Shiba Inu Introduces ‘Shibacals’ to Link NFTs to Real-World Items; SHIB Jumps

Developers shared plans for an NFC-linked authentication service in a Thursday update.

AccessTimeIconJun 22, 2023 at 8:27 a.m. UTC
Updated Apr 9, 2024 at 11:08 p.m. UTC

Shiba Inu ecosystem developers are working on a service that can be used to link real-world assets to NFTs to help prove ownership as part of their Shibarium ecosystem rollout.

Shibarium is a planned layer 2 blockchain focused on metaverse and non-fungible token (NFT) applications that will use shiba inu (SHIB), bone (BONE) and leash (LEASE) tokens to operate. The blockchain is expected to go live later this year, the developers say.

In a Thursday update, lead developer Shytoshi Kusama shared that the so-termed “Shibacals: Authenticated Collectibles” will employ NFC chips to digitally authenticate physical items – which could boost the value of these collectibles. Near Field Communication allows devices to interact wirelessly over a very short distance.

For example, Shibacals can be used to generate a tag for a real-world product, such as a T-shirt, which is tied to a user’s NFT collection in a way that authenticates the owner of the T-shirt and the NFT as the same person. On resale, these tags can be verified on the blockchain so buyers can differentiate between original products and copies.

“The NFT craze is, in part, due to the verifiable ownership and scarcity that digital items on the blockchain offer,” Kusama explained in the update. “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?”

Shibacals tags will not be limited to the Shibarium ecosystem and could be used to verify products on any blockchain, according to the article.

Shiba Inu ecosystem tokens jumped on Wednesday following the update. SHIB surged 11% to post the biggest gains among major tokens, while BONE and LEASH jumped 9% and 5.5% respectively, CoinGecko data shows.

Edited by Parikshit Mishra.


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