Join Our Telegram channel to stay up to date on breaking news coverage
Shiba Inu, the popular cryptocurrency that started as a meme, has taken a leap forward in the world of non-fungible tokens (NFTs) by introducing ‘Shibacals’, a new way to connect digital assets with real-world items.
Shiba Inu’s latest innovation comes at a time when the NFT market, as it strives to regain its position in the markett, providing collectors with a unique opportunity to own both digital and tangible assets.
By introducing Shibacals, Shiba Inu is not only opening a new door into the physical world but also giving collectors a way to prove ownership within the Shibarium ecosystem.
SHIBACALS, a unique In-Real-Life component of the Shiba Inu Ecosystem! Shibacals is here to add that extra sparkle to your community by transforming your digital NFTs into authenticated, high-quality Physicals! 🚀
1⃣st Up , Shiba Inu Hoodies on Championhttps://t.co/9FP1LPC4Ge pic.twitter.com/tUWGlhjdXg
— Shibacals Collaboration Studio (@shibacals) June 15, 2023
Following this announcement, there has been a surge in the prices of Shiba Inu tokens, including SHIB, BONE, and LEASH. It’s no surprise, as Shibacals and the upcoming launch of Shibarium have created a buzz in the crypto community.
Shibarium, a layer 2 blockchain that focuses on NFT and metaverse applications, is set to launch later this year. The platform will utilize Shiba Inu’s native tokens to facilitate operations within the blockchain, offering even more opportunities for token holders
Shibarium Ecosystem will Authenticate Physical Assets through NFC Technology
Shibacals will leverage NFC chips to digitally authenticate physical products, such as T-shirts, and associate them with a user’s NFT collection. This connection between the physical T-shirt and the NFT verifies that the owner of both items is the same individual.
The authentication process verifies the ownership of both the physical item and the corresponding NFT, enhancing the value of these collectibles.
When the T-shirt is resold, potential buyers can verify the authenticity of the product by checking the authenticity on the blockchain, differentiating it from counterfeit copies.
This feature will help distinguish between original items and copies.
Lead developer Shytoshi Kusama highlighted the importance of ensuring authenticity for physical objects, particularly as the adoption of NFTs continues to grow. He acknowledged that the current popularity of NFTs stems from the verifiable ownership and scarcity they offer on the blockchain.
However, as scammers may shift their focus from digital wallets to tangible items, the need for authenticating these physical objects becomes crucial.
“The NFT craze is, in part, due to the verifiable ownership and scarcity that digital items on the blockchain offer,” Kusama said.
“But, what about physical objects? As mass adoption unfolds (preferably on Shibarium), and scammers move from wallets to tangible items, how will we authenticate these items?”
Additionally, Shibacals tags will be available beyond the Shibarium ecosystem. This means that they will be versatile and can be utilized to verify products on any blockchain network, which expands their potential use cases significantly beyond Shiba Inu’s ecosystem.
SHIB, BONE, and LEASH Tokens Experience Significant Gains Following Shibacals Announcement
Following the announcement of Shibacals, the prices of Shiba Inu tokens experienced significant gains. SHIB, BONE, and LEASH surged by 11%, 9%, and 5.5%, respectively, according to CoinGecko data. The Shiba Inu (SHIB) price alone recorded a 14% increase in the past 24 hours, reaching a high of $0.00000841.
The introduction of Shibacals signifies a significant step forward for the Shibarium ecosystem, a layer 2 blockchain focused on NFT applications and the metaverse. Experts anticipate that this development will not only boost the wider adoption of Shiba Inu tokens but also contribute to the success of the Shibarium network.
While waiting for the full public launch of the Shibarium layer-two network, investors in Shiba Inu tokens can explore other promising altcoins.
One such example is Ecoterra, a presale token with strong fundamentals. Ecoterra is building a decentralized platform on the Ethereum blockchain that promotes sustainable living and rewards users for recycling.
The project has already generated significant interest, having sold over $5.2 million worth of its native ECOTERRA token. Investors can participate in the presale and potentially benefit from the platform’s future success.
Related News
- Window To Front-Run Institutional Demand For Bitcoin Is Closing: Michael Saylor
- Bitcoin Price Prediction as the Coin Surges Further to $30.5k Following Institutional Involvement
- Bankrupt Three Arrows Capital Rises From the Dead, Rebrands to 3AC Ventures
- Gemini Expands Singapore Hub To Drive Crypto Adoption Beyond U.S. Shores
Newest Meme Coin ICO - Wall Street Pepe
- Audited By Coinsult
- Early Access Presale Round
- Private Trading Alpha For $WEPE Army
- Staking Pool - High Dynamic APY
Join Our Telegram channel to stay up to date on breaking news coverage
