Home | Crypto Live Feed | Azuki’s Auction of Golden Skateboard NFTs Yield $2.5 Million Proceeds 

Azuki’s Auction of Golden Skateboard NFTs Yield $2.5 Million Proceeds 

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The popular NFT project auctioned off eight golden skateboards that can be burned for “physical backed tokens,” creating a physical-digital hybrid version of assets.

Azuki’s Golden Skateboard NFTs And It’s Physical Version

Azuki’s popularity has been consistent since its launch, and one of the best-selling NFT collections of all time, garnering 266,000 ether (ETH), estimated at  $356  million in sales since its launch in January 2022.

The Azuki project auctioned eight golden skateboard non-fungible tokens this weekend, raising $2.5 million in sales volume. The sale is part of Azuki’s plan to introduce a new type of token, which it calls “physical backed tokens,” or PBTs. PBTs support binding real-world items to the Ethereum blockchain. 

The token holders can burn the NFTs to redeem an actual gold-plated skateboard. Azuki added that the physical skateboard will be distributed in November. According to Chiru Labs, the creators of Azuki, the skateboard weighs 45 pounds and is not suggested for riding. Holders will be able to connect the physical skateboard to the token through a BEAN chip implanted in each board a physical cryptographic chip that can self-generate asymmetric key pairs.

As stated in a tweet by Azuki, the golden skateboard is a marvel of art & technology and went down in history as the most expensive skateboards ever sold. The lowest winning bid was at a price of  200 ETH estimated at $270,000 placed by darklady and the highest winning bid was at a price of 309 ETH estimated at $417,000 set by dingaling

Other NFTs With High-Value Physical Collectibles

The NFT space has already been making waves on digital assets with high-value physical collectibles. The luxury jewelry maker Tiffany and Co. released “NFTiff” collection for CryptoPunk owners with 250 non-fungible tokens priced at 30 ETH each in August. The project sold out in 22 minutes raising $12 million in sales. CryptoPunk owners could redeem their digital collectibles for diamond necklaces. Chain handled the NFT design concepts and described the sale as controlled and strategic. Intended to appeal to two different sets of consumers, those who were already familiar with CryptoPunks, and those who might not be familiar with them but who wanted to participate in the NFTiff project.

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