Dogecoin-killer Shiba Inu spiked on Thursday after one of the ecosystem’s lead developers revealed new functionality that will affect NFTs within the upcoming Shibarium ecosystem.
The upgrade will let users link NFTs to real-world assets to provide authentication and proof of ownership for physical items.
Shibacals: Proof of Ownership On Shibarium
Shibarium is a metaverse and NFT-focused layer 2 blockchain that will operate using the Shiba Inu ecosystem’s three tokens: SHIB, BONE, and LEASH.
The blockchain – expected to go live later this year – will include blockchain gaming, “decentralized” entertainment, account abstraction, and international governance, according to developer Shytoshi Kusama’s Thursday blog post.
This, he wrote, will require establishing trust through various systems in Shibarium – one of which will be “authenticated collectibles” known as “Shibacals.”
“Shibacals zeroes in on [authenticity] and [aesthetic appeal], fostering an authentication layer that supercharges the concept of collectibility,” wrote Kusama. The developer sees both elements as core components of what defines a collectible, alongside scarcity, demand, historical significance, and other factors.
Through Shibacals, Shibarium will authenticate real-world items through an NFC chip, which can link to “dynamic destinations setting up myriad possibilities that are ideal for businesses.” The developer liked the idea to authenticate of items on eBay, except Shibarium would also create items in-house, and leverage blockchain transactions.
Kusama suggested that Shibacals collectibles may require 4 to 6 weeks to complete, as they will usually be “high quality” and “handmade.” Developers are already in discussion with multiple blockchain teams to leverage its authentication tech.
“Any crypto community, from Bitcoin Ordinals to your preferred alt-coin, can leverage this service to rapidly boost engagement through the production of authenticated collectibles,” concluded the post.
SHIB Price Boost
After the announcement, SHIB rose by as much as 11% on the day, from $0.000007529 to $0.000008408 by 6:15 am ET. The coin quickly retraced much of its gains, however, retreating to $0.000007824 at writing time.
SHIB is still up 16% on the wee, however, rising alongside Bitcoin and other cryptos in the wake of BlackRock’s Bitcoin spot ETF filing last week.