This article summarizes everything we know so far about Shiba Inu’s metaverse project — dubbed “SHIB: The Metaverse” — and how its plots of lands will be sold.

Seven Facts About the $SHIB Metaverse

The information below is based on a blog post by the Shiba Inu team on March 30:

  • SHIB.io will be the official website for the metaverse and “future expansion” of all of the Shiba Inu team’s “current projects.”
  • The Metaverse will “consist of 100,595 plots of land,” 36,431 of which will become unlocked and available for purchase during the introductory phase of the metaverse. These 36,431 plots of land will be in one of four districts: Growth, Defense, Technology, and Currencies. There will be four pricing tiers: “silver fur” (0.2 $ETH); “gold tail” (0.3 $ETH), “platinum paw” (0.5 $ETH); and “diamond teeth” (1 $ETH).
  • The Shiba Inu team has kept 15 plots of land as a reward for “those highly involved in the current and future MV development.”
  • The digital currency used to pay for the $SHIB metaverse land will be $ETH since the “collected funds” will be converted into stablecoins, so that they can be used to “pay for the metaverse development.” The team did not want those interested in buying metaverse land to pay using tokens from the Shiba Inu ecosystem (i.e. $SHIB, $BONE, and $LEASH) since they were worried that by selling these taken they would be causing their prices to go down.
  • Layer 2 blockchain Shibarium will be used for the development of the $SHIB metaverse as well as the $SHI stablecoin.
  • $SHIB metaverse landowners will be “able to generate passive income, gather in-game resources, and generate rewards.”
  • $SHIB will be burnt when land purchasers rename their plots of land.

The $SHIB Metaverse’s Land Sale Process

In the introductory phase, the land plots will be sold in three stages:

  • Stage 1 (“Bid Event”): This will last for three days (i.e. 72 hours). You will need to lock your $LEASH tokens or Shiboshis NFTs via a tool on the official website. Once a bid has been submitted, it will not be possible to cancel it unless you get outbid by someone else. At the end of this bid event, “the highest bid will be granted ownership of the land” and “the acknowledged owner will be able to mint the plot/s, as soon as the timer comes to an end.”
  • Stage 2 (“Holder Event”): Thiswill last for seven days, and it is another chance for holders of $LEASH and Shiboshis NFTs to lock them to purchase land, but this time “without a bidding mechanism” (i.e. on a “first-come, first-served basis”).
  • Stage 3 (“Public Sale”): This will last for 10 days, and it is when “everyone will be able to purchase the remaining available lands on the map, at the fixed price, and without needing to lock any their ecosystem assets.” Via a tool on the official website, it will be possible for potential buyers to “pick their asset limits & amounts to lock” (the minimum is 0.2 $LEASH or 1 Shiboshi and the maximum is 5 $LEASH or 10 Shiboshis). As for time to lock, the minimum is 45 days and the maximum is 90 days.

It is worth noting that “you will need to set up, configure, and use” a Metamask Wallet.

Dogecoin Co-Founder Criticizes Shiba Inu Team

Dogecoin ($DOGE) Co-Founder Billy Markus has criticized the Shiba Inu team for wanting to make even more money than they have already made:

He also seems to be believe that by promising “passive income” for land purchasers, the Shiba Inu team might be turning $SHIB metaverse land into a security from the point of view of the U.S. Securities and Exchange Commission (“SEC”).

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.