Ethereum NFT project Azuki and multi-chain marketplace Magic Eden have teamed up to create what they call the first dual-chain NFT product that exists on both the Bitcoin and Ethereum Blockchains – a limited edition hoodie inspired by the creator of Bitcoin, represented by an NFT on both chains.
First unveiled last fall, the Azuki x Satoshi Nakamoto Enduro Hoodie is made exclusively for holders of Azuki’s “Spirits” NFTs – so there are only 98 pieces in total. The hoodies serve as a tribute to Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Each hoodie contains a built-in chip that allows owners to scan it and create a corresponding NFT as proof of ownership and authenticity on Ethereum, as well as a NFT-like ordinal inscription on Bitcoin.
The hoodies use Azuki’s proprietary Physical Backed Token (PBT) technology according to the Ethereum Improvement Proposal EIP-5791 standard. Transfers of ownership require a signature from the physical chip embedded in each hoodie. This creates what Azuki calls “decentralized on-chain verification combined with off-chain ownership.”
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— Azuki (@Azuki) October 31, 2023
“ETH ownership is still tied to immutable art on BTC,” Azuki and Magic Eden noted in a statement. “The concept was built around the desire to collect and trade artifacts in a user-friendly way, which led to programming on EVM while keeping the art anchored on BTC.”
Azuki is one of the most prominent NFT properties, with more than $1.1 billion in trading volume to date on the original Ethereum collection alone, according to CryptoSlam.
Magic Eden has been the leading NFT marketplace in terms of trading volume in recent months, thanks in part to his early bet on Bitcoin Ordinals. The marketplace too supports the recently launched Bitcoin Runes Coins.
Editor’s note: This article was written with the help of AI. Edited and fact-checked by Andrew Hayward.