13.9 C
Manchester
May 22, 2024
BTC Hunts
Image default
Altcoin

Shiba Inu Unveils Groundbreaking Concept of ‘Shibacals, SHIB Price Rises by 13%

The post Shiba Inu Unveils Groundbreaking Concept of ‘Shibacals, SHIB Price Rises by 13% appeared first on Coinpedia Fintech News

Developers within the Shiba Inu ecosystem are currently working on a service that aims to establish a connection between real-world assets and NFTs (non-fungible tokens), with the intention of proving ownership. This development is part of the upcoming rollout of the Shibarium ecosystem, a layer 2 blockchain focused on metaverse and NFT applications.

The ecosystem will utilize the Shiba inu (SHIB), bone (BONE), and leash (LEASE) tokens for its operations, and it is anticipated to go live later this year, according to statements from the developers.

Shiba Inu’s Kusama hinted at Shibacals earlier

Lead developer Shytoshi Kusama recently provided an update, highlighting the concept of “Shibacals: Authenticated Collectibles.” This feature will utilize NFC (Near Field Communication) chips to digitally authenticate physical items, potentially increasing the value of these collectibles. NFC enables wireless interaction between devices over short distances.

To illustrate, Shibacals can generate a tag for a real-world product, like a T-shirt, which will be associated with a user’s NFT collection. This association serves to verify that the owner of both the T-shirt and the NFT is the same person. When reselling such items, buyers can verify the authenticity of the products by checking the tags on the blockchain, differentiating between original items and copies.

Kusama highlighted the appeal of verifiable ownership and scarcity offered by digital items on the blockchain, which has contributed to the NFT craze. However, the challenge lies in how to authenticate physical objects as mass adoption progresses and scammers attempt to exploit tangible items.

The Shibacals tags will not be limited to the Shibarium ecosystem, as they can be utilized to verify products on any blockchain, as stated in the article.

Following this update, the tokens within the Shiba Inu ecosystem experienced a surge in value. SHIB witnessed the largest gain among major tokens, increasing by 13%, while BONE and LEASH rose by 9% and 6%, respectively, according to CoinGecko data.

Related posts

Lido DAO (LDO) Price to Face a 41% Decline If Breaches This Level

Leslie Kim

Top Altcoins To Watch Next Week: Ripple’s XRP (XRP), Solana (SOL) And Chainlink (LINK) May Continue Breakout Trends

Leslie Kim

With Shibarium Release Ahead, Is It the Right Time To Buy Shiba Inu?

Leslie Kim