Holders of the popular Shiba Inu memecoin (SHIB) will now be able to use the cryptocurrency to purchase land in the Shiba metaverse.
On Wednesday, the Shiba Inu team took to Twitter to reveal that the SHIB token can now be used to strike plots in the recently unveiled virtual reality project “SHIB: The Metaverse.”
A new typing option was released on https://t.co/f2oLn05qWk!
mint lands with $SHIB!
— SHIB: The Metaverse (@ShibTheMV) May 4, 2022
There are 100,595 different terrains offered in the SHIB: the metaverse. Initially, it was only possible to buy land with ETH. Now, the integration of SHIB into the metaverse project not only allows land to be purchased, but also provides users with additional customization options for their virtual land.
Landowners in SHIB: The Metaverse will be able to generate passive income, gather in-game resources, and generate rewards, although these have yet to be revealed.
Land plots in the SHIB metaverse should be released in phases. The introductory phase saw 36,431 plots unlocked on April 13, with the land divided into four categories: Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth, priced between 0.2 ETH and 1 ETH.
Despite the popular narrative that paints SHIB as just a memecoin, driven solely by the hype and tweets of Elon Musk, the SHIB ecosystem has grown to support NFTs and the Defi ShibaSwap platform.
The SHIB ecosystem is further comprised of subsidiary tokens, including LEASH and BONE, which the developers believe will play a bigger role as the metaverse project develops. Currently, holders who lock their LEASH have priority access to land offerings, while BONE is a governance token that allows holders to vote on decisions regarding the development of the metaverse.
According to a recent media Publish from the Unification Foundation, SHIB: The metaverse will be developed into Shibarium, an upcoming Layer 2 scaling solution for SHIB. A public test for Shibarium is expected to go live over the next few months, with a public beta to follow shortly after.
As of this writing, SHIB has had a brief rally gaining around 6% in the last 12 hours. Overall, the price action regarding the token remains slow, with SHIB currently down 12.3% over the past two weeks. The token is now trading at $0.0000218, down more than 74% from its all-time high on October 28 last year.
On April 23, the developers launched the SHIB burning portal, ShibBurn, which saw over 22.5 billion SHIB tokens (about $500,000) withdrawn from circulation. Since SHIB’s inception, approximately 410.32 trillion SHIB – 41% of the total supply – have been burned.
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Shiba Inu Has A New Use Case – Buying Land In SHIB: The Metaverse TechRadar
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