Today, the value of LEASH, one of Shiba Inu's ecosystem tokens, has risen. This follows the SHIB team's recent revelation that virtual estate will be obtainable in their metaverse project.
Shiba Inu announced in January that it plans to participate in the Metaverse initiative, although the project team did not provide any other information at the time.
The well-known cryptocurrency proposes establishing Shiba Land, a virtual land in the metaverse.
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According to the announcement:
"These lands within our metaverse will be open for acquisition very soon, and it will mean the group’s first move to enable individuals to visit the Metaverse before it is fully launched."
According to the official release, the group also plans to implement a Que Que system, which will be developed to minimize bots and war while enabling exclusivity.
In doing this, the system will need interested partakers to have a LEASH token, which will grant them a preference and limited access to the team's metaverse's first land auction stage.
Furthermore, the group intends to use an "anti-dump system" built to ensure holders' safety.
The remaining property plot will be accessible for people after it has been sold to individuals with restricted access to the sale.
The value of the LEASE token has risen by 40% in the previous 24 hours due to these developments.
As it appears that OpenSea is maintaining January's volume of $5 billion by trading over $1.3 billion in net volume in the last one week, as per statistics from Dune Analytics, the volume of current traders has plummeted by over 30%.
Is there a pause in trader activities signaling an oncoming market correction, or are traders and collectors diverting their trading action elsewhere?
LooksRare, the platform’s closest competitor, has made around $3.49 billion in the past week, but wash-trading concerns have reduced its active trader's number by 3%.
Several factors could be contributing to OpenSea's overall decline in volume and drop-off in active traders. The NFT sector, on the other hand, never ceases to amaze.
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It appears that new NFT collections are launching in great strength, ready to secure their position on the charts by displacing existing top candidates.
OpenSea has definitely had an excellent beginning to 2022, but can these advances be sustained when the platform's active users and daily activity are drastically reduced?
