SHIB Coin Rises After Introducing Shibacals Connects NFTs to Real World Items

Liputan6.com, Jakarta Shiba Inu ecosystem developers are working on a service that can be used to connect real-world assets to NFTs.

This effort is meant to help prove ownership as part of the launch of their Shibarium ecosystem.

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

Launch CoinDesk, Thursday (22/6/2023), lead developer Shytoshi Kusama shared that the so-called Shibacals: Authenticated Collectibles, will use NFC chips to digitally authenticate physical items which can increase the value of these collectibles. Near Field Communication allows devices to interact wirelessly over very short distances.

For example, Shibacals can be used to create tags for real-world products, such as T-shirts, that are associated with a user’s NFT collection by authenticating the owner of the T-shirt and NFT as the same person. When resold, these tags can be verified on the blockchain so that buyers can differentiate between genuine and counterfeit products.

“The craze for NFTs is, in part, due to the verifiable ownership and scarcity that digital items offer on the blockchain… The Shibacal tag will not be limited to the Shibarium ecosystem and can be used to verify products on any blockchain,” explained Kusama.

CoinGecko data shows the Shiba Inu ecosystem token jumped on Wednesday after the announcement update. SHIB jumped 11 percent, while BONE and LEASH jumped 9 percent and 5.5 percent, respectively.