Described as “one of the strongest communities ever gathered in all of crypto’s history,” this new platform is expected to revolutionize the way we experience virtual worlds. According to the developers of the famous meme coin, the virtual reality project, the creation of which is focused on “the core of the Shiba Inu community values,” will be easy to use and provide an immersive experience for users. The platform also establishes a home for the SHIBArmy, a name given to supporters of the project.
The Shiba Inu cryptocurrency is a meme digital asset that was created back in Aug. 2020 with the intention of becoming a more popular and accessible crypto than DogeCoin (DOGE). Unlike DOGE however, SHIB is an ERC-20 token, which means that it’s built using the Ethereum network.
This also means that it can run smart contracts and perform other advanced functions. The token’s dApps ability led it to a spike in popularity among crypto owners. In fact, since its launch SHIB’s price has increased by nearly 1,000,000%.
Market experts believe that Shiba Inu is entering the metaverse space to compete with the 3D virtual world browser-based platform Decentraland.
According to the SHIB development team, this metaverse project comprises 100,595 plots of land with an introductory land stage unlocking of 36,431 plots. In the introductory phase, the land plots will be sold in three stages: “Bid Event”, “Holder Event” and “Public Sale” stage.
In addition, each land tier, which will feature four districts, namely Growth District, Defense District, Technology District, and the Currencies District, will use Ethereum’s native token Ether (ETH) as a pricing cryptocurrency. Depending on the tier, pricing will range from 0.2 ETH for Tier 4 Silver Fur to 1 ETH for Tier 1 Diamond Teeth.
The SHIB team’s explanation for choosing ETH versus SHIB’s own tokens was Ether’s neutrality aspect. They stated that using Shiba Inu’s “Ecosystem Tokens [$SHIB, $LEASH and $BONE] is a risk, as we would need to dump our own tokens price cashing them! And that’s far away from our plans.”
Furthermore, Shiba Inu team said the virtual project will be developed in Shibarium, a Layer 2 (L2) transfer system still under development.
At last check, SHIB was changing hands at $0.00002719, up 5.77% on the day according to CoinMarketCap. If the uptrend continues, the $14 billion market cap meme coin could retest its Feb. 7 highs at $0.000032.