Shiba Inu Team has revealed its long-awaited metaverse project called SHIB: The Metaverse. The ambitious initiative was taken in February by the Shib Team while disclosing a glimpse of the SHIB Metaverse.
The metaverse will eventually compete with some of the finest operating metaverse projects in the market like Decentraland and The Sandbox. According to the recent blog post, the metaverse will have around 100,000 plot lands, out of which few will remain undisclosed for private use.
Let us learn more in detail about the newly announced project SHIB: The Metaverse.
What is SHIB: The Metaverse?
The SHIB Metaverse is the pinnacle of the SHIB community where thorough innovation awaits visitors in the virtual world. The Shib Ecosystem consisting of tokens like $SHIB, $LEASH, $BONE will play a major role in the ‘SHIB: The Metaverse’.
The community members owning the plots and lands in the virtual reality world will be able to communicate, make future choices in creative ways and contribute to the overall development of the ecosystem.
It is anticipated that the metaverse project will attract more powerful partnerships along with greater resources for the community. Also, many opportunities to explore, benefit and interact with other community members will be initiated.
The Shiba Inu Team has declared the interesting domain name of the metaverse as SHIB.io. The domain will serve as the ground source for the complete Shib Ecosystem as well as the official website. However, the domain is not active yet and will be released in the upcoming days.
Land Allocation and Pricing in SHIB: The Metaverse
When the land auction and allocation will begin, some key locations will remain locked. These locked locations will be used to navigate around the metaverse by the users and represent common grounds. Just like in the real world we have roads, avenues, hubs, public places, similarly SHIB: The Metaverse will have corridors, Boulevards, and other places available for purchase afterward.
The exact number of plots that the metaverse consists of is 100,595. While each plot will be giving an ‘immersive’ experience to the landowners, the allocation process has four stages. There are some minimum floor prices for each plot belonging to each category which are as follows:
- Diamond Teeth: Tier 1: $1ETH, 2,024 Lands
- Platinum Paw: Tier 2: $0.5ETH, 5,714 Lands
- Gold Tail: Tier 3: $0.3ETH, 7,356 Lands
- Silver Fur: Tier 4: $0.2ETH, 17,030 Lands
- Private locked Hubs: 4,307 Lands
Also, The Shiba Inu Team has saved around 15 land plots for the people involved in current and future metaverse development.
You must be thinking, why ETH and why not SHIB? Well, the Ethereum (ETH) token is the most neutral token out of all and swapping with stable coins becomes easy using ETH. Using SHIB token can possess a great risk to the token holder as the team would have to dump their token resulting in the downfall of the prices.
And the community might not appreciate the move!
How you can bid for ‘SHIB: The Metaverse’ land plot?
The bidding system is divided into three main phases known Bid Event, Holder Event, and Public Sale.
The Bid event will start with the release of Tier 1 lands. The event will last for 3 days and the member can bid for the land plots as earliest as possible in the undiscovered Shib Metaverse. The participants will require to lock their LEASH token or SHIBOSHI NFTs to make the bid.
After locking their assets, the holder can place a bid on their desired land plots with the help of an interactive map. Once the bidding process is completed in Ethereum, one cannot revert back. When any person outbids only then you can have your ETH token back into your wallet.
Once the Bid Event ends, the highest bidder will own the land plot and can mint the plot for only a designated period of time.
The HOLDER EVENT is for the people who did not get a chance to win in the Bid Event. The Shiba Inu Team will release a second exclusive stage for LEASH and SHIBOSHI holders to participate again. This stage will going to last for 7 days and starts immediately after the Bid Event ends. In this stage, there is no bidding mechanism and a first come first serve basis will follow.
After Stage 1 and Stage 2 end, the Public sale begins which is the final Stage 3 of the selling process. The remaining lands on the maps will be open for purchase and users can buy lands without locking their assets.
Soon, SHIB: The Metaverse will welcome AAA Game Developer Studio. Whereas there are no further details about the gaming studio. It is presumed that the studio will incorporate the art and virtual reality development into the metaverse.