SHIB rallies after Shiba Inu introduces Shibacals

Key takeaways

Shiba Inu developers have introduced Shibacals, a service that allows users to link real-world assets to NFTs.

SHIB has rallied by more than 7% over the last 24 hours.

Shiba Inu to introduce Shibacals

Shiba Inu developers have revealed that they are currently working on a service that would allow users to link real-world assets to NFTs. 

According to the developers, Shibacals, the name of the service, will help prove ownership as part of the Shiba Inu’s Shibarium ecosystem rollout. 

Shibarium is the layer-2 blockchain that would focus on metaverse and NFT applications in the Shiba Inu ecosystem. The blockchain will be powered by SHIB, BONE and LEASE tokens. Shiba Inu developers revealed that Shibarium is expected to launch before the end of the year.

While discussing this latest cryptocurrency news, lead developer Shytoshi Kusama pointed out that Shibacals: Authenticated Collectibles will leverage NFC chips to digitally authenticate physical items.

Kusama added that the use of NFC chips could boost the value of collectibles within the Shiba Inu ecosystem as they allow devices to interact wirelessly over a short distance. 

Kusama explained that;

“The NFT craze is, in part, due to the verifiable ownership and scarcity that digital items on the blockchain offer 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?”

The team further explained that Shibacals tags would not be limited to the Shibarium ecosystem and could adoption within the wider blockchain ecosystem for product verification. 

SHIB rallies by more than 7%

SHIB, the native token of the Shiba Inu ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap in the last 24 hours. It has added more than 7% to its value during that period, outperforming the other major cryptocurrencies.

At press time, the price of Shiba Inu stands at $0.00000784 per coin, up by more than 20% in the last seven days.