Shiba Inu links NFTs to real-world items with ‘Shibacals’; SHIB rises.
The developers of the Shiba Inu ecosystem are currently working on a new service that will be able to connect real-world assets to NFTs in order to verify ownership. This service is part of the Shibarium ecosystem, which is a layer 2 blockchain that is focused on non-fungible token (NFT) and metaverse applications. The Shibarium ecosystem will use shiba inu (SHIB), bone (BONE), and leash (LEASE) tokens in order to operate. According to the developers, the blockchain is expected to go live later this year.
The lead developer, Shytoshi Kusama, shared in a Thursday update that the “Shibacals: Authenticated Collectibles” will use NFC chips to authenticate physical items, which can increase the value of these collectibles. Near Field Communication allows devices to interact wirelessly over a very short distance. Shibacals can be used to generate a tag for a real-world product, such as a T-shirt, that is tied to a user’s NFT collection in order to authenticate the owner of the T-shirt and the NFT as the same person. On resale, these tags can be verified on the blockchain so that buyers can differentiate between original products and copies.
Kusama explained in the update that the NFT craze is due to the verifiable ownership and scarcity that digital items on the blockchain offer. However, as mass adoption unfolds, and scammers move from wallets to tangible items, how will we authenticate these items? Shibacals tags will not be limited to the Shibarium ecosystem and could be used to verify products on any blockchain, according to the article.
Following the update, Shiba Inu ecosystem tokens experienced a surge in value. SHIB surged 11%, while BONE and LEASH jumped 9% and 5.5% respectively, according to CoinGecko data.
- Nike teases ‘Airphoria’ NFT sneaker on Fortnite.
- Nifty News NFTs hinted in Queen and HSBC filings, Yuga teases robot game and more.
- Web3 Charity Teddy DAO raises money through daily NFT auctions.
This article was edited by Parikshit Mishra.