Shiba Inu has a new use case — Buying land in SHIB: The Metaverse

Holders of the popular memecoin Shiba Inu (SHIB), will now be able to use the cryptocurrency to purchase land in the Shiba 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.”

There are 100,595 different pieces of land on offer in the SHIB: The Metaverse. Initially it was only possible to purchase land using ETH. Now, SHIB’s integration into the metaverse project makes it possible to not only purchase land, but grants users added customisation 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 phases. The introductory stage 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 narrative that paints SHIB out to be a simple memecoin, solely driven by hype and Elon Musk tweets, the SHIB ecosystem has grown 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 afterwards.

At the time of writing, SHIB has experienced a brief recovery gaining roughly 6% in the last 12 hours. Overall, price action concerning the token remains sluggish, with SHIB currently 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 last year.

On April 23rd, developers launched 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.

All Dutch and English crypto news!

That’s ‘Sir’ Crypto Dad: French order knights former CFTC chair Chris Giancarlo

The French government has given former United States Commodity Futures Trading Commission chair Chris Giancarlo, also known as "Crypto Dad," the equivalent of a knighthood. In...

Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales

The State Duma, the lower house of the Russian legislature, has passed a bill on the taxation of digital assets that exempts their sale from...

Switzerland-based crypto mining firm expands operations to Texas

White Rock Management, a cryptocurrency mining company based in Switzerland, said it will be expanding its operations to the United States, starting with Texas. In a...

Are custodied crypto funds at risk? Industry veterans explain

With rumors of insolvency flying high among crypto firms such as Celsius and Three Arrows Capital, investors couldn't help but ask a simple question: What...

Beste exchanges

Koop je crypto bij Bitvavo