SHIB price increases by 11% following introduction of Shibacals.
The Shiba Inu developers are working on a new project called ‘Shibacals’ that aims to connect physical assets to non-fungible tokens (NFTs) to improve their ownership. This project is part of the Shibarium rollout, which is a Layer-2 scalability platform for Shiba Inu with a focus on the Metaverse and NFT applications. The platform will use the Shiba Inu SHIB token, as well as BONE and LEASH tokens, and is set to go live later this year.
The Shibacals project will use NFC chips to authenticate physical items digitally, which will increase the value of digital collectibles. The NFC devices facilitate wireless interaction over a short distance. These tags will generate a unique identification for a real-world product, which will be linked to the user’s NFT collection, representing their ownership of the physical product. When reselling, users can verify these tags on the blockchain network to ensure the authenticity of the product.
Shibacals tags can be used to authenticate products on any blockchain, not just Shibarium. The recent development has caused the price of Shiba Inu’s native cryptocurrency, SHIB, to increase by 11%, and the burn rate has also spiked by 7000%, resulting in a decrease in the token supply.
