Shiba Inu has unveiled plans to introduce Shib Names, also known as SHIB Name Tokens, soon, heralding the future of identity in the decentralized Web3 realm. These names are likened to passports with a star mark "*" instead of the conventional dot, making them easily distinguishable in the market.

While a tentative timeline suggests availability in 2–3 years, Shib Names will serve as authentic identities in Web3 once launched. Pricing is estimated to range from $10 for basic names to $9,000 for premier tier names, all for a single-year term.

Registration can be completed through the D3 platform using fiat or crypto tokens, including Shiba Inu's native token, SHIB, with a straightforward and accessible process.

Despite the announcement, the value of SHIB has seen a slight decline of 4.96% in the past 24 hours, trading at $0.0000379 at the time of writing. Existing .shib domain names have been transferred from Shib Name Service (SNS) to the new platform, allowing users to claim improved names directly from their wallets.

The star mark highlights that Shib Names are exclusively relevant in the Web3 sphere, expanding users' unified digital presence upon claiming them.

Beyond mere names, Shib Names offer three functions: serving as a multichain wallet, a cross-platform Web3 username, and a decentralized identity. The Multichain Wallet feature enables Shib Names to act as single addresses across numerous EVM-compatible blockchains, simplifying cryptocurrency management.

Moreover, Shib Names facilitate navigation across various industry segments such as GameFi, DeFi, and social media, enhancing transparency and trust within the decentralized ecosystem by allowing users to identify validators, smart contracts, and decentralized applications.

Users have the freedom to select unique Shib Names, ensuring they are not duplicated. These names can range from classic nicknames to made-up monikers, with the primary aim being anonymity, branding, or project building, akin to choosing a username on social media.