​Shiba Inu enters Metaverse with over 1,00,000 plots to take on Decentraland

New Delhi: The popular penny token Shiba Inu has unveiled details of 'SHIB: The Metaverse,' their much-awaited virtual reality project. Ether, Ethereum's native cryptocurrency, has been fixed as the pricing token for land deals.

The latest project by the much-followed meme coin will have 1,00,595 land plots, of which some will remain private. Though the plots will be released in a phased manner.

The main goal behind the SHIB project is to create one of the strongest communities in crypto history, said Edul Patel, CEO and Co-founder of Mudrex. "Its big announcements of getting into metaverse space and offering more than 100 thousand plots of virtual space have gathered more than 3 million followers, adding to the token."

The plots are divided into four categories, namely Silver Fur, Gold Tail, Platinum Paw and Diamond Teeth and priced between 0.2 to 1 ether (ETH). The neutral cryptocurrency has been fixed for land pricing to ensure no downside to Shiba Inu's native token. The metaverse will be developed in Shibarium, a layer 2 system for SHIB.

"Using our ecosystem tokens is a risk, as we would need to dump our own tokens price cashing them! And that's far away from our plans," Shiba Inu's official blog stated.

Pratik Gauri, Founder and CEO, 5ire said Shiba Inu has gathered a lot of play with its fans deemed ShibuArmy, and now will allow the users to earn passive income.

Market experts believe that Shiba Inu is entering the metaverse space to compete with Decentraland.

Shiba Inu tanked 12 per cent on Friday to $0.00002481. The token was commanding a market capitalisation marginally below $15 billion, whereas volumes dropped 5 per cent to $1.49 billion, the data from coinmarketcap suggests.

Lokesh Rao, CEO and CoFounder, Trace Network labs said the entry of any metaverse or creation of any metaverse is good for the growth of the industry because the future lies in the metaverse.

"These platforms provide people with opportunities to conduct businesses and the growth of such platforms is directly proportional to the growth of revenue generation prospects and job creation," he added.

The Shiba Ecosystem will be used entirely by the SHIB: The Metaverse project, meaning all tokens $SHIB, $LEASH, $BONE will play a role as phases roll out, added the blog.

Land buyers will be able to generate passive income, gather in-game resources, and generate rewards, which the team said it will reveal soon. Landowners can rename their plot while using and burning the dog-themed token.

Market participants said Shiba Inu is adding some value to itself, from just being a mere joke token. The blog added that users, on becoming the landowners, will be able to unlock some new features and privileges which will be revealed later.

"Rather than just being a meme coin, the SHIB project has a purpose of creating an immersive experience for its users in the metaverse space now," said Patel from Mudrex.

"Given Shiba Inu's popularity and being a competitor to Elon Musk backed-Dogecoin, the former has widespread appeal and a great chance to form a large community that may produce a platform to do social good," Gauri of 5ire said.