TL;DR Breakdown
- Shiba Inu unveils its own metaverse
- Ethereum to be used for pricing and payment
Shiba Inu revealed its plans to launch a metaverse project named “SHIB: The Metaverse”. According to an official post on its website, the developers of the famous meme coin described the virtual reality space as the creation of an enabling environment for growth and sharing among Shiba Inu traders – the ShibArmy.
The Shiba Inu token (SHIB), a meme cryptocurrency asset, was created back in August 2020 to serve as a competition to DogeCoin. The token, similar to the “Dog coin”, was inspired by a popular internet meme of the Shiba Inu dog.
SHIB is built on the Ethereum blockchain; hence, unlike Dogecoin, it can run smart contracts, enabling the token to work effectively with decentralized applications (dApps). This led to a rapid rise in the popularity of Shiba Inu among cryptocurrency owners.
Over the last year, Shiba Inu released two supporting tokens namely Shiba Inu BONE and Shiba Inu LEASH. By launching its metaverse space, Shiba Inu looks to increase its influence within the crypto community.
Furthermore, Shiba Inu stated the virtual project will be constructed in Shibarium, a transaction system still under development. Also, the SHIB: The Metaverse will utilize tokens in the Shiba Ecosystem in its successive stages.
According to the statement by Shiba Inu, this Metaverse blueprint comprises 100,595 plots of land. A certain number of plots are set to remain locked and private. These parcels of land will be used for hubs, roads, and other common sites of interaction. Meanwhile, the remaining plots of land are to be made public; thus available for purchase.
Ethereum’s role In Shiba Inu’s Metaverse
During its first launch phase, the metaverse project will have 36,431 plots of land as well as four districts: Technology, Currencies, Defence, and Growth. The plot of land is also separated into four distinct locations called Tiers and there is the inclusion of a private hub.
The Tiers are named as follows: Tier 1 – Diamond Teeth, Tier 2 – Diamond Paw, Tier 3 – Gold Tail, Tier 4 – Silver Fur. The minimum land price varies based on its Tier. Tier 4 is fixed with the lowest price of 0.2ETH and Tier 1 has the highest price of 1ETH.
Shiba Inu opted to use Ethereum as a payment method as against tokens of its ecosystem because those tokens will need the company to dump their prices.
“As we will use the collected funds to pay for the Metaverse development, the team have decided to use a neutral coin that can be sold into stable coins to pay all the sources”, said the announcement by Shiba Inu.
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