Cryptocurrency Shiba Inu has announced its next phase of expansion, by entering the metaverse, The Mint reported.
Created under the pseudonym “Ryoshi”, Shiba Inu is largely considered a meme coin, a type of cryptocurrency created as a joke and not as a serious product. However, the coin has attracted genuine interest and returned the trust of early investors with meteoric gains in its value. The people behind the coin are now ready to take the next big step and have announced their plans to be a part of the tech world’s current favorite, the metaverse.
What does Shiba Inu’s metaverse look like?
According to the blog post that revealed the alt coins’ plans, the metaverse will be called SHIB and has dedicated a new domain, named shib.io, to deal with everything it unveils in the future.
In the immediate future, SHIB will begin auctioning some of the 100,000 plots it has in its metaverse. Some of these plots will remain in the public domain as avenues, boulevards, and hubs that will connect destinations within the metaverse.
Interestingly, the metaverse makers have broadly defined the likely purposes of the plots when they announced that they will be part of four districts: Growth, Defense, Technology, and Currencies. As we have seen in real life and with real estate in the metaverse, the prices of these plots are being determined by their location.
Over 36,000 plots of virtual land are planned to be sold in the first phase. The plots have been divided into four categories, Diamond Teeth, Platinum Paw, Gold Tail, and Silver Fur with minimum prices for each pre-determined tier. Needless to say, the Diamond tier plots have the highest price while the silver ranks the lowest. Surprisingly, the metaverse requires payments to be made in Ethereum and not its own coin.
Future plans for SHIB
There are multiple ways one can own a virtual plot in SHIB, and the makers of the metaverse are promising great ways to monetize these plots once you own them.
While the details of the plans are still under the wraps, the makers have promised passive incomes and ways to generate rewards for being a plot owner in the SHIB. The categorization of the plots is also expected to bring its own unique features and privileges. So, even though they might have been created with the same piece of code, these virtual plots won’t be the same in SHIB.
In addition to this, other tokens of the Shib family such as $LEASH and $BONE are also expected to be a part of the metaverse that grow and evolve over time. The makers of the metaverse have reserved 15 plots of land for those who are heavily involved in building up this world with more changes expected to be rolled out later in the year.
One of them will be Shibarium, a layer 2 in which the metaverse will be developed, and a stable coin coming from the Shiba Ecosystem to tide over the volatility of the cryptocurrency market.
Will Shiba Inu really live up to its prophecy of being the ‘Dogekiller?’ We will probably know in the metaverse.