Shiba Inu Pivots Away From Meme Culture Towards Web3

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Prominent Shiba Inu (SHIB) developer Shytoshi Kusama believes it’s time to shed lore and memes in favor of real-world utility. A new partnership with D3 Global will enable the SHIB community to create top-level domains ending in .shib, forming the basis for a new decentralized identity.

Kusama believes that memes and lore must take a backseat to develop a standard “that can easily support the technology all of us are building for the betterment of the world.” They said this is the only way to improve adoption and give token burns more significance.

The new partnership with decentralized identification experts D3 Global will create shib name tokens into the Shib Name Service. These tokens could accrue features that enhance the holder’s Web3 experience. 

Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Once users secure a top-level domain, they could receive a .shib address. The Shiba Inu community claims their domains are distinct from long-established projects like the Ethereum Name Server system. 

One of the project’s selling points is that it differs from .com addresses associated with centralized entities like Netflix and Amazon. It is possible to fully own a website address and a Shiba Inu email address ending in .shib, which are both fully decentralized. 

“[The] next partnership & the purpose therein gives us a finish line to this ground-breaking experiment known as Shiba Inu,” Kusama said in a recent X thread.

Prospects for Increased Adoption

The drive towards a decentralized internet follows the release of the Shibarium ecosystem earlier this year. Shibarium is a layer-2 network built on top of Ethereum.  Transaction volumes on layer-2 Ethereum networks increased by 50% in the last two years. 

Earlier this year, the Manny Pacquiao Foundation said it would use Shibarium to organize events. People can also donate in SHIB and automatically receive a tax receipt.

The recent Bitcoin rally has accompanied a rise in the market capitalization of altcoins to $700 billion. Memecoin BONK recently became the third-largest dog-themed memecoin after Dogecoin and Shiba Inu. The price of SHIB is up 21.1% from a year ago to $0.00001020.

SHIB/USD Price | Source: BeInCrypto

Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.





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