Bids for the Shiba Inu land auction are slated to commence soon, prices for plots revealed.
The Shiba Inu (SHIB) development team has teased that early access to the land auction for SHIB: The Metaverse, will commence this weekend.
According to a recent announcement by the team, people who succeeded in locking the Shiboshi non-fungible token (NFT) and the LEASH token will be given early access to the land auction in the first stage named Bid Event.
“Early Access Land Bid Event Starting Soon! We are excited to announce that the drop is almost here. Have you locked your $LEASH or #SHIBOSHI yet? “Landing” this weekend, keep an eye on http://shib.io,” Shiba Inu said.
? Early Access Land Bid Event Starting Soon!
We are excited to announce the drop is almost here. Have you locked your $LEASH or #SHIBOSHI yet?
"Landing" this weekend ? keep an eye on https://t.co/56VsqOrDb1 ??️! pic.twitter.com/PqUEl1ewLK
— Shib (@Shibtoken) April 7, 2022
Details About the Land Auction
SHIB: The Metaverse is a virtual reality project of Shiba Inu, where investors are given the opportunity to participate in the purchase of 100,595 plots of land.
The land auction bidding process is expected to commence this week, with investors who succeeded in locking their Shiboshi and LEASH assets granted early access.
It is worth noting that Shiba Inu launched its locker program for supported assets in a bid to allow investors to lock in supported assets.
LEASH investors are required to lock in between 0.2 and 5 LEASH to gain early access, while Shiboshi holders need to lock in a minimum of 1 Shiboshi and a maximum of 10.
Land Auction Price
The land allocation is categorized into different stages, with the introductory stage tipped to make available 36,431 plots of land.
These plots of land are further divided into four tiers named Diamond Teeth, Platinum Paw, Gold Tail, and Silver Fur.
The price of the plot of land ranges between 0.2 Ethereum and 1 Ethereum.
According to MILKSHAKE the official growth member of the Shiba Inu team, the starting bid for the available plots in the introductory stage is set at 0.2 ETH for Silver Fur, 0.3 ETH for Golden Tail, 0.5 ETH for Platinum Paw, and 1 Ether for the Diamond Teeth tier.
#ShibTheMetaverse: The starting bidding prices for each tier of land are as follows:
?0.2 $ETH for (Tier 4) Silver Fur
?0.3 $ETH for (Tier 3) Golden Tail
?0.5 $ETH for (Tier 2) Platinum Paw
? 1 $ETH for (Tier 1) Diamond TeethYou must have $LEASH or #SHIBOSHIS locked.
— MILKSHAKE (@shibainuart) April 9, 2022
As stated by Shiba Inu, after the first auction event, the Bid Event, which will last for 72 hours, whatever plots are left will be made available for the second sale exercise, mainly for those who missed out on the first sale event.
Mixed Reaction Trail Land Auction
For many Shiba Inu enthusiasts, the upcoming Inu land auction is one of the most anticipated events of the project. They see it as an opportunity to record huge gains by participating in the early stages of the land auction.
However, the initiative has come under heavy scrutiny by many SHIB holders who are annoyed with the developers for not including the 15 largest cryptocurrencies by market capitalization in the land auction exercise.