Some possible NFT applications on the L2 network are event tickets and virtual real estate.
The Shiba Inu team has confirmed that Shibarium, the upcoming layer-2 blockchain solution for the Shiba Inu project, will introduce an option allowing creators to mint chain-specific non-fungible tokens (NFTs). The feature is one of the numerous exciting developments the team teased in a recent blog release.
Pawzaar highlighted the forthcoming feature, a newly-launched NFT marketplace built for the Shiba Inu ecosystem. “Shibarium will be home to countless NFT collections, and you can trade them using Pawzaar,” the project disclosed in a tweet Monday, sharing an excerpt from an official Shiba Inu blog release.
“…Shibarium allows for the creation of chain-specific NFTs.” – $SHIB team#Shibarium will be home to countless NFT collections and you can trade them using #Pawzaar. pic.twitter.com/IakuXoDxve
— Pawzaar | NFT Marketplace (@PawzaarOfficial) January 16, 2023
The blog release, which announced that the team would launch the Shibarium Beta phase soon, revealed some interesting features that community members can expect from the layer-2 solution when it eventually launches. Some of these features are associated with NFTs.
According to the team, some possible NFT-authenticated digital products include in-game objects and currencies, art and music projects, virtual real estate, and digital event tickets.
In addition to native NFT functionality, Shibarium, like all other layer-2 networks, will help decrease NFT gas fees and improve transaction speed for Ethereum, according to the recent blog release. The chain will achieve this by taking up some of the NFT transactions on the Ethereum network and handling them off the network.
Shiba Community Prepares for Shibarium Launch
Pawzaar has already positioned itself as one of the first NFT marketplaces that will support Shibarium upon its launch. To this end, several creators have announced plans to launch their collections on Pawzaar once Shibarium launches. One of these is the Shib Dream NFT collection.Â
The marketplace will also introduce unique features, such as burning SHIB for every NFT transaction processed and enabling an NFT to NFT trade option. Due to its promising outlook, some community members are already touting Pawzaar as the next OpenSea.
The official Shibarium Punks NFT has been introduced in preparation for the Shibarium launch and will feature 10,000 unique CryptoPunks that will be minted on Shibarium when it goes live.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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