The developers behind the meme-inspired cryptocurrency Shiba Inu ($SHIB) have revealed they plan to release 99,000 plots of land in the Shiberse, the cryptocurrency’s upcoming Metaverse. 35,000 of those plots will be sold to $LEASH token holders.

The Shiberse is set to be released in different phases, according to comments made during a Shiba Inu AMA event hosted by Watcher Guru. As Business Insider reports, the developers behind the project are planning a 10-day sale of digital land where 35,000 plots are set to be sold.

The price of land on Shiberse is set to vary according to its location, with land closer to the center of the park – a dog park at the center of the cryptocurrency’s metaverse – costing more.

LEASH token holders are set to be given early access to the plots of land through a dedicated portal through which they can buy land. Users must lock their LEASH holdings to be able to access the sale, with the lock-in period being shorter if they lock up more tokens.

Those with the highest locked amounts are set to be able to bid on the largest lots of land. Per ArchAngel, a cryptocurrency YouTuber that works on Shiba Inu, locking 0.2 LEASH will allow users to buy a 1×1 piece of land, while locking 5 LEASH will allow for the purchase of a 10×10 land.

While tokens need to be locked to bid on the land, they cannot be used to purchase it. Instead, the land will be sold for Ethereum’s native $ETH token, and will cost between 0.2 ETH and 1 ETH, depending on location.

A second batch of land will be available to the public and not just LEASH holders, also priced in ETH.

As CryptoGlobe reported, the 1,000 whales by assets held on the Ethereum network have been increasing their exposure to the meme-inspired cryptocurrency Shiba In, to the point they now hold over $2 billion worth of the cryptocurrency.

The price of Shiba Inu has been growing over the last few weeks amid a wider cryptocurrency market recovery and as the project keeps on developing.

Earlier this month Shytoshi Kusama, the cryptocurrency’s community leader, announced that Shiba Inu was partnering with a burger restaurant with one physical outlet in Italy, Welly’s, to launch what was described as the “first and only SHIB themed restaurant powered by the community.”

The meme-inspired cryptocurrency has also seen Singapore-based blockchain solutions provider Unification, a company that has worked with firms like Google and Amazon, announce it has been working with the Shiba Inu community to develop Shibarium.

Shibarium, it’s worth noting, is a layer-two network built on top of the Ethereum blockchain meant to support the Shiba Inu ecosystem. It’s set to enable “rapid low cost transactions optimized for gaming.” Unification is planning on launching a public testnet for the network “very soon” according to its announcement.


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Featured image via Pixabay