MEME coin Shiba Inu will offer plots of virtual lands in a soon to be released metaverse.
The team behind Shiba Inu, an Ethereum-based token and 13th biggest cryptocurrency with a market cap of $18.4 billion, said in a blog post: “The metaverse is set to be one of the biggest areas within crypto for many to enjoy, using it as another great resource to offer crypto communities incentivisation, content, and regular royalties.”
‘Shiba Lands’ will be available for purchase using LEASH tokens.
Developers have said they’re working on a “queue system” designed for the ‘Shiba Lands’ sales event.
Users will be given a place in the queue based on the amount of LEASH they hold.
This will prevent bots from buying up land for low prices and selling them on the secondary market for profit.
LEASH is a native token on the ShibaSwap decentralised exchange.
The Shiba Network has launched two tokens alongside the SHIB token: LEASH and BONE.
All three tokens are currently circulating in the Shiba ecosystem.
LEASH token soared by nearly 46 per cent following the announcement.
This comes just weeks after 24/7 Crypto reported Shiba Inu were planing to create a metaverse.
The developers have now said they’re researching ideas and designs and are expecting to drop the name of the virtual world sometime this month.
They added: “Some of the biggest metaverse platforms that opt for introducing virtual real estate are The Sandbox and Decentraland. We understand the potential, expandability, and performing evolution that this type of metaverse option brings to the community.”
Floor prices for plots of land in Decentraland and The Sandbox are currently at 4.9ETH ($15,300) and 3.7ETH ($11,600).
Shiba Inu exploded in popularity in 2021 when it burst onto the cryptocurrency scene to compete with Dogecoin – the biggest meme coin by market cap.
Critics of both Shiba Inu and Dogecoin have said the coins have no inherent value, while others believe the coins can and should be used for payments.
Both meme coins have become popular as internet communities and have been promoted online, causing their value to skyrocket.
Follow 24/7 Crypto on Twitter for the latest news and developments as they happen
