Shiba Inu’s Metaverse to Auction Over 100,000 Virtual Plots Priced Upto ETH 1

Shiba Inu Metaverse to Put Over 100,000 Virtual Land Plots for Sale

By Radhika Parashar | Updated: 31 March 2022 18:55 IST

Shiba Inu’s Metaverse to Auction Over 100,000 Virtual Plots Priced Upto ETH 1

Photo Credit: Shiba Inu

Shiba Inu’s metaverse project was first announced in February 2022

Highlights

Shiba Inu to 36,431 plots at the introductory stage
SHIB lands prices to start from ETH 0.2 (roughly Rs. 51,000)
Shiba Inu’s metaverse will be developed in Shibarium protocol

Shiba Inu creators have begun teasing community members with details on its upcoming metaverse project called ‘SHIB: The Metaverse'. A total of 100,595 virtual land plots will be put up for sale on Shiba Inu's metaverse, out of which some will be remain private — to be used as common grounds, such as roads, hubs, and boulevards. The price range of these metaverse lands will range between ETH 0.2 (roughly Rs. 51,000) and ETH 1 (roughly Rs. 2.5 lakh).

In the introductory stage, 36,431 land plots will be unlocked. Price-wise, these plots will be sorted into four categories — Silver Fur, Gold Tail, Platinum Paw, and the top tier, Diamond Teeth, a blogpost on ShibaSwap said.

The SHIB team has decided to use neutral cryptocurrency as a land pricing token in order to ensure there is no downside risk to Shiba native coins — SHIB, LEASH, and BONE. These tokens will play a role after more phases of SHIB's metaverse are rolled out.

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“As we will use the collected funds to pay for the Metaverse development, team have decided to use a neutral coin that can be sold into stablecoins in order to pay all the sources. 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,” the SHIB team said.

The meme coin community is also promising financial rewards to those choosing to purchase lands in its metaverse.

“Users who own land in SHIB: The Metaverse will be able to generate passive income, gather in-game resources, and generate rewards. We will be introducing a unique, and exciting way to earn, while also awarding users to have a personal space in which they will be able to build and manage their own projects,” the blog post added.

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Landowners will be permitted to rename their plots while using and burning the SHIB token.

Shiba Inu's metaverse will be developed in Shibarium, a layer-2 solution for SHIB.

The Shiba Inu team is in talks with undisclosed entities for securing partnerships in this metaverse project.

The project was first announced in February this year.

Its recent updates have stirred major excitement among SHIB supporters.

We are happy to welcome you to SHIB : The Metaverse. An immersive experience that is positioned to become a massive environment for the #ShibArmy to grow, share, and benefit together.#Metaverse #SHIBARMY #Sibainu @umesh_sun @Shibtoken https://t.co/jmnau2XzJo
— Aryan Badshah:flag-in: (@aryanbadshah111) March 31, 2022

#shib in the metaverse :the_horns::the_horns::the_horns::the_horns: Might have to buy a plot of land.#Metaverse #shibainu #CryptoNews https://t.co/QAu81LU5Zp
— LI Crypto Guy (@LICryptoGuy1) March 31, 2022

@Shibtoken A moment I've been waiting for!:innocent:#SHIB $SHIB #ShibainuCoin https://t.co/3AyAdvMsyc
— IIGODZILLAIIOFFICIAL (@IIGODZILLAIIOFF) March 30, 2022

The cryptocurrency was made by an anonymous creator ‘Ryoshi' in August 2020, and was marketed as a Dogecoin killer. Modelled after the Dogecoin itself, the mascot of Shiba Inu is a cartoon-like representation of a Japanese Shiba Inu dog.

Each SHIB token is currently priced at $0.000028 (roughly Rs. 0.002118) and its total market cap stands at $14.5 billion (roughly Rs. 1 trillion), as per Gadgets 360's crypto price tracker.

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Further reading: Cryptocurrency, Shiba Inu, SHIB, Metaverse, Shiba Inu Metaverse, Leash, Bone

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More