Shiba Inu announced that Shib Names, popularly known as SHIB Name Tokens, are likely to be rolled out soon. They bring the future of identity to the decentralized Web3 world. They have often been described as a passport that bears the star mark “*” instead of the traditional dot. Thereby, it conveniently distinguishes itself in the market.
A tentative timeline highlights that availability could take 2–3 years. However, when they make their way into the market, they will serve as a true identity in Web3. The cost is estimated to start at $10, going as high as $9,000. Basic or standard names would be economical, starting at the lowest value, while names from the premier tier will fall in the $50–$9,000 range. Prices are for a single name for one year only.
Registration can be done via the D3 platform by utilizing fiat or crypto tokens. This includes Shiba Inu’s native token, SHIB. The registration process is said to be accessible and seamless.
The announcement has done little for the value of SHIB, for the token is down by 4.96% in the last 24 hours at the time of writing this article. It is exchanging hands at $0.0000379. The existing .shib domain names have been transferred from SNS (Shib Name Service) to the new platform. Users can now claim their improved names directly from their respective wallets.
The usage of the star mark is primarily to highlight that the relevance of Shib Names is restricted to the Web3 sphere. Claiming them would expand a user’s unified digital presence.
That said, Shib Names are not just names but go way beyond that horizon. They entail three functions: a multichain wallet, a cross-platform web3 username, and a decentralized identity. The Multichain Wallet feature refers to the provision by which Shib Names act as single addresses across hundreds of EVM-compatible blockchains. Hence, it streamlines the way in which cryptocurrencies are managed.
Shib Name further helps to move across different segments of the industry—GameFi, DeFi, and social media, to mention a few. Simply put, Shib Names are identity cards granting access to users in various industry sections. They enable users to identify validators, smart contracts, and decentralized applications. This builds transparency and trust within the ecosystem of decentralization.
Users are free to pick a Shib Name of their choice, provided it does not get repeated. Shib’s Name could be a classic nickname, a surname, or even a made-up name of the user. When picking a Shib Name, the goal should be anonymity, branding, or project building. A witty meme reference is more than welcome, even a random number sequence.
Consider it to be the username that one chooses when creating a profile on social media.
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