Dogecoin killer Shiba Inu rose on Thursday after one of the ecosystem’s leading developers revealed a new feature that will affect NFTs within the upcoming Shibarium ecosystem.
The upgrade will allow users to link NFTs to real-world assets to provide authentication and proof of ownership of physical items.
Shibacals: Proof of Ownership on Shibarium
Shibarium is a metaverse and NFT-focused layer 2 blockchain that will operate using the three tokens of the Shiba Inu ecosystem: SHIB, BONE, and LEASH.
The blockchain – which is expected to go live later this year – will include blockchain games, “decentralized” entertainment, account abstraction and international governance, according to developer Shytoshi Kusama on Thursday. blog post.
This, he wrote, will require establishing trust through various systems within Shibarium – one of which will be “authenticated collectibles” known as “Shibacals”.
“Shibacals focuses on (authenticity) and (aesthetic appeal), fostering a layer of authentication that supercharges the collectible concept,” Kusama wrote. The developer considers both elements to be essential components of what defines a collectible, alongside rarity, demand, historical significance, and other factors.
Using Shibacals, Shibarium will authenticate real-world objects through an NFC chip, which can be linked to “dynamic destinations creating a myriad of possibilities ideal for business.” The developer likened the idea to authenticating items on eBay, except that Shibarium would also create items in-house and leverage blockchain transactions.
Kusama suggested that Shibacals collectibles might take 4-6 weeks to complete, as they will generally be “high quality” and “handmade.” The developers are already in discussions with several blockchain teams to leverage its authentication technology.
“Any crypto community, from Bitcoin Ordinals to your favorite alt-coin, can leverage this service to quickly drive engagement through the production of authenticated collectibles,” the post concluded.
SHIB Price Increase
After the announcement, SHIB was up 11% during the day from $0.000007529 to $0.000008408 as of 6:15 a.m. ET. However, the coin quickly retraced much of its gains, retreating to $0.000007824 at the time of writing.
SHIB is still up 16% on the early morning, however, rising alongside Bitcoin and other cryptos following the filing of BlackRock’s Bitcoin Spot ETF last week.
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