Shiba Inu rose on Thursday after one of the main developers of the ecosystem revealed new functionality that will affect NFTs in the upcoming Shibarium ecosystem.
The upgrade will allow users to associate NFTs with real assets to provide authentication and proof of ownership of physical items.
Shibacals: Proof of Ownership in the Shibarium
Shibarium is an NFT-focused layer 2 metaverse blockchain that will run using the three tokens of the Shiba Inu ecosystem: SHIB, BONE, and LEASH.
The blockchain — expected to be launched later this year — will include blockchain gaming, “decentralized” entertainment, account abstraction, and international governance, developer Shytoshi Kusama said Thursday. blog post.
This, he wrote, would require building trust through various systems in the Shibarium—one of which would be “documented holdings” known as “Shibacals”.
Kusama wrote “Shibacals oozes from (authenticity) and (aesthetic appeal), reinforcing a layer of validation that supercharges the concept of collecting”. The developer sees both items as essential components of what is known as collectible, along with rarity, demand, historical significance, and other factors.
Through Shibacals, Shibarium will authenticate real-world items through an NFC chip, which can link to “dynamic destinations that create myriad business-perfect possibilities.” The developer likened the idea to authenticating items on eBay, except that Shibarium would also create in-house items, and make use of blockchain transactions.
Kusama suggested that the Shibacals’ collectibles may require 4 to 6 weeks to complete, as they will typically be “high quality” and “handcrafted”. The developers are already in discussion with several blockchain teams to make use of their authentication technology.
“Any crypto community, from Bitcoin Ordinals to your favorite altcoin, can take advantage of this service to quickly boost engagement by producing validated collectibles,” the post concluded.
Chip price increase
After the announcement, SHIB stock rose as much as 11% on the day, from $0.000007529 to $0.000008408 by 6:15 AM ET. The coin quickly regained much of its gains, however, dropping to $0.000007824 at the time of writing.
However, SHIB is still up 16% in the past week, rising alongside Bitcoin and other cryptocurrencies in the wake of BlackRock’s Bitcoin spot ETF last week.
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