on one of the eight NFTs is just 6 ETH ($8,000), in keeping with OpenSea.