Ownership of the physical skateboards can be transferred digitally and is separate from the original NFT, a new take on the burgeoning “phygital” (physical + digital) collectibles market. Chiru Labs says it does so with a “cryptographic BEAN chip” implanted in each board, which can be scanned by holders similar to an NFC chip.
The Azuki stewards told CoinDesk the auction had 145 bids in total, with the lowest winning bid being 200 ETH (approx. $267,000) placed by darklady.eth and the highest winning bid being 309 ETH (approx. $413,000) set by dingaling.eth, a prominent NFT collector who owns 102 Azuki NFTs.
For high-rolling JPEG collectors, the NFTs mean more than just their redeemable skateboards. The project says winning bidders will become “an unforgettable part of the Azuki story,” enshrined in the collection’s lore through unique emblems attached to the NFTs displayed on the project’s website.
It’s not the first project to meld high-value physical collectibles with degen collectibility. In August, jewelry maker Tiffany and Co. released a collection of NFTs for CryptoPunk owners that could be redeemed for diamond necklaces, raising $12 million in sales.
Azuki is the fifth-most popular NFT collection of all time by sales volume, with 266,000 ETH (approx. $355 million) in sales since its launch in January. The collection is currently holding onto a floor price of 11.5 ETH, down from its high of 29 ETH in May, according to data from NFT Floor Price.
Whether holders of the NFTs choose to redeem their tokens for the skateboard or hold for resale value is yet to be seen. At the time of publishing, the highest active bid on one of the eight NFTs is just 6 ETH ($8,000), according to OpenSea.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.