Shiba Inu (SHIB) investors will now be able to buy land in the Shiba metaverse using their coins.
The Shiba Inu developers announced on Twitter that the SHIB token can now be used to purchase pieces of land in the newly released virtual reality initiative "SHIB: The Metaverse."
In SHIB: The Metaverse, there are 100,595 different pieces of land to choose from. Originally, land could only be purchased with Ether (ETH). Now that SHIB has been integrated into the metaverse initiative, users can not only buy land but also customize their virtual land.
Landowners in SHIB: The Metaverse will be able to earn passive revenue, acquire in-game materials, and earn awards, though details on these are still being worked out.
The SHIB metaverse's land plots will be launched in stages. On April 13, 36,431 plots were released in the first stage, with the land separated into four categories: Prices range from 0.2 ETH to 1 ETH for Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth.
Despite the widespread belief that SHIB is only a meme coin fueled by excitement and Elon Musk's tweets, the SHIB community has expanded to include nonfungible tokens (NFTs) and decentralized finance (DeFi) platform ShibaSwap.
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The SHIB community also includes subsidiary tokens like LEASH and BONE, which developers hope will become more important as the metaverse project develops. Investors who lock in their LEASH currently have priority access to land bids, whereas BONE is a governance token that enables owners to vote on metaverse development decisions.
Days ago, Bitcoin.com published a report about the Bored Apes Yacht Club-centric Otherside metaverse land sale, reportedly the NFT collection having the highest trading volume during the previous week.
Statistics covering one week shown on cryptoslam.io indicated that Otherdeed has made sales worth $721,337,124. Moreover, the crypto token apecoin and its transaction during the sale increased Ethereum gas fees while the metaverse deed sale is ongoing.
Yuga Labs, the designers of the Bored Ape Yacht Club (BAYC), claimed that it "looks obvious" that Apecoin would need to migrate to its network to expand correctly. Rather than a distinct Apecoin network, the Ethereum-based currency is now integrated with Polygon. An Apecoin DAO board member has stated that a different Apecoin blockchain may not be necessary.
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"No discussion of a hypothetical apechain was held either at the [Apecoin] board level or with any other parties (including [Yuga Labs]); this is a totally new concept to us," said Apecoin DAO board member Yat Siu. Yat Siu went on to say:
Any choice to contemplate establishing a chain, like with other [Apecoin] DAO projects, must be made with the [Apecoin] community's approval through the [AIP-1: DAO proposal process]. Several L1 and L2s have indicated that they intend to propose the DAO. Any submitted ideas will be subjected to the standardized governance approach stated on the official website.
