Memecoin Shiba Inu can formally be used to buy land in the SHIB Metaverse using the native SHIB token, as the development team continues to provide for the holders of the utility.
Holders of the famous meme coin Shiba Inu (SHIB), will now be allowed to use the coin to buy land in the SHIB Metaverse. On Wednesday, the Shiba Inu team took to Twitter to reveal that the SHIB token could now be used to mint parcels of land in the recently unveiled virtual reality project “SHIB: The Metaverse.”
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There are 100,595 different pieces of land on offer in the SHIB: The Metaverse. Previously it was only possible to buy land using ETH. But presently, SHIB’s integration into the Metaverse project makes it possible to not only purchase land, but grants users added customization options for their virtual land as well.
Landowners in the SHIB: The Metaverse will be able to generate passive income, gather in-game resources, and generate rewards, although these are yet to be revealed.
Land plots in the SHIB metaverse are set to be released in phase. The introductory level saw 36,431 plots become unlocked on April 13 with the land being divided into four categories: Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth, priced between 0.2 ETH to 1 ETH.
Despite the popular explanative that paints SHIB out to be a simple meme coin, solely pushed by hype and Elon Must tweet, the SHIB ecosystem has developed to support include NFTs and the DeFi-platform ShibaSwap.
The SHIB ecosystem is additionally comprised of subsidiary tokens, including LEASH and BONE, which developers say will play more of a significant role as the metaverse project is developed. At present, holders that lock their LEASH are given priority access to land bids, while BONE is a governance token that allows holders to vote on decisions concerning the development of the metaverse.
According to a recent Medium post from the Unification Foundation, SHIB: The Metaverse will be developed in Shibarium, a forthcoming Layer-2 scaling solution for SHIB. A public test for Shibarium is set to go live over the next few months with a public beta to follow soon afterward.
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At the Writer’s time, SHIB has witnessed a short recovery gaining almost 6% in the last 12 hours. In total, price action concerning the token remains slow, with SHIB presently down 12.3% over the past two weeks. The token is now trading at $0.0000218, down over 74% from its all-time high on October 28 previous year.
On April 23rd, developers released the SHIB burning portal ShibBurn, which has seen more than 22.5 billion SHIB tokens (approx. $500,000) removed from circulation. Since SHIB’s inception approximately 410.32 trillion SHIB — 41% of the total supply — have now been burned.
[…] WhaleStats has reported that owners of two main Ethereum wallets have amassed a comprise 130.5 billion Shiba meme tokens. […]