Shiba Inu (SHIB) holders will now be able to use the cryptocurrency to acquire land in the Shiba metaverse. The Shiba Inu team announced on Twitter on Wednesday that the SHIB token may now be used to mint parcels of land in the recently unveiled virtual reality project “SHIB: The Metaverse.”
The SHIB: The Metaverse has 100,595 separate pieces of land for sale. Initially, only ETH could be used to purchase land. SHIB’s incorporation with the metaverse project now allows customers to not only purchase land, but also add customization options to their virtual land.
Landowners in the SHIB: The Metaverse will be able to create passive income, accumulate in-game resources, and generate rewards, the details of which are still unknown.
The SHIB metaverse’s land plots will be released in stages. On April 13, 36,431 plots were unlocked in the first stage, with the land divided into four categories: Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth, with prices ranging from 0.2 ETH to 1 ETH.
Despite the public perception of SHIB as a simple memecoin fueled largely by excitement and Elon Musk tweets, the SHIB ecosystem has expanded to include NFTs and the Defi-platform ShibaSwap.
The SHIB ecosystem also includes subsidiary tokens such as LEASH and BONE, which developers hope will play a larger role as the metaverse project develops. Holders who lock their LEASH currently get priority access to land bids, whereas BONE is a governance token that allows holders to vote on metaverse development decisions.
SHIB: The Metaverse will be built in Shibarium, a prospective Layer-2 scaling solution for SHIB, according to a recent Medium article from the Unification Foundation. Shibarium’s public test is planned to go live in the coming months, followed by a public beta soon after.
At the time of writing, SHIB has had a brief recovery, gaining almost 6% in the previous 12 hours. Overall, the token’s price action has been lackluster, with SHIB now down 12.3 percent over the last two weeks. The coin is presently worth $0.0000218 (R 0,00034), a drop of more than 74% from its all-time high on October 28 of last year.
ShibBurn, a SHIB burning portal, was established on April 23rd, with over 22.5 billion SHIB tokens (about $500,000))R 7.8m) withdrawn from circulation. Since the inception of SHIB, roughly 410.32 trillion SHIB — or 41% of the total supply — have been burned.