Shiba Inu has unveiled details of ‘SHIB: The Metaverse. The metaverse project will include 100,000 land plots on Decentraland some of which will be kept private and will be released in stages
Shiba Inu Joins The Metaverse
The latest project by the popular meme coin will include 100,000 land plots, some of which will be kept private. Though the plots will be released in stages.
According to Edul Patel, CEO and Co-founder of Mudrex, the main goal of the SHIB project is to build one of the strongest communities in crypto history. “Its big announcements of getting into metaverse space and offering more than 100 thousand plots of virtual space have gathered more than 3 million followers, adding to the token.”
Shiba Inu, a popular meme coin that has seen a multi-fold increase in the cryptocurrency sector in a very short period of time, has announced plans to join the metaverse.
Shiba Inu Metaverse Project
The creators intend to make Shiba Inu plots available for purchase in the metaverse. Shiba Inu initially called its metaverse domain ‘Shibverse,’ but later changed the project’s name to SHIB: The Metaverse.
In early February, the developers announced the ambitious metaverse initiative, which will compete with other metaverse coins such as The Sandbox and Decentraland.
The plots are priced between 0.2 and 1 ether and are divided into four categories: Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth (ETH). To ensure that Shiba Inu’s native token has no downside, the neutral cryptocurrency has been fixed for land pricing. Shibarium, a layer 2 system for SHIB, will be used to create the metaverse.
There will be a bid event to determine who owns the plots of land. To participate in the three-day event, bidders will need to lock their Doge Killer (LEASH) tokens. They will also be able to participate in the sale event’s seven-day stage.
Finally, once the first two stages of bidding are completed, the remaining land plots will be available for public sale. Shibarium, a layer-2 solution for SHIB, is expected to be used to create the metaverse.
Shiba Inu Fan Base
According to Pratik Gauri, Founder, and CEO of 5ire, Shiba Inu has amassed a large fan base known as ShibuArmy, and will now allow users to earn passive income.
According to coinmarketcap data, the token had a market capitalization of slightly less than $15 billion, while volumes fell 5% to $1.49 billion.
According to Lokesh Rao, CEO and CoFounder of Trace Network Labs, the entry or creation of any metaverse is beneficial to the industry’s growth because the future is in the metaverse.
Shiba Inu’s team has stated that purchasing the land will provide an opportunity to generate passive income and rewards. Other benefits that landowners will be able to obtain will be revealed in the future.
Meanwhile, following this announcement, the number of followers on the cryptocurrency’s official Twitter account has surpassed three million. Not only did SHIB’s price rise as a result of this announcement, but so did that of its followers.
We can only hope that this initiative encourages more investors to enter the market and invest in Shiba Inus.
$SHIB, $LEASH, $BONE will play a role
According to the blog, the Shiba Ecosystem will be used entirely by the SHIB: The Metaverse project, which means that all tokens $SHIB, $LEASH, and $BONE will play a role as phases roll out.
Land purchasers will be able to generate passive income, gather in-game resources, and generate rewards, all of which will be revealed soon, according to the team. While using and burning the dog-themed token, landowners can rename their plot.
According to market participants, Shiba Inu is becoming more valuable than just a joke token. According to the blog, once users become landowners, they will be able to unlock some new features and privileges that will be revealed later.