The NFT-Backed Skateboards at the Azuki ‘Proof of Skate’ Auction Raised $2.5 Million

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Last Updated on October 24, 2022 by Bitfinsider

NFTs are frequently thought of as two-dimensional images; however, on Friday, a bidding war broke out over three-dimensional skateboards that had an embedded chip for the purpose of authenticating them.

During the auction, which was hosted by Chiru Labs, the creators of the Azuki brand, participants were able to place bids in Ethereum for the chance to win one of eight skateboards. The total amount of Ethereum raised was $2.5 million. According to Chiru Labs, each of the skateboards is covered in a 24 karat gold plating and weighs 45 pounds. The company advises owners not to attempt to ride their skateboards because of these characteristics.

One of the skateboards was purchased for slightly more than $400,000 by the highest bidder, while the successful bid for the lowest amount was somewhere around $260,000. Chiru Labs disclosed to Bitfinsider that a total of 145 bids were received for the skateboards.

Chiru Labs refers to the process as “scan-to-own,” and it ensures that each skateboard is one of a kind by incorporating a physical chip into its construction. This chip can be read by a smartphone, and the user can then verify their ownership of the skateboard.

According to LooksRare, the most expensive board was purchased by an NFT collector who goes by the handle “dingaling.” This individual already possesses a massive collection of NFTs, which includes seventy different Azuki avatars. Following the conclusion of the auction, he referred to the Azuki community on Twitter as “the most degenerate community” he had ever seen.

According to Chiru Labs, if one of the owners ever parted ways with their blinged-out board, another person would be able to scan the embedded chip to transfer the ownership of the board to a different wallet. The boards are Chiru Labs’ first implementation of a physically backed token, also known as a “PBT.” This type of token connects a real-world object to a digital token that is stored on the Ethereum blockchain.

According to the information provided by the company, the technology can be applied in a manner that makes use of blockchain technology to demonstrate that physical goods are authentic. A “PBT” can also be used to keep track of who has owned an item in the past, which could be useful in the world of art for establishing the provenance of a piece. Another use for a “PBT” is to keep track of who has owned an item in the past.

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