The team behind the meme-inspired cryptocurrency Shiba Inu ($SHIB) has announced users can now buy land within the project’s metaverse with its native SHIB token. The move came after users requested the feature.
According to a tweet shared by the project’s official account, SHIB: The Metaverse, users can now mint land on the digital world using SHIB, with prices starting at the equivalent of 0.2 ETH in the meme-inspired cryptocurrency.
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The Shiba Inu metaverse land mint started earlier this year, allowing SHIB fans to start getting land on the platform with Ethereum’s ether while having $LEASH tokens on their wallets. $LEASH is another token used within the SHIB ecosystem.
SHIB wasn’t originally accepted as a way to mint land in the Shiba Inu metaverse as all collected funds are set to be converted into stablecoins to “pay for the metaverse development.” Accepting SHIB, BONE, or LEASH would increase selling pressure on these tokens.
The SHIB metaverse, as CryptoGlobe reported, consists of 100,595 plots of land, 36,431 of which became 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.
Prices for these districts range from 0.2 ETH to 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.”
SHIB metaverse landowners, it’s worth noting, are set to 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.
As CryptoGlobe recently reported, the meme-inspired cryptocurrency SHIB briefly became Ethereum whales’ top token holding after surpassing FTX’s $FTT token and leading stablecoin USDT among the network’s largest whales.
The whale’s investment came shortly after SHIB’s trading volume exploded over its listing on the popular commission-free trading platform Robinhood, along with Polygon (MATIC), and Compound (COMP).
The listing was celebrated by the Shiba Inu community as a whole, but seemingly didn’t prompt long-term holders to divest of their holdings. Data from Coinbase shows SHIB’s median typical hold time on the platform is above 120 days.
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.
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