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Shibarium sees decline in transactions amid NFT boom

Shibarium

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TL;DR

  • Shibarium, the Ethereum layer-2 blockchain linked to Shiba Inu (SHIB), is witnessing a significant decline in transaction activity.
  • The Shiba Inu ecosystem has transitioned from its meme coin origins to prioritize metaverse, gaming, and DeFi applications.
  • Despite the decrease in transactions, Shibarium has become a notable hub for non-fungible tokens (NFTs).

Shibarium, the Ethereum layer-2 blockchain associated with the Shiba Inu (SHIB) meme coin, is experiencing a notable decline in transaction activity. While the Shiba Inu ecosystem has evolved beyond its meme coin origins, focusing on metaverse, gaming, and decentralized finance (DeFi) applications, Shibarium is now home to various non-fungible tokens (NFTs). This article provides a step-by-step guide on purchasing Shibarium-based NFTs, highlighting their low transaction fees.

Shibarium’s evolution and declining transaction activity

Shibarium, launched in August last year, has evolved from its initial meme coin roots to a platform emphasizing metaverse, gaming, and DeFi applications. This transition reflects the Shiba Inu ecosystem’s journey towards diversification and broader utility.

However, recent reports suggest that Shibarium is facing a decline in transaction activity. Its transaction count has dropped to $5.69 million from an average of 7 million in the past 30 days. This decrease raises questions about the blockchain’s performance and whether it can maintain its relevance in the ever-evolving crypto landscape.

Amidst Shibarium’s shifting focus, the platform has emerged as a hub for non-fungible tokens (NFTs). NFTs have gained tremendous popularity in crypto, offering unique digital assets representing various art forms, collectibles, and more. Shibarium has seen the launch of several NFT collections, including ColonelCoup and Shib Dream NFT, signaling the network’s commitment to embracing this trend.

A step-by-step guide to buying Shibarium-based NFTs

To cater to the growing interest in Shibarium-based NFTs, a member of the Shiba Inu ecosystem, known as “Lucie,” recently shared a step-by-step guide on how Shiba Inu community members can acquire these digital assets. The guide ensures that users have a clear understanding of the process:

Ensure you have Ethereum (ETH) and Shiba Inu ecosystem assets: Users interested in purchasing Shibarium NFTs should start by having Ethereum (ETH) in their wallets. Additionally, they need to possess Shiba Inu ecosystem assets, such as SHIB, BONE, or LEASH.

Add Shibarium network to your web3 wallet: The next step involves adding the Shibarium network to their Web3 crypto wallet using the wallet’s browser extension. This integration is crucial for seamless transactions within the Shibarium ecosystem.

Bridge your BONE tokens: Users should bridge their BONE tokens once the network is added. This can be done by visiting the Shibarium Staking platform, where various Shibarium-based NFT marketplaces, like Mantra Protocol, are available. Users can then select an NFT and complete the purchase using BONE tokens. It’s worth noting that NFT prices on Shibarium typically range from 10 to 10,000 BONE tokens.

Low transaction fees and accessibility

Lucie also highlighted one of the key advantages of Shibarium-based NFTs – their low transaction fees. Users must pay as little as $0.01 in fees for each transaction, making it an attractive option for those exploring the NFT space without breaking the bank.

As the buzz surrounding Shibarium-based NFTs intensifies, this user-friendly guide provides clarity for Shiba Inu enthusiasts interested in entering the world of digital collectibles. Despite Shibarium’s declining transaction activity, its NFT ecosystem thrives, offering unique opportunities for users to engage with blockchain-based art and collectibles.

Shibarium, once primarily associated with the Shiba Inu meme coin, has undergone a transformation, shifting its focus towards metaverse, gaming, and DeFi applications. Despite a decline in transaction activity, the platform has found a new niche in the world of non-fungible tokens (NFTs). The step-by-step guide provided by “Lucie” offers a straightforward path for Shiba Inu community members to explore and purchase Shibarium-based NFTs. With its low transaction fees and growing NFT collections, Shibarium continues to evolve, demonstrating its resilience and adaptability in the dynamic cryptocurrency landscape.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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