Merging Physical and Digital world: Part 2
Azuki Introduces the Physical Backed Token
For this 8Weekly piece, we continue our coverage on the merging of Physical and Digital worlds:
1. Fine art to NFTs: Meta-morphic by Huang Yuxing
2. Azuki Introduces the Physical Backed Token
3. Bored-Ape Creator Yuga Labs Faces SEC Probe
1. Fine art to NFTs: Meta-morphic by Huang Yuxing
Huang Yuxing, one of the most in-demand contemporary artists in Asia, has recently launched his first NFT collection - Meta-morphic - exclusively with LiveArt.
The Meta-morphic presale of 800 mystery boxes priced at 1.2 ETH each was sold out in 1 minute on September 23.
Huang Yuxing was born in Beijing in 1975 and graduated from the Mural Painting Department of the Central Academy of Fine Arts in 2000. Huang’s works have already passed the $8-million mark at auction, most recently via the sale of his epic riverscape Seven Treasure Pines (2016–19) which sold for HK$64.8 million ($8.3 million), a record sum for a Chinese artist born after 1970.
Huang states, “Meta-morphic is my first generative NFT project. This new medium allows a new kind of exploration of recurring motifs in my work – minerals, bubbles, and rivers – and the themes of nature and time that are hallmarks of my artistic journey.”
The Meta-morphic collection is fully supported by LiveArt. The mission of LiveArt is to connect the art world to Web3, and to help more artists, collectors and collaborators experience the power of artworks through a new artistic medium.
As Marisa Kayyem, LiveArt‘s Chief Curator states, “LiveArt is dedicated to bringing exceptional artists to Web3. Digital art has both thematic and cultural significance. It alters how artists create and collectors collect, and we want to share Huang’s exceptional vision with our audience in a new way. The Meta-morphic collection does precisely that.”
1,200 Meta-morphic will be sold during their public sale at a price of 1.5 ETH each on 24th October at 14:00 UTC.
Disclaimer: LiveArt is an 8DAO partner, and they have specially set aside 10 whitelist spots for 8DAO members to the Meta-morphic collection.
2. Azuki Introduces the Physical Backed Token
Coming in hot right after we covered phygital NFTs and the merging of Physical and Digital worlds in our last edition of 8Weekly, Azuki introduces the Physical Backed Token (PBT), $PBT on the ethereum blockchain, used to link physical items to digital tokens via a scan-to-own mechanism, enabling on-chain ownership of real-life assets.
Their initial auction of PBT consists of 8 of the 9 golden skateboards, videoed in person by our 8DAO founder Karma below:
Azukis first implementation of PBT uses the BEAN Chip, a physical cryptographic chip that self-generates an asymmetric key pair. PBT enables the linkage of physical items to digital tokens via a scan-to-own mechanism, which Azuki describes as a “Decentralized authentication of physical goods”
The auction featured more than 24 hours of fierce bidding, raising a total of $2,500,000 through the sale of 8 golden skateboards. Clearly, Azuki community whales have deep pockets.
Shoutout and congratulations to fellow 8DAO member @shrimpwen for winning the Cat emblem Golden Skateboard at a price of 202 ETH!
Azuki tweeted that the PBT introduces a new dimension to how brands tell stories. What an exciting innovation in the NFT space! We look forward to more future developments and interesting applications of the PBT.
3. Bored-Ape Creator Yuga Labs Faces SEC Probe
Last week, Bloomberg reported that the Securities and Exchange Commission is conducting a private probe into Yuga Labs, the crypto juggernaut behind NFT market leaders Bored Ape Yacht Club, while also noting that Regulator’s inquiry may not lead to allegations of misconduct.
Despite the SEC investigation, floor prices of Bored Apes have remained relatively stable with only a slight decline over the week.
Specifically, Bloomberg reports, “the SEC is examining whether certain nonfungible tokens from the Miami-based company are more akin to stocks and should follow the same disclosure rules,” while “also examining the distribution of ApeCoin”.
Is it inevitable that the U.S. government would seek to regulate the nascent, multi-billion dollar NFT industry as a securities market?