SHIBA Inu’s native token SHIB can now be used to purchase land in the SHIB metaverse, as the development team continues to provide utility for holders.
This week, the Shiba Inu team announced the SHIB token could now be used to mint parcels of land in “SHIB: The Metaverse.”
When the project first launched investors could only purchase the land using Ether (ETH).
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There are 100,595 plots of virtual land in the SHIB: The Metaverse which will be released in phases.
The first stage saw 36,431 plots up for grabs on April 13, 2022 with the land being divided into four categories: Silver Fur, Gold Tail, Platinum Paw and Diamond Teeth.
It was priced between 0.2 ETH to 1 ETH.
The SHIB ecosystem has grown to support NFTs and the decentralized finance (DeFi) platform ShibaSwap in recent months despite the narrative that Shiba Inu is just a meme coin driven by hype.
The SHIB ecosystem also has two subsidiary tokens, LEASH and BONE, which will be crucial as the metaverse project develops.
Currently, holders who stake their LEASH are given priority access to land bids, while BONE is a governance token which allows holders to vote on decisions about the future development of the metaverse.
SHIB: The Metaverse will be developed in Shibarium, an upcoming layer-2 scaling solution for SHIB.
Shibarium will be tested publicly in the coming months, with a public beta to follow soon after.
