After the success of their viral meme coin, Shiba Inu has ventured into the Metaverse.
The metaverse project has been dubbed SHIB: The Metaverse, and its first Land sale happened on April 13.
The project is reportedly separate from the Shiba Inu Game, which was announced in November 2021. Instead, the metaverse, like others before it, will offer virtual real estate known as Shiba Inu Lands.
What is SHIB: The Metaverse?
SHIB: The Metaverse is basically the next step in capitalizing on the success of the Shiba Inu meme coin. Remember the coin itself was released to capitalize on the viral Dogecoin, a favorite of billionaire Elon Musk.
The metaverse lives on shib.io, and it features 100,595 plots of land all available for purchase. Owning a plot gives you a chance to become part of the immersive Shiba-inspired environment.
Like with other metaverses, some Lands will remain locked as they represent key locations such as travel, avenues, roads, parks etc.
On March 23, the team asked their Discord members for name suggestions regarding these locked Lands.
These Lands will be unlocked in phases, with 36,431 being made available first. They will be located in 4 districts, namely: Growth District, Defense District, Technology District, and the Currencies District.
Lands in the first phase will be divided into 4 categories:
- Silver Fur (Tier 4): 17,030 Lands
- Gold Tail (Tier 3): 7,356 Lands
- Platinum Paw (Tier 2): 5,714 Lands
- Diamond Teeth (Tier 1): 2,024 Lands
There is a minium and fixed price for each tier, as follows:
- Silver Fur (Tier 4): 0.2 ETH
- Gold Tail (Tier 3): 0.3 ETH
- Platinum Paw (Tier 2): 0.5 ETH
- Diamond Teeth (Tier 1): 1 ETH
Shiba Inu Metaverse Tokens
The tokens that will be used in SHIB: The Metaverse are: $SHIB, $LEASH, and $BONE.
ETH will however play a big role, particularly when it comes to external payments.
To prevent high gas fees, the land release was done using a queue system. $LEASH holders were given priority access, displaying one of the use cases of these tokens in the Shiba ecosystem.
How To Buy Land in the Shiba Inu Metaverse
As mentioned, there are a total of 100,595 pieces of land, with only 36,431 released in phase 1.
The purchasing format in this phase is an auction style system. Eventually this will be replaced with a normal system.
Priority access will be handed to $LEASH and Shiboshi NFT holders. This access is also not made equal, and will scale depending on the total LEASH you have locked in, and for how long you’ve had it.
The amount prospective landowners were allowed to lock was between 0.2 LEASH and 5 LEASH, for a period between 45 and 90 days. A similar system applied to Shiboshi holders.
Surprisingly, Land bidding happened in ETH, not SHIB as many had expected.
SHIB: The Metaverse Land Sale Explained
In total, there will be 3 Land sale events, namely the Bid event, Holder Event, and Open Purchase.
During the bid event, prospective landowners who are also LEASH holders bid on their preferred land, with their ETH being sent to a smart contract until the end of the 3 day auction period.
After this period, the successful bidder can then mint their virtual real estate.
This will be a restricted sale, also for LEASH and Shiboshi holders. For a period of 7 days, they will be able to snap up any of the remaining pieces of Lands on a first come, first served basis.
At the end of the exercise, they’ll be able to mint their real estate.
Finally, Lands will be available to the general public in a normal marketplace.
Once the dust has settled, Land owners will be able to sell, trade and even customize their land in exchange for burning SHIB.
Where To Buy $Leash and $Bone
You can easily swap mainstream cryptocurrencies like ETH for $Leash or $Bone on Shibaswap.