Here’s a thing about NFT projects: Some are mere profile picture projects (PFPs), some are still “building” and many have faded into the abyss along with their roadmaps. But some take up innovation a few notches.
Chiru Labs, the team behind prominent NFT collection Azuki, has released yet another game-changer tech known as the Physical Backed Token (PBT). An official tweet from the team said the PBT is “an open source token standard tying a physical item to a digital token on the Ethereum blockchain”.
In the same Twitter thread, Azuki shared that the first implementation of the PBT will utilise the “BEAN Chip”, a physical cryptographic chip that automatically generates an asymmetric key pair. PBT enables decentralised authentication and tracking of the full ownership lineage of physical items.
Earlier this year, the Azuki team introduced an improved implementation of the IERC721 standard known as the ERC721A, which supports minting multiple tokens for close to the cost of one. Today, the ERC721A is widely adopted by other NFT projects to minimise gas costs for minting.
Less than a week after announcing its experimental concept, the anime-inspired NFT project raised $2.5 million ETH in sales volume from its Proof of Skate auction. A fierce bidding war broke out for 8 physical skateboards plated with 24K gold and authenticated by an embedded chip using a new “scan-to-own” feature.
Let it sink in: Musk’s $44 billion Twitter acquisition deal completed
27 October 2022
It’s a done deal. Elon Musk, the world’s richest person, is now the official owner of Twitter, one of the world’s most influential social media platforms.
His first days at the helm of Twitter were nothing short of his usual antics.
A kitchen sink: “Entering Twitter HQ – let that sink in!”
On Wednesday 26 October, just days before the deadline to complete his acquisition of the company, the Tesla and SpaceX CEO documented his entrance into Twitter’s San Francisco headquarters holding a porcelain sink, which was accompanied by a tweet, “Entering Twitter HQ – let that sink in!”
Firings: “The bird is freed”
When the $44 billion deal was sealed on Thursday 27 October, the heralded entrepreneur wasted no time remodelling the company. Musk promptly fired several of Twitter’s longtime top executives: CEO Parag Agrawal, CFO Ned Segal, legal affairs and policy chief Vijaya Gadde and general counsel Sean Edgett. He accused them of misleading him and investors over the number of fake accounts on the platform.
Privatisation: “The de facto public town square”
Despite having no prior experience leading a social media service, Musk has not held back with his criticism of the network’s previous management over product decisions and content moderation.
To impose his unrealistic but admirable vision to make online speech freer, the billionaire has now made Twitter a private company. This means Twitter will be delisted from the New York Stock Exchange. Its shares will no longer trade on public markets from 8 November.
Back in May, Musk declared he would restore former president Donald Trump’s Twitter account, which was permanently suspended following the January 2021 Capitol Hill incident.
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