Dogecoin-killer Shiba Inu rose on Thursday after one of the ecosystem’s leading developers revealed a new tool that affects 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 objects.
Shibacals: Proof Of Ownership Of Shibarium
Shibarium is a metaverse and NFT-focused layer 2 blockchain that operates using the three tokens of the Shiba Inu ecosystem: SHIB, BONE, and LEASH.
The blockchain — expected to go live later this year — will include blockchain gaming, “decentralized” entertainment, account abstraction, and international governance, according to developer Shytoshi Kusama’s blog post.
This, he wrote, requires establishing trust through various Shibarium systems – one of which would be “authenticated collectibles” known as “Shibacals.”
“The Shibacals are focused [authenticity] and [aesthetic appeal]which promotes a layer of authentication that goes beyond the concept of collection,” Kusama wrote. The developer sees both elements as core components of what defines a collectible, with scarcity, need, historical significance, and other factors.
Through Shibacals, Shibarium will verify real-world objects through an NFC chip, which can link to “dynamic destinations that place many possibilities that are good for businesses.” The developer likens the idea of authenticating things to eBay, except that Shibarium will also create things at home, and will use blockchain transactions.
Kusama suggests that Shibacals collections can take 4 to 6 weeks to complete, as they are often “high quality” and “handmade.” The developers are already talking to several blockchain groups to use its authentication technology.
“Any crypto community, from Bitcoin Ordinals to your favorite alt-coin, can use this service to rapidly increase engagement by creating verified collectibles,” the post concluded.
SHIB Price Increase
After the announcement, SHIB rose 11% on the day, from $0.000007529 to $0.000008408 at 6:15 am ET. The coin quickly retraced most of its gains, however, returning to $0.000007824 at the time of writing.
SHIB is still up 16% for a bit, however, rising along with Bitcoin and other cryptos after the filing of BlackRock’s Bitcoin spot ETF last week.
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