Mi. Feb 21st, 2024

• Shiba Inu is working on a service to establish a connection between real-world assets and NFTs.
• The service will utilize the Shiba inu (SHIB), bone (BONE) and leash (LEASE) tokens for its operations.
• The concept of “Shibacals: Authenticated Collectibles” will use NFC chips to digitally authenticate physical items to verify ownership.

Shiba Inu Unveils Groundbreaking Concept

The developers within the Shiba Inu ecosystem are currently working on a service that aims to establish a connection between real-world assets and NFTs (non-fungible tokens). This development is part of the upcoming rollout of the Shibarium ecosystem, a layer 2 blockchain focused on metaverse and NFT applications, which will utilize the Shiba inu (SHIB), bone (BONE), and leash (LEASE) tokens for its operations. It is anticipated to go live later this year.

Shibacals: Authenticated Collectibles

Lead developer Shytoshi Kusama recently provided an update, highlighting the concept of “Shibacals: Authenticated Collectibles” which will utilize NFC chips to digitally authenticate physical items, potentially increasing their value. To illustrate, Shibacals can generate a tag for a real-world product like T-shirts which will be associated with user’s NFT collection as proof of ownership. When reselling such items, buyers can verify authenticity by checking tags on the blockchain.

Benefits Of Verifiable Ownership & Scarcity

Kusama highlighted the appeal of verifiable ownership and scarcity offered by digital items on the blockchain, which has contributed to the NFT craze. However, there is still challenge lies in how physical objects can be authenticated as mass adoption progresses and scammers attempt to exploit tangible items. The Shibacals tags are not replaceable if lost or destroyed but do not require any extra effort from users when buying products with them associated with them.

Wide Range Of Applications

This authentication system has wide range applications ranging from artworks, music videos or sports merchandise as well as special limited edition products like sneakers or handbags which could benefit greatly from this kind of verification system due to their high demand over secondhand markets where fake goods often circulate undetected.

SHIB Price Increase By 13%

The news about this development led SHIB price increase by 13%. With more features yet expected later this year around metaverse gaming and staking rewards it’s likely that SHIB price could continue rising throughout 2021 as mainstream adoption continues at rapid pace across various industries.

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