On Wednesday (April 13), the Shiba Inu ($SHIB) team announced that the first stage (“Bid Event”) of the three-stage land sale process in the introductory phase of metaverse project “SHIB: The Metaverse” had gone live.

As CryptoGlobe reported on April 1, here are some things we know about the the $SHIB Metaverse, based on a blog post by the team on March 30:

  • SHIB.io will be the official website for the metaverse and “future expansion” of all of the Shiba Inu team’s “current projects.”
  • The Metaverse will “consist of 100,595 plots of land,” 36,431 of which will become unlocked and available for purchase during the introductory phase of the metaverse. These 36,431 plots of land will be in one of four districts: Growth, Defense, Technology, and Currencies. There will be four pricing tiers: “silver fur” (0.2 $ETH); “gold tail” (0.3 $ETH), “platinum paw” (0.5 $ETH); and “diamond teeth” (1 $ETH).
  • The Shiba Inu team has kept 15 plots of land as a reward for “those highly involved in the current and future MV development.”
  • The digital currency used to pay for the $SHIB metaverse land will be $ETH since the “collected funds” will be converted into stablecoins, so that they can be used to “pay for the metaverse development.” The team did not want those interested in buying metaverse land to pay using tokens from the Shiba Inu ecosystem (i.e. $SHIB, $BONE, and $LEASH) since they were worried that by selling these taken they would be causing their prices to go down.
  • Layer 2 blockchain Shibarium will be used for the development of the $SHIB metaverse as well as the $SHI stablecoin.
  • $SHIB metaverse landowners will be “able to generate passive income, gather in-game resources, and generate rewards.”
  • $SHIB will be burnt when land purchasers rename their plots of land.

In the introductory phase, the land plots will be sold in three stages:

  • Stage 1 (“Bid Event”): This lastsfor three days (i.e. 72 hours). You will need to lock your $LEASH tokens or Shiboshis NFTs via a tool on the official website. Once a bid has been submitted, it will not be possible to cancel it unless you get outbid by someone else. At the end of this bid event, “the highest bid will be granted ownership of the land” and “the acknowledged owner will be able to mint the plot/s, as soon as the timer comes to an end.”
  • Stage 2 (“Holder Event”): Thiswill last for seven days, and it is another chance for holders of $LEASH and Shiboshis NFTs to lock them to purchase land, but this time “without a bidding mechanism” (i.e. on a “first-come, first-served basis”).
  • Stage 3 (“Public Sale”): This will last for 10 days, and it is when “everyone will be able to purchase the remaining available lands on the map, at the fixed price, and without needing to lock any their ecosystem assets.” Via a tool on the official website, it will be possible for potential buyers to “pick their asset limits & amounts to lock” (the minimum is 0.2 $LEASH or 1 Shiboshi and the maximum is 5 $LEASH or 10 Shiboshis). As for time to lock, the minimum is 45 days and the maximum is 90 days.

It is worth noting that “you will need to set up, configure, and use” a Metamask Wallet.

Well, earlier today, the Shiba Inu team made the announcement that $SHIB HODLers had been waiting for:

The $LEASH and SHIBOSHI locking tools are currently up and running on the metaverse website.

Once you have connected your wallet, to use the $LEASH locker, you need to lock up an amount between o.2 $LEASH and 5.0 $LEASH and choose a lock-up period between 45 and 90 days.


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