Shiba Inu (SHIB), a meme coin that ended up as one of the best-performing assets in 2021, is looking beyond the ongoing carnage in the entire crypto sphere by launching a major new community-driven initiative.
Shiba Inu is often dubbed a “shitcoin” for its lack of utility and gargantuan circulating supply. Nonetheless, ever since Ethereum’s CEO Vitalik Buterin burnt nearly 500 trillion SHIB coins, the nascent crypto project has been exploring new use cases, branching into gaming and now the metaverse. This is somewhat similar to the fabled alchemists of old who would purportedly create gold and other precious metals out of mundane elements. It is for this reason that Shiba Inu constitutes such a captivating case study, as its very existence and retention of some value is a testament to the transformative nature of the entire crypto arena.
Metaverse: An $8 Trillion Opportunity
Goldman Sachs made waves recently when it pronounced that the entire metaverse space entails an addressable market potential of around $8 trillion. For reference, the US GDP was quantified at around $23 trillion in Q3 2021. This means that the metaverse-related initiatives are expected to create value that is around one-third of the current GDP of the US! It is for this reason that Shiba Inu’s bespoke metaverse offering might constitute a seminal step.
Before going further, it might be prudent to explain what exactly is meant by the term metaverse. For all intents and purposes, metaverse is simply a simulated digital environment that combines Augmented Reality (AR), Virtual Reality (VR), and a public ledger in the form of a blockchain to create a rich platform for social interactions. Of course, Facebook or Meta, as it is known now, is credited with creating the first major buzz around this term a few months back when the tech giant unveiled its own vision of a metaverse-based future. Since then, the space has seen several new entrants, with Shiba Inu’s Shibaverse now becoming the latest metaverse-focused initiative.
What is Shiba Inu-linked Shibaverse?
Readers should note that the Shibaverse project (read the whitepaper here) is not officially associated with Shiba Inu developers. Instead, the project is being spearheaded by three individuals from the Shiba Inu community. The project will create virtual districts that correspond to Shiba Inu’s foundational elements, including the token’s bespoke DEX Shibaswap, its native blockchain Shibarium, and the token’s decentralized marketplace ShibaNet. It aims to expand the interest in the fledgling Shiba Inu community, as well as create an interactive education platform via Shiba Academy and Shiba Studio. Shibaverse will be powered by the ERC-20 VERSE token that will have an initial supply of 1 billion coins. This native coin will be used to purchase real-estate or rent commercial space in the metaverse, buy special-edition Shiba NFTs, land freelance jobs, and power play2earn initiatives.
Our Verdict
Shibaverse is not officially affiliated with the Shiba Inu project. This is a material deficiency that introduces sizable risks around this metaverse offering. Nonetheless, it can spark interest in the wider Shiba Inu ecosystem, thereby creating material utility in the process. In a major risk-mitigating move, the developers have apparently locked the liquidity pool tokens, officially known as the ShibaSwap LP Tokens, by burning them. Shiba Inu enthusiasts should check out this metaverse offering but remain on the lookout for any early red flags.