Guide: Buying Land in SHIB Metaverse

MetaversePlanet April 4, 2022Last Updated: August 14, 2024

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In a recent blog post, the Shiba Inu team unveiled intriguing details about their highly-discussed metaverse project named “SHIB: The Metaverse.”

The developers of the meme coin had introduced their ambitious metaverse initiative in early February, aiming to compete with established platforms such as Decentraland. In this article, we will provide the latest updates on SHIB’s metaverse project.

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Shiba Inu metaverse will have over 100,000 plots

The Metaverse project is set to encompass over 100,000 plots, with some of them designated as private. The release of land plots will occur in multiple stages. In the introductory phase, the team plans to unlock 36,431 parcels, categorized into four tiers: Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth. Pricing for these tiers ranges from 0.2 ETH to 1 ETH, with the team expressing a preference for a neutral token for pricing.

Participants interested in the three-day sale event must lock their Doge Killer (LEASH) tokens and Shiboshis NFT. Owners of these tokens will also gain access to the seven-day phase of the sales event. Subsequently, the remaining plots will be made available for public sale after the completion of the initial two phases. The team asserts that acquiring land presents an opportunity for passive income and rewards generation. Furthermore, landowners will enjoy certain privileges, with additional details on these benefits expected in the near future. To summarize the information at hand, it can be concluded that:

The total usable land will be 99,000 pieces, of which 35,000 pieces will be released in phase one.
The price of plot pieces will be available between 0.2-1.0 ETH
Shiberse developers will use an auction-style system during phase one.
LEASH and Shiboshi users will have priority access with upcoming stages that will open to the public.
In Shiberse, users will be able to select their land using an interactive map. One of the Shiba Growth members named Milkshake said it would be “very similar to the user-friendly interface used when booking seats for a movie theater.”

What are the details of the purchase?

An expedited route to acquire land in the Shiba Inu metaverse involves holding LEASH tokens. LEASH holders will enjoy priority access, the extent of which is contingent on the total LEASH locked and the duration of the lock. Shiba developer Eric M disclosed that potential landholders can lock any amount of tokens ranging from 0.2 LEASH to 5 LEASH for a duration of 45-90 days. The value and duration of LEASH locked directly correlate with the value of the land that a LEASH owner can procure.

A parallel locking mechanism will be applicable to Shiboshi owners, granting them priority access. Moreover, 2,000 Shiboshi owners will be chosen to mint land in the exclusive Shiboshi region. However, Eric M clarified that landowners will bid using ETH instead of SHIB. The Shiba Inu metaverse will conduct land sales through three distinct phases outlined by Eric M, including the offer, restricted purchase, and open purchase.

Lands are “first come, first served”

In the bidding phase, the ETH bid from LEASH holders will be directed to a smart contract throughout the auction duration. Once the auction concludes, the winning bidder gains the ability to mint the Shiba real estate.

This arrangement, as explained by Milkshake, is intentionally designed to avoid a gas war. The bidding phase is slated to be a restricted period, enabling LEASH and Shiba owners to acquire the remaining property without engaging in bidding. Instead, purchases will be facilitated on a “first come, first served” basis.

Subsequently, the minting process will commence, reaching a broader audience. In a recent Discord communication, Eric M provided further clarification on this process.

There will be some days when only LEASH owners can buy normally. After all these events, open purchase will be established and everyone will be able to buy the remaining lands normally.

Metaverses embody virtual realms where participants can engage in simulated real-world interactions. As covered by Metaverseplanet.net, the concept witnessed a surge in popularity, notably after Facebook rebranded itself as Meta in October. Meanwhile, the official Twitter account of the meme cryptocurrency has surpassed three million followers. In a celebratory tweet, the team behind the meme cryptocurrency expressed gratitude to followers for propelling the project to a “whole new level of success.”