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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.
By Shaurya Malwa
Jun 22, 2023 at 8:27 a.m. UTC
(Shutterstock)
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.
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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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Shaurya Malwa
Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Follow @shauryamalwa on Twitter
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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