- Shiba Inu experienced a price pump after a leading developer unveiled new features to be introduced in the forthcoming Shibarium ecosystem.
- The upgrade in Shibarium will allow users to tie NFTs to real-world assets, providing authentication and establishing proof of ownership for tangible items.
In a move that stirred the crypto markets on Thursday, Shiba Inu, colloquially referred to as the ‘Dogecoin-killer’, witnessed a spike. This followed an announcement from one of its principal developers about the impending introduction of new features within the Shibarium ecosystem, significantly impacting NFTs.
The pivotal upgrade will facilitate users in connecting their NFTs with tangible assets, providing a secure mechanism to authenticate and establish ownership of physical items.
Shibarium is a Layer 2 blockchain solution, concentrated on metaverse and NFTs, and will function on the Shiba Inu ecosystem’s trio of tokens: SHIB, BONE, and LEASH. Expected to become operational later this year, the blockchain will encompass elements like blockchain gaming, decentralized entertainment, account abstraction, and international governance, as expounded by Shytoshi Kusama, the developer, in his recent blog post.
Among the multitude of systems to be established in Shibarium, one of the most noteworthy will be the authentication of collectibles, referred to as ‘Shibacals’. Kusama envisions these ‘Shibacals’ to intensify the essence of collectability by providing a layer of authentication, in addition to contributing to the aesthetic appeal of the collection.
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With ‘Shibacals’, Shibarium will validate physical items via an NFC chip, bridging the gap between digital assets and their real-world counterparts. The developer likens this approach to the authentication process used on platforms like eBay, except for the added dimension of in-house item creation using blockchain transactions.
The developer’s post suggests that the creation of Shibacals collectibles could take around 4 to 6 weeks as these items are expected to be handmade and of high quality. The Shibarium team is already in conversations with multiple blockchain entities to employ its authentication technology.
In the wake of the announcement, the price of SHIB observed an 11% increase within the day, reaching a peak of $0.000008408 by 6:15 am ET. Despite a partial retracement of its gains, SHIB still remains 16% up for the week, surging in sync with Bitcoin and other cryptos following BlackRock’s Bitcoin spot ETF filing last week.
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