Shiba Inu (SHIB) is primarily a meme coin. However, since its introduction, it has grown to create a swap meet, ShibaSwap, and is now adding additional utility with the Shiba Inu Metaverse.
Specifically, SHIB holders can mint properties in SHIB: The Metaverse. The project originally only supported payments in Ether (ETH), but this situation has changed to avoid massive liquidations of SHIB across exchanges and trading platforms.
This post is part of CoinDesk's Metaverse week
Users can mint four different types of plots, ranging from 0.2 ETH to 1 ETH. Users can use ETH or spend the equivalent value in SHIB to access these plots through the Shib.io platform.
It is worth noting that SHIB: The Metaverse will be built on Shibarium, an emerging layer-2 scaling system for SHIB. Shibarium will receive a public test network in the next few months and then go through a public beta testing phase. Once Shibarium goes live on the main network, all SHIB will be migrated there. In addition, the new system will offer minimal transaction fees that will be "close to zero."
How does SHIB: The Metaverse work?
SHIB: The Metaverse will include 100,595 plots that will be mined by users, according to the creators of the Shiba Inu project. Landowners will be able to earn passive income from their plots, collect in-game resources and earn rewards. In addition, the developers plan to introduce an earning option and ensure that players have a personal area where they can build and manage their projects.
Not all lands can be mined or purchased, as some are locked as key locations for travel within the Metaverse. These lands remain private and serve as common areas that provide corridors between different parts of the metaverse.
SHIB: The metaverse spans four different districts:
- Growth District
- Defense District
- Technology District
- District Currencies
In these districts, users can explore lands ranging from Tier 1 to Tier 4. Tier 1 is the "rarest" of them all and has the fewest available plots. They are also the most expensive, costing 1 ETH - or the equivalent of SHIB - to mint.
What can you do with Shiba-Inu metaverse land?
Minting land in this metaverse is not the only use of SHIB in the virtual world. Users can use SHIB to add images and logos to land. When these images change, the ecosystem burns SHIB coins.
Users can also spend SHIB to name or rename properties. In addition, SHIB will be used to lease HUBS, the most valuable plots in the metaverse. There will also be use cases for the LEASH and BONE currencies when the development phases are complete.
The developers of SHIB: The Metaverse plan to offer creative ways to encourage immersion and community, including strong partnerships and basic resources.
How to mint land in SHIB: The MetaverseMinting
land in SHIB: The Metaverse is done through the Shib.io website. Users can view their reserved and purchased lands through the top menu, where they can also mint their lands individually or in one transaction to avoid unnecessary gas fees.
To bid on or purchase SHIB lands, a user must set up a MetaMask wallet or a wallet compatible with WalletConnect and connect it to the Shib.io website.
At the time of writing, the sale has entered the public sale phase, meaning it is open to all, not just those who have completed LEASH or Shiboshis.
SHIB: The Metaverse Management and Key EventsSHIB
: The Metaverse is the brainchild of Shiba Inu developer Shytoshi Kusama and is supported by other Shiba Inu team members.
All money raised from the plot coinage was to be used for future development of the Metaverse when only ETH was supported. It is unclear if this approach will change now that SHIB is an accepted payment method.
The team initially considered its ecosystem tokens a "risk," as the team would need to sell SHIB to pay for project development. Although the team has not made an official statement on this aspect, this may still happen.
One important event to expect is the upcoming conclusion of an agreement between SHIB: The Metaverse and a AAA game development studio, which is still pending. Once the deal is finalized, the game studio will handle the artistic development, while the Shiba Inu team will focus on the blockchain implementation aspects.
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