Shiba Inu Unveils its Metaverse Project, But Investors Do Not Seem Excited
The team behind the popular meme coin shiba inu (SHIB) has unveiled their anticipated metaverse project dubbed "SHIB: The Metaverse," a virtual world that would contain more than 100,000 land plots. However, investors are ostensibly not excited by the announcement as SHIB has seen a relatively small move higher.
At 7:14 UTC on Thursday morning, the 15th coin by market capitalization SHIB has gained 2.7% over the past 24 hours, which is not an impressive move given that the meme coin has a history of delivering triple-digit gains in a day.
Overall, it's up 13.3% in a week, 8% in a month, and 48,589% in a year. It's currently trading at USD 0.0000277.
As for other coins in the Shiba Inu ecosystem, LEASH is down nearly 10% in a day to the price of USD 1,571, and it's up 26% in a week.
BONE is down 1.8% in a day and 4% in a week, now trading at USD 0.7.
In the first phase, 36,431 plots will be unlocked, which will be divided into four categories of Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth based on their value. These land plots are priced between ETH 0.2 (USD 680) and ETH 1 (USD 3,400).
Notably, the team has priced lands in Ethereum's native token ETH, saying that they have decided to use “neutral cryptocurrency” as a land pricing token to ensure there is no downside risk to Shiba native coins, and adding:
"Using our Ecosystem Tokens is a risk, as we would need to dump our own tokens price cashing them! And that's far away from our plans."
The team also mentioned some of the benefits of buying land in their metaverse, claiming that landowners would be able to generate passive income, gather in-game resources, and collect rewards.
The team detailed that all of their tokens, SHIB, LEASH, and BONE, will play a role in the metaverse as phases roll out. As of now, the only utility for SHIB tokens within the metaverse is that landowners would have to burn some shiba inu in order to rename their plot.
"We will be introducing the first special role that Shiba Inu SHIB will play in the Metaverse," the announcement said. "By welcoming a mechanic to burn SHIB independently while renaming your land plot, furthermore, this should start soon after land events and public sale have ended."
Meanwhile, there have been mixed reactions among the SHIB community. While some welcomed the project, others criticized some of the developer team's decisions, particularly the one regarding pricing land plots in ETH.
"It is not good that you are using ETH for selling the land instead of pushing people to use more SHIB," Emissa.LLC CEO Asaad Hanna said, suggesting that the decision further benefits ETH rather than SHIB.
Other users even criticized SHIB's "special role" in the metaverse, noting that not much SHIB would be burned. "100,000 plots get renamed that will be lucky to burn 1 billion shib," one user claimed, highlighting that this would be very insignificant compared to SHIB's current supply of around 550trn.
Echoing the same point of view, albeit more sarcastically, another user argued that the metaverse project offers no benefit to SHIB holders. "Complete disappointment as I don't see qny benefit for us as shib holders," they said. "I think Shib was used as a stepping stone for the team to start a new business: ShibMetaverse...I meant EtherMetaverse."
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