Shibarium: A Hub for NFTs
The Ethereum layer-2 blockchain, Shibarium, which is associated with the Shiba Inu meme coin, has shifted its focus to become a hub for non-fungible tokens (NFTs) in the metaverse, gaming, and decentralized finance (DeFi) sectors. This showcases the evolution of the Shiba Inu ecosystem from its origins as a meme coin.
A Step-by-Step Guide to Buying Shibarium NFTs
A member of the Shiba Inu ecosystem, known as Lucie, recently shared a guide on how to buy NFTs on Shibarium. To purchase these digital assets, you need to have Ethereum (ETH) and any Shiba Inu ecosystem asset like SHIB, BONE, or LEASH in your wallet. You also need to add the Shibarium network to your Web3 crypto wallet using a browser extension.
Once you’ve added the network, you can bridge your BONE tokens by visiting the Shibarium Staking platform. There, you’ll find various Shibarium-based NFT marketplaces like Mantra Protocol. Choose an NFT and purchase it using BONE tokens. The prices of these NFT collections range from 10 to 10,000 BONE tokens.
Advantages of Shibarium-based NFTs
Lucie also highlighted the low transaction fees associated with Shibarium-based NFTs. Each transaction only requires a fee as low as $0.01. This makes it more affordable for users to engage with these digital assets.
Decline in Trading Activity
Despite the growing interest in Shibarium-based NFTs, there has been a decline in trading activity on the platform. The transaction count has dropped to $5.69 million from an average of 7 million in the past 30 days. This decline has also affected the price of SHIB, which has decreased by nearly 9% in the last seven days, reaching $0.00000.
Hot Take: Shibarium’s Transformation into an NFT Hub
Shibarium’s shift towards becoming a hub for NFTs reflects the growing importance of these digital assets in the crypto space. By expanding its focus to metaverse, gaming, and DeFi applications, Shibarium is positioning itself as a key player in the NFT market. However, despite this transformation, Shibarium is currently facing a decline in trading activity, which may impact its overall growth and adoption. Nevertheless, with its low transaction fees and diverse range of NFT collections, Shibarium continues to attract users looking to explore the world of digital art and collectibles.
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