Shiba Inu Jumps 14% as Devs Announce System to Authenticate NFTs, Physical Items

1. Shiba Inu’s price saw a double-digit gain to $0.00000841.
2. SHIB’s price surge in the last 7 days is even higher than Bitcoin’s.
3. Developers announced the launching of Shibacals to link physical assets to NFTs.

The price of Shiba Inu (SHIB) has recovered along with most of the cryptocurrency market and is now trading at $0.00000841, a jump of 14.2% in the last 24 hours alone. This translates to a 7-week pump of 28.2%, which is even higher than Bitcoin’s (BTC) weekly rally to $30,100.

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Alongside this, SHIB developers also announced the creation of a new service known as Shibacals, aimed at linking real-world assets to non-fungible tokens (NFTs) for the purpose of proving ownership. 

As mentioned above, the announcement sent shockwaves through the market, causing a double-digit surge in the price of SHIB and solidifying its position as one of the most dynamic cryptocurrencies in the top 20 list.

Shibarium, a highly-anticipated layer 2 blockchain designed to focus on NFT and metaverse applications, will serve as the platform for Shibacals. To facilitate operations within the ecosystem, three tokens—shiba inu (SHIB), bone (BONE), and leash (LEASE)—will be utilized. The anticipated launch of the blockchain is slated for later this year, as confirmed by the developers.

Lead developer Shytoshi Kusama disclosed in a Thursday update that Shibacals, also referred to as “Authenticated Collectibles,” will leverage NFC (Near Field Communication) chips to digitally authenticate physical items. 

This approach is expected to significantly enhance the value and desirability of these collectibles. Notably, Shibacals tags will not be limited to the Shibarium ecosystem alone; they will be compatible with any blockchain, enabling product verification across various platforms.

The introduction of Shibacals represents a major leap forward in the world of NFTs, as it offers a tangible connection between the digital and physical realms. 

By using NFC technology, collectors and enthusiasts can now verify the authenticity and ownership of real-world assets associated with NFTs, such as artwork, rare items, and memorabilia. This development is expected to bring about increased trust and transparency in the NFT space, attracting more users and driving further adoption.

As the launch of the Shibarium blockchain approaches, anticipation builds for the integration of Shibacals and the transformative impact it will have on the NFT market. With the potential to revolutionize asset ownership and authentication, this groundbreaking initiative may well shape the future of NFTs and their real-world counterparts across multiple blockchain ecosystems.

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