Shiba Inu Launches a Metaverse Project

Despite criticism from cryptocurrency experts, the Shiba Inu meme coin continues to make waves, and on March 30 it announced more details about its own metaverse, which will be called SHIB.

Shiba Inu Metaverse

The project now has over 3 million Twitter followers, which the development team considers to be a new milestone.

According to the team, developing their own metaverse will aid the Shiba Inu in moving forward. SHIB: The Metaverse is a virtual environment with about 100,595 square kilometers of virtual territory and four distinct districts.

“We extend a warm welcome to SHIB: The Metaverse,” states the SHIB tweet. An immersive experience that can develop into a terrific learning, sharing, and benefiting environment for the Shib Army.”

The Shiba Inu team described SHIB: The Metaverse as the epitome of community history, visually displayed in a layer of magnificent graphics that emphasize its brilliance and togetherness while also providing a place to call home, in a blog post published in the announcement.

In celebration of the Metaverse, the name “SHIB: Metaverse” will not only represent the project’s identity, but will also allow the community to focus on its basic ideas.

A bit more about Metaverse

The Shiba Inu meme cryptocurrency’s designers revealed the structure of the new SHIB metaverse: The Metaverse.

It will have 100,595 land plots, according to them. Lands will be unlocked in phases, with different classifications such as Silver Fur, Golden Tail, Platinum Paw, and Diamond Teeth available. Their cost varies between 0.2 and 1 ETH.

36,431 lots will be opened across four districts at the beginning: Growth, Defense, Technology, and Currency. Using and burning Shiba Inu tokens, landowners will be able to rename their plots.

Some lands will be sealed down since they will be used for metaverse transit, while others will be open to the public for usage as common places (avenues, boulevards, hubs).

Buyers will be able to earn passive revenue, acquire in-game resources, and generate rewards, all of which will be announced soon by the team. The project will be accessible through the SHIB.io domain, which is set to open soon.

The initial stage of land acquisition will be as follows: you will need to block your LEASH or NFT Shiboshi. Users will have access to an interactive map where they can bid in ETH for the sites they choose. Land parcels will be available for purchase at set prices in the future.

The developers stated that as the project progresses, it would incorporate the entire ecosystem, which is now based on three coins: SHIB, LEASH, and BONE.

To avoid a drop in the value of their own coinage, land in the metaverse will be sold for Ethereum, which will be used to fund the project’s future development.

SHIB Price Action

According to data from IntoTheBlock, the profitability of Shiba Inu (SHIB), the second largest meme cryptocurrency, increased to 46 percent from 35 percent earlier in March.

The meme currency is now worth $0.000027, after reaching a high of $0.0000296 on March 28. According to CoinMarketCap data, SHIB has increased by 14% in the last week.

“The [SHIB] Metaverse is the conclusion of our community’s tale, presented virtually in a layer of gorgeous visuals that showcase our inventiveness and unity with a place to call home.”

The devs also stated that the metaverse will have 100,595 stories in the post. These land plots will be distributed in batches, according to the developers. The initial batch will include 36,431 plots divided into four categories, with costs ranging from 0.2 to 1 ETH.

Shiba Inu’s developers say they chose Ethereum over Bitcoin to prevent dumping the value of their native currency. Landowners, on the other hand, burned the local Shiba Inu token in order to rename their property. The developers have also hinted that landowners will be able to earn passive revenue.

Billy Markus, the founder of Dogecoin, is not impressed. He does not believe the metaverse adds value to the Shiba Inu project. “How they construct a random metaverse and sell phony lands with Ethereum, giving utility to their product,” he remarked in a tweet.

Fighting the Meme-coin Tag

The Shiba Inu, often known as the “Dogecoin killer,” was created to compete with Dogecoin. In 2021, the token had tremendous growth, increasing by 45,000,000%. The community campaigned for the removal of the mem-coin tag after such a strong year in terms of values, demonstrating that the token is useful; the metaverse project is the latest attempt to shift that narrative.

As one can assume, supporters of the coin-meme were not amused by Billy Marcus’s remarks. One of them said that Billy was simply insulted, and that the only advantage of DOGE is Elon Musk’s endorsement.

The Shiba Inu is currently trading at $0.00002633, down 1.31 percent in the last 24 hours and -6.39 percent in the past seven days. Despite the “Dogecoin Killer” moniker, the token is still three notches below Dogecoin in terms of market capitalization, placing 15th with $14.4 billion.