- The lack of real-world usage of memecoins has led critics to see them as merely a social media hype.
- Undoubtedly, the most eagerly awaited project for Shiba Inu is “Shib: Metaverse”. If everything goes well, fans can witness it by the end of 2023.
- According to its creators, the metaverse will consist of 100,595 virtual land parcels. Landowners will be able to earn passive income and collect in-game resources.
The Shiba Inu project intends to shed the “memecoin” label; the countdown has begun for the Shib Metaverse project.
Shiba Inu Takes Action for the Metaverse Project
Talking about memecoins has become a significant topic of interest within and outside the crypto community, given their value, wild price fluctuations, and relationships with tech leaders. However, the lack of real-world usage has led critics to see them as merely a social media hype.
With a market value of over $4.5 billion, Shiba Inu has started questioning this as the second-largest memecoin ecosystem. The launch of the decentralized exchange (DEX) ShibaSwap and the currently in-beta layer-2 (L2) scaling solution Shibarium are steps taken in this direction.
However, undoubtedly, the most eagerly awaited project is “Shib: Metaverse”. If everything goes well, fans can witness it by the end of 2023. For those who don’t know, the metaverse can be thought of as a collective shared virtual space. It is supported by various technologies, including virtual reality (VR), augmented reality (AR), artificial intelligence (AI), and blockchain. It can be seen as a convergence between the real and digital worlds, allowing people to interact with each other through their digital avatars.
The metaverse came into mainstream consciousness with social media giant Facebook’s rebranding to Meta in 2021, reflecting not only a name change but also its commitment to building the “digital world.” Since then, other tech giants like Google and Microsoft have also entered this field.
Shiba Inu’s own metaverse has generated significant interest since the creators shared a teaser of the project in January 2022. The metaverse will be developed on the Shibarium L2 network, which is preparing for its mainnet launch.
According to its creators, the metaverse will consist of 100,595 virtual land parcels. Landowners will be able to earn passive income and collect in-game resources. Additionally, they will have access to a personal space to build and manage their own projects.
Shiba Inu developers stated that 36,431 land parcels will be available in the initial phase of the event, and some locations will remain open to everyone. The SHIB token can be used to purchase land parcels in the metaverse. A popular use case with SHIB is adding images and logos to land parcels. When images are changed, SHIB tokens will be burned, increasing deflationary pressure.
Metaverse users will have the option to name or rename land parcels using their SHIB assets. Additionally, people will be able to use SHIB to lease HUBS, one of the most valuable land parcels in the metaverse. The transaction fee token for the Shibarium network, BONE, will play a significant role in the metaverse.
Countdown to Shiba’s Metaverse
In a blog post in April, Shiba Inu developers announced that some parts of the metaverse will be open to the public until the end of 2023, uplifting the spirits of metaverse enthusiasts. Since then, many exciting updates have continued to attract attention.
Lucie, an important member of the Shiba Inu marketing team, announced that the project has a multi-platform strategy. This means that the metaverse will be available on mobile devices, computers, and virtual reality (VR) devices. She also mentioned that 4 HUBS, namely Rocket Pond, Ryoshi, and Tech Trench, will be announced in September 2023.
Among these, the trailer for Rocket Pond was released last month. The trailer depicted the transformation of a dystopian landscape into a world full of brightness. Shiba Inu has taken the task of shedding the “memecoin” label seriously. In line with this, by implementing foundational projects such as Shibarium and the metaverse, it aims to stand out in the ever-changing landscape of Web3. However, whether these initiatives will lead to greater participation within and outside the Shiba Inu ecosystem will become apparent over time.
