The Shiba Inu (SHIB) community was ecstatic earlier this week as developers of the popular dog-themed cryptocurrency officially announced details of its virtual reality project dubbed SHIB: The Metaverse.
The initiative is part of efforts to ultimately prove that Shiba Inu is no longer a memecoin, a title given to cryptocurrencies created out of internet jokes.
Despite the excitement that flooded the Shiba Inu community following the launch of SHIB: The Metaverse, not too many people have good knowledge about the upcoming project.
This article will critically explain everything you need to know about this new Shiba Inu project to enable you to participate when it is officially unveiled.
What is SHIB: The Metaverse?
According to the team behind the initiative, SHIB: The Metaverse is a project that virtually displays everything about the Shiba Inu, including its history.
The initiative creates a virtual representation of the Shiba Inu’s history using beautiful visuals capturing its innovation and unity and also establishes a home for the SHIBArmy, a name given to supporters of the project.
The entire Shiba Inu ecosystem, including $SHIB, $LEASH, $BONE, and the upcoming play-to-earn (P2E) game will be deployed in the metaverse, with each of the tokens playing integral parts, as new phases are unveiled.
Interestingly, the Shiba Inu team noted that it will be partnering with AAA Game Developer Studio to raise funds that will be channeled toward the development of the metaverse.
Projects in the Shib Metaverse
At the moment, Shiba Inu has only unveiled land totaling 100,595 plots. The plots of land, which will be released in phases, will give the SHIBArmy an opportunity to become a part of the “immersive Shiba-inspired environment.”
The project team is not planning to release all of the plots to the community, as some of them will remain private, which will be used as “common grounds” for avenues, boulevards, and hubs.
Allocation of Land Plots
According to the Shiba Inu team, the land will be allocated in phases starting with the ‘Introductory Stage.’
In the Introductory stage, a total of 36,431 plots will be made available to the public. The plots at this stage will be divided accordingly into four tiers as stated below:
Tier 1 (Diamond Teeth) : 2,024 plots
Tier 2 (Platinum Paw) : 5,714 plots
Tier 3 (Gold Tail) : 7,356 plots
Tier 4 (Silver Fur) : 17,030 plots
Private hubs: 4,307.
Per the details published yesterday, the prices of the plots of land vary based on the tier you are interested in. Contrary to what many supporters may think, the developers have decided to use Ethereum (ETH) as the land pricing cryptocurrency as opposed to using any of the Shiba Inu native coins.
The move is designed to prevent any downside risk to Shiba Inu native cryptocurrencies because the team is planning to convert a large percentage of the funds raised via the auction to stablecoin, in order to pay all relevant parties their necessary fees.
Per the price pricing details of the plot, the minimum fixed price for each tier is as follows:
Tier 1 (Diamond Teeth) = 1 Ethereum
Tier 2 (Platinum Paw) = 0.5 ETH
Tier 3 (Gold Tail) = 0.3 Ethereum
Tier 4 (Silver Fur) = 0.2 Ethereum
Benefits of Owning Land in SHIB: The Metaverse
The project team has unveiled mouth-watering opportunities associated with owning plots of land in the SHIB virtual reality world, and they include:
- Landowners can become part of the Shiba Inu success story.
- Generate active and passive revenue via a number of initiatives.
- Owning a unique space in the ecosystem to build and deploy personal projects.
- Landowners will have access to special privileges and features in the ecosystem.
- Have your name displayed on your plot of land thus creating more awareness for your brand
How to Gain Access
The developers noted that the metaverse project, as well as other future projects, can be accessed via its new domain SHIB.io.
Welcome to 🗺 https://t.co/w29zPzRr4M!
The interactive map will become available in the upcoming days.
— Shib (@Shibtoken) April 2, 2022
Members of the community are advised to tread carefully when accessing the website in order to avoid visiting a replica domain that could lead to a phishing attack.
Process of Joining the Upcoming Land Bids
The Shiba Inu team has chosen to adopt three stages to enable people to purchase land in the metaverse.
- Bid Event
In order to join the process of acquiring a plot in SHIB: The Metaverse using this procedure, you will be required to lock your $LEASH token or Shiboshi non-fungible token in a newly developed locker tool on the official website.
The assets will be locked for a minimum of 45 days, and the bid will run for 72 hours (three days). Users can use an interactive map to locate any plot of their choice and place their bids in ETH.
The funds will be immediately deducted from your wallet and you will be allowed to mint the plot when nobody outbids your offer. Similarly, the deducted funds will be returned back to your wallet if another user outbids your offer.
- Holders’ Event
This is a process of rewarding loyal LEASH and Shiboshi holders who did not have the opportunity to participate in the bid event. This phase will commence immediately after the bid event ends and will last for a period of seven days.
People who lock their LEASH and Shiboshi using the official locker, will be allowed to buy the remaining plots of land that were not sold in the first stage.
- Public Sale
At this stage, people who cannot join the first two phases because they do not own LEASH and Shiboshi will be allowed to purchase the remaining available plots 10 days after the first two events end.
For this process, anyone can buy the land for each tier at the fixed prices stated above.
Shiba Inu said in the announcement that it will distribute 3% of all proceeds from the land sale events to all $LEASH lockers who participate in the first two phases.
The rewards, which will be distributed in the BONE token, and will be released during the unlock period.
Shiboshi and LEASH Locker Program
The Shiba Inu team is not planning to wait any longer to commence the sale of the virtual reality land, as it has opened the locking system for Shiboshi and LEASH.
The Shiboshi and LEASH lockers will enable holders to lock these assets for a specific period in order to participate in the upcoming land sale.
As mentioned in this article, investors who participate in the LEASH and Shiboshi locker program will be eligible to join the first two phases, bid and holder events, of the land auction.
For investors interested in joining the first two events of SHIB: The Metaverse locking system, the minimum amount of LEASH you can lock is 0.2 while the maximum is 5 LEASH.
Similarly, Shiboshi holders will be required to lock at least 1 Shiboshi and a maximum of 10 Shiba Inu non-fungible tokens.
It is worth noting that the number of LEASH and Shiboshi you lock will determine the amount of plots of land you can bid for.
Furthermore, investors who want to join the first two events will be required to leave their locked Shiboshi and LEASH in the locker for a minimum of 45 days and a maximum of 90 days.
Once you have successfully locked your assets, you can use the map provided on the platform to place your bid using Ethereum during the first sale event.