the new standard for tokenised physical items 😱

GM Baos,

It's a great day to be alive if you own an Azuki. Wish I could be skating through the real-verse with my gold skateboard 😢

We cover:

• Azuki PBTs

• Tokenized real estate 🏠

• Tether’s new transparency

Azuki proof-of-skate 🛹

I can’t keep up with all the Azuki announcements lately 🥵

On October 21st Azuki is launching their first Physical Backed Token (PBT) drop. A limited edition series of nine 24K gold skateboards tied to the Azuki story. 45 lbs each!!!

Claiming a physical item by holding an NFT isn’t new, but that tie breaks as soon as it’s sold to someone else. With PBTs ownership is transferable to the next owner— meaning the token stays linked to the item throughout its lifecycle.

The Blockchain Enabled Authentication Network (BEAN) Chip, is what enables this experience they call scan-to-own. You use your phone to scan the chip and claim the PBT.

Here’s what Azuki says is unique to PBTs…

• Decentralized authentication of goods

• Tracking ownership lineage of physical goods

• Using physical products to create digital experiences

Azuki’s price definitely reflected these big announcements 😅

Though if you scroll Twitter long enough, you can see some people weren’t too excited. Pointing out this technology isn’t new and Azuki just re-branded it to make it their own.

Even if Azuki did only coin the term “physical backed token”, I’ve never been more bullish on Azuki and their bean sidekicks.

$175k NFT house

149 Cottage Lake Way, Columbia, SC 29209 sold for $175k last weekend. No seriously, a physical property was purchased on the blockchain.

The company behind the listing, Roofstock onChain, sells turn key homes through their NFT marketplace. These are real properties tokenized on the blockchain— made possible by their partnership with Origin Protocol!

When you buy a Home onChain, you instantly receive a token in your crypto wallet that represents the sole ownership of an LLC that has title to an underlying property.

“Investing in real estate is often considered a cumbersome process with high fees and lengthy transaction processes. By tokenizing properties on the blockchain, Roofstock onChain aims to radically simplify the way single family rental homes are bought and sold,”

—Geoff Thompson, Chief Blockchain Officer of Roofstock

Why tokenize real estate? Tokenizing real estate simplifies the home buying process and cuts out high brokerage fees. Imagine being able to buy and finance a house with just a few clicks. Origin Protocol Co-founder, Josh Fraser, suggests one day we could use an NFT of a real estate building as collateral for a loan (vs. a home equity loan).

10+ yrs from now buying real homes on the blockchain might be a popular way to buy real estate…are you ready anon?

Is Tether safe now?

Distrust in stablecoins increased exponentially after the UST collapse, but Tether has always been controversial. Although its remained the largest stablecoin for years— currently with a market capitalization of 68.4 billion.

Recently Tether announced in a blog post that they’ve completely eliminated commercial paper from its reserves. They have replaced the commercial paper with US Treasury Bills.

“This announcement comes as part of Tether’s ongoing efforts to increase transparency, with investor protection at the core of the management of Tethers’ reserves.”

“Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market. This is a step towards even greater transparency and trust, not only for Tether but for the entire stablecoin industry.”

—Tether

Because commercial paper is short-term unsecured debt issued by companies, it’s less secure than US Treasury Bills. This is a big step towards regaining public trust in USDT.

Bao-Sized News

• MetaMask enables instant ACH transfers for US users 🦊

• Limit Break (DigiDaigaku) buys a Super Bowl LVII commercial spot. $6.5m for a 30 second ad 😮

• Mastercard partners with Paxos to help banks offer crypto trading 🏦

Made us Kek

It may be hump day but that doesn't keep us from pumping out some hot news. Catch you soon 😎

–Cassidy