Shiba Inu creators have begun teasing community members with details on its upcoming metaverse project called ‘SHIB: The Metaverse’. A total of 100,595 virtual land plots will be put up for sale on Shiba Inu’s metaverse, out of which some will be remain private — to be used as common grounds, such as roads, hubs, and boulevards. The price range of these metaverse lands will range between ETH 0.2 (roughly Rs. 51,000) and ETH 1 (roughly Rs. 2.5 lakh).

In the introductory stage, 36,431 land plots will be unlocked. Price-wise, these plots will be sorted into four categories — Silver Fur, Gold Tail, Platinum Paw, and the top tier, Diamond Teeth, a blogpost on ShibaSwap said.

The SHIB team has decided to use neutral cryptocurrency as a land pricing token in order to ensure there is no downside risk to Shiba native coins — SHIB, LEASH, and BONE. These tokens will play a role after more phases of SHIB’s metaverse are rolled out.

“As we will use the collected funds to pay for the Metaverse development, team have decided to use a neutral coin that can be sold into stablecoins in order to pay all the sources. Using our ecosystem tokens is a risk, as we would need to dump our own tokens price cashing them! And that’s far away from our plans,” the SHIB team said.

The meme coin community is also promising financial rewards to those choosing to purchase lands in its metaverse.

“Users who own land in SHIB: The Metaverse will be able to generate passive income, gather in-game resources, and generate rewards. We will be introducing a unique, and exciting way to earn, while also awarding users to have a personal space in which they will be able to build and manage their own projects,” the blog post added.

Landowners will be permitted to rename their plots while using and burning the SHIB token.

Shiba Inu’s metaverse will be developed in Shibarium, a layer-2 solution for SHIB.

The Shiba Inu team is in talks with undisclosed entities for securing partnerships in this metaverse project.

The project was first announced in February this year.

Its recent updates have stirred major excitement among SHIB supporters.

The cryptocurrency was made by an anonymous creator ‘Ryoshi’ in August 2020, and was marketed as a Dogecoin killer. Modelled after the Dogecoin itself, the mascot of Shiba Inu is a cartoon-like representation of a Japanese Shiba Inu dog.

Each SHIB token is currently priced at $0.000028 (roughly Rs. 0.002118) and its total market cap stands at $14.5 billion (roughly Rs. 1 trillion), as per Gadgets 360’s crypto price tracker.