In a blog post, the Shiba Inu team revealed interesting details about their much-talked metaverse project called “SHIB: The Metaverse”. The developers behind the meme coin announced their ambitious metaverse initiative in early February to compete with their examples like Decentraland. In this post, we’ll be covering the latest information about the metaverse of SHIB…
The Shiba Inu metaverse will have over 100,000 plots
The Metaverse will consist of over 100,000 plots, some of which will remain private. Land plots will be unlocked in stages. During the intro phase, the team will unlock 36,431 parcels that will be split into four tiers (Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth). Prices range from 0.2 ETH to 1 ETH depending on the tier. The team says it wants to choose a neutral token for pricing.
Participants must lock their Shiboshis NFT, Doge Killer (LEASH) tokens, to participate in the three-day sale event. Owners will also be able to participate in the seven-day phase of the sales event. Finally, the remaining plots will be available for public sale after the two initial phases have been completed. The team claims that buying the land is an opportunity to generate passive income and generate rewards. Some privileges that can be unlocked by land owners will appear in the near future. To sum up the known items, we can say the following:
- The total usable land will be 99,000 pieces, of which 35,000 pieces will be released in the first phase.
- The price of plot pieces will be available between 0.2-1.0 ETH.
- Shiberse developers will use an auction-style system during phase one.
- LEASH and Shiboshi users will have priority access with upcoming phases going public.
- In Shiberse, users will be able to select their terrain using an interactive map. One of the Shiba Growth members named Milkshake said it would be “very similar to the user-friendly interface used when booking seats for a movie theater.”
What are the details of the purchase?
One of the fastest ways to purchase land in the Shiba Inu metaverse would be to hold LEASH tokens. That being said, LEASH holders will have priority access, which will scale based on the total LEASH you lock and the duration involved. Shiba developer Eric M also revealed that potential landholders can lock in any amount of tokens between 0.2 LEASH and 5 LEASH for a period of 45-90 days. The greater the value and time period of LEASH, the greater the value of the land a LEASH owner can acquire.
A similar locking mechanism will also apply to Shiboshi owners with priority access. Additionally, 2,000 Shiboshi owners will be selected to mint land in the exclusive Shiboshi region. However, Eric M also stated that landowners will bid using ETH instead of SHIB. The Shiba Inu metaverse will have three separate parts of the land sale as described by Eric M. This includes offer, restricted purchase and open purchase.
Lands, “first come, first served”
During the bidding phase, the ETH bid from LEASH holders will be sent to a smart contract until the end of the auction. At the end of the auction period, the successful bidder will be able to mint the Shiba real estate. Milkshake said this arrangement is specifically to prevent a gas war. The bidding phase will be a restricted phase where LEASH and Shiba owners will be able to purchase the rest of the property without bidding instead on a “first come, first served” basis. Later, the minting process will begin, which will be presented to a much wider audience. In a recent Discord, Eric M explained:
There will be some days when only LEASH owners will be able to buy normally. After all these events, open purchase will be established and everyone will be able to buy the remaining lands normally.
Metaverses represent virtual worlds that allow participants to emulate real-world interactions. As we reported on Kriptokoin.com, the concept gained significant popularity due to Facebook branding it as Meta last October. Meanwhile, the official Twitter account of the meme cryptocurrency has surpassed three million followers. In a celebratory tweet, the team behind the meme cryptocurrency thanked followers for taking the project to a “whole new level of success.”
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