Shiba Inu releases metaverse project details
Credit: CoinDesk

Shiba Inu releases metaverse project details

After gaining prominence as the “Dogecoin Killer”, Shiba Inu has now detailed its vision to enter the so-called Metaverse. The creators of the popular cryptocurrency have shared some details of the SHIB: The Metaverse.

The much-awaited project will have more than 1 lakh land plots, some of which will remain private (not to be sold) so that they could be used as common grounds, representing roads, parks, commercial or social hubs. Those categorised as the public property will be available for purchase by participants.

Credit: Analytics India

“This new portal will be up and running in the next coming days, and in order for users to begin the process of locking their assets. Once this process is completed, the event should begin shortly after. This is officially your last call previous to the first phase and events engaging with the community,” the blog said.

Notably, the SHIB: The Metaverse will consist of 100,595 plots of land. Each plot gives an opportunity to become part of the immersive Shiba-inspired environment. However, some lands will remain locked as they represent key locations for travel within the metaverse and stay private to be used as common grounds. These will represent roads (corridors): Avenues, Boulevards, and Hubs, while public ones will be available for purchase.

As the development continues, the progression and guaranteed process to secure plots will begin by releasing a sequence of lands in phases.

The native token of Shiba Inu is SHIB, and there exist two other tokens in the Shiba Inu ecosystem –LEASH and BONE. Despite that, the developers decided to price their land using Ethereum.

Shiba Inu
Credits: Market Realist

This is because the developers wanted a neutral cryptocurrency to facilitate these purchases so that they could sell this crypto (Ethereum), and then use the funds for further expansion of their goals. So, they did not want to further sell any more SHIB tokens than they have to, and simply use Ethereum for transactions in their metaverse.

“As we will use the collected funds to pay for the Metaverse development, the team has decided to use a neutral coin that can be sold into stable coins to pay for all the sources. Using our Ecosystem Tokens is a risk, as we would need to dump our own token’s price after cashing them! And that’s far away from our plans,” read the blog post.

Other users even criticized SHIB’s “special role” in the metaverse, noting that not much SHIB would be burned. “100,000 plots get renamed that will be lucky to burn 1 billion shib,” one user claimed, highlighting that this would be very insignificant compared to SHIB’s current supply of around 550trn.