Despite the criticism it has received from cryptocurrency experts, the Shiba Inu meme coin continues to bark, and on Wednesday it revealed additional details of its own metaverse, which will be dubbed SHIB.
This initiative is the Shiba Inu team’s response to Decentraland, and a metaverse, according to the Shiba Inu team’s blog post, is about shared virtual spaces that form a perceived virtual reality environment, with the goal of creating “one of the strongest communities ever gathered in all of crypto’s history.”
The entire Shiba ecosystem will be included in the SHIB project, with $SHIB, $LEASH, and $BONE tokens that will come into play as specific phases are implemented.
What will you be able to buy in SHIB : The Metaverse?
There will be 100,595 plots of land available in the Metaverse, with public lands available for purchase and certain lands locked for usage as common land and highways (avenues, boulevards and axes).
The team will unlock 36 431 lands in the first phase, which will be split into four tiers: “Silver Fur,” “Gold Tail,” “Platinum Paw,” and “Diamond Teeth,” with values ranging from 0.2 ETH to 1 ETH depending on the level, as the company decided to utilize a neutral currency.
According to the SHIB project, this is an opportunity to generate passive income and generate rewards in a key year for its entire ecosystem “with new implementations like Shibarium, which will be the Layer 2 (L2) in which SHIB : The Metaverse will be developed, and even SHI, the Shiba Ecosystem stablecoin.”
The following points appeared on CoinDesk:
- Land plots will be released in phases. The introductory stage will unlock 36,431 plots, divided into four categories: Silver Fur, Gold Tail, Platinum Paw and Diamond Teeth and priced between 0.2 ether (ETH) to 1 ETH.
- The team has decided to use neutral cryptocurrency as a land pricing token to ensure there is no downside risk to Shiba Inu native coins.
- “Using our ecosystem tokens is a risk, as we would need to dump our own tokens price cashing them! And that’s far away from our plans,” developers said in the announcement published Wednesday.
- Land buyers will be able to generate passive income, gather in-game resources, and generate rewards, which the team said it will reveal soon.
- Landowners can rename their plot while using and burning the dog-themed SHIB token.
- “We will be introducing the first special role that shiba inu $SHIB will play in the metaverse,” the announcement said. “By welcoming a mechanic to burn $SHIB independently while renaming your land plot, furthermore, this should start soon after land events and public sale have ended.”
- The rest of the SHIB ecosystem coins such as LEASH and BONE will play a role as more phases are rolled out, developers said, adding that LEASH holders will be able to purchase lands in later stages.
- The metaverse will be developed in Shibarium, a layer 2, or companion, system for SHIB.
- The SHIB token was flat, near 0.00002274 at press time. Developers hinted at a foray into the metaverse in early February.