The cryptocurrency world is expanding with each passing day and so are the different types of crypto tokens in circulation. There are various coins inexistence like stablecoins such as Tether, convert usdt to inr, meme tokens like Dogecoin and Shiba Inu, the rest of the more widely known cryptos like Bitcoin and Ethereum and many more.
Recently, Shiba Inu has been in the news due to various reasons. This memecoin started as a parody project and has now expanded to the point where it has launched an exchange, ShibaSwap. Initial Shiba Inu price was $0.000000000056 and went all the way up to $0.00003791 on May 10, 2021. and is presently integrating further functionality with the Shiba Inu metaverse and has become quite a valuable cryptocurrency almost surpassing Dogecoin.
What is the SHIB Metaverse And How Does It Work?
Shiba Inu, a successful cryptocurrency on its own, has recently moved into the metaverse, more specifically creating their own project called SHIB Metaverse. SHIB holders, in particular, may create land plots in SHIB: The Metaverse. Initially, the project was intended to exclusively accept payments in ether (ETH), however this has now been altered and you can buy shiba coins to make payments with, to prevent major SHIB liquidations on exchanges and trading platforms.
The SHIB Metaverse will be based atop Shibarium, a new layer 2 scaling mechanism for SHIB. Shibarium will be given a public test net in the next months, followed by a public beta testing phase. All SHIB will be moved to Shibarium once it is online on the main network. In addition, the new system will have “near-zero” transaction costs.
According to the Shiba Inu project’s creators, the Metaverse will comprise 100,595 parcels of land that will be coined by users. Landowners will be able to earn passive revenue, acquire in-game materials, and produce prizes from their plots. In addition, the developers want to include a mechanism for participants to make money and provide a personal place where they may construct and manage their projects. Because certain lands are restricted as critical places for metaverse transit, not all of the lands are accessible to mint or buy. Those lands will be kept private and used as common areas, acting as conduits connecting various portions of the metaverse. The Shib Metaverse will be divided into 4 districts.
Users may explore land holdings ranging from Tier 1 to Tier 4 in these districts. Tier 1 is the “rarest” of the three, with the fewest accessible lands and the costlier ones too.
Things The Shib Land Can Be Used For:
SHIB’s virtual world usefulness does not end with land minting. SHIB can be utilized to add images and logos to property parcels and the ecosystem will burn SHIB tokens if such images are altered. Users can also utilize SHIB to rename or rename land parcels. In addition, SHIB is used to lease HUBS, which are the metaverse’s most valuable land tracts. As the development stages progress, application cases for the LEASH and BONE currencies will emerge. Strong collaborations and fundamental resources are a part of the Metaverse’s goal to build immersion and a virtual community.
How Is Land Minted In the Shib Metaverse?
Land in the SHIB metaverse is minted in this particular way:
- The Shib.io website connects you to the Metaverse. Users may see their reserved and purchased lands in the main menu, where they can also mint their land plots individually or in bulk to avoid paying excessive gas prices.
- A user must first set up a MetaMask wallet or a wallet compatible with WalletConnect and link it to the Shib.io website in order to bid on or acquire SHIB lands.
- As of this writing, the sale is in the Public Sale phase, which means that anybody may buy it, not only LEASH or Shiboshis.
Up And Coming Events In The Shib Metaverse
Shytoshi Kusama, one of the Shiba Inu developers, created SHIB: The Metaverse, which is backed by other Shiba Inu team members. When just ETH was enabled, all the money which was raised through land plot minting was to be spent for future metaverse development. It’s unclear if this technique will alter now that SHIB is a valid payment option. The team first saw its ecosystem tokens as a “risk,” since they would have to sell SHIB in order to fund project development. Although the team has not made an official remark on the subject, it is possible that this may happen.
The forthcoming finalization of a partnership between SHIB: The Metaverse and a AAA game development firm, which is still pending, is a crucial event to look forward to. The gaming studio will handle creative development if the deal is confirmed, while the Shiba Inu team will work on the blockchain implementation.