On Wednesday, the Shiba Inu (SHIB) team announced via Twitter that the SHIB token can now also be used for mining tracts of land in Shiba’s new metaverse, called SHIB: The Metaverse.

Real estate in the SHIB metaverse

A total of 100,959 tracts of land are sold for this metaverse. Initially it was only possible to buy pieces of land through ethereum (ETH), but now also through SHIB. Users who buy their lands with SHIB also get special opportunities to customize their land in various ways.

Property owners in the SHIB metaverse can also generate passive income from these tracts of land. They can do this by in game collect resources and other rewards. However, it is still unclear exactly how this will work.

These pieces of land from the SHIB metaverse will be released in several phases. In the first phase on April 13, 36,431 pieces were released. These pieces of land were divided into four different rarities: Silver Fur, Gold Tail, Platinum Paw and finally the Diamond Teeth. These different categories were also sold for different prices. The cheapest plots of land were 0.2 ETH and the most expensive 1 ETH.

Shiba Inu grows into a full ecosystem

Where the project had virtually no use case at launch and was actually only driven by hype caused by, for example, Elon Musk, we are now seeing the Shiba ecosystem begin to take serious shape. For example, the ecosystem supports non-functional tokens (NFTs) and decentralized finance (DeFi) through ShibaSwap.

Furthermore, there are also other cryptocurrencies under this umbrella, namely LEASH and BONE, which developers indicate that these tokens will play an important role in the metaverse project. At the moment, investors who have secured LEASH are prioritized when bidding on plots of land and the BONE token can be used for the governance of the Shiba ecosystem. Thus, it allows investors to vote on various proposals that are being made to improve the ecosystem and the metaverse.

SHIB: The Metaverse will be developed in Shibarium, an upcoming layer-2 scalability solution for SHIB. A public test for Shibarium will be made available in the coming months, along with a public beta phase to follow.

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