Azuki Raises $2.5 Million In Auction For Golden Skateboards

Azuki Raises $2.5 Million In Auction For Golden Skateboards

One of the biggest bluechip NFT collections has been making headlines recently after it managed to raise up to $2.5 million for its newest line of physical items!

Raising $2.5M

On October 22nd, Azuki finally concluded the end of the auction for their 8 limited-edition golden skateboards ‘Proof-of-Skate’, known to be the first line of Azuki’s products which will make use of their new Physical Backed Token technology.

Related: Azuki NFT Introduces Physical Backed Tokens By Launching Golden Skateboards!

Azuki reported that there had been around 145 total bids that were made on the skateboards, with only 8 of them being successful and having amassed $2.5 million.

The team later announced the winners of the bids as well as how much they had bid on the boards for, with the lowest bid being 200 ETH, or around $267,000 and the highest being 309 ETH, a whopping $413,000.

Azuki’s New PBT System

One of the biggest reasons why these boards were successfully able to be sold for so much was not only due to their quality and the fact that they were plated with 24K gold, but also due to the fact that this would mark the first line of their physical goods that would use their new Physical Backed Tokens (or PBT) system.

Related: Nike and BAYC Have Highest NFT Royalties Payout According To Galaxy Digital

This new token style which was introduced just a little earlier before the skateboards seem to be something that the team aim to focus on more when creating more physical goods in the future.

PBT will allow Azuki holders to scan chips embedded in their physical goods, in this case their golden skateboards, in order to receive a digital token version. Chiru Labs, the team behind Azuki explains that this new PBT system allows people to prove the authenticity of physical goods in a way that leverages blockchain technology.

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