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    Shiba Inu Opens Early Access to Land Auctions

    Shib metaverse land sales

    On April 7, Shiba Inu announced the first stage of SHIB metaverse land sales. Its launch might be ready to take off this weekend.

    The project, first announced in early February and initially called "Shibverse", was later renamed to SHIB: The Metaverse. It is designed to compete with such popular platforms as Decentraland and The Sandbox.

    SHIB: The Metaverse, as well as SHI, the stablecoin of the Shiba ecosystem, are being developed via the L2-solution Shibarium, which is reportedly moving from the Alpha phase into its Beta phase soon. 

    The Metaverse will implement the use of all Shiba Inu ecosystem tokens including SHIB, LEASH and BONE. According to the development team, the virtual space will consist of 100,595 lots, which are to be gradually unlocked in several stages. Some lands will remain locked down – they will serve as avenues, boulevards and hubs, while public locations will be available for purchase.

    In the first phase of the upcoming launch, 36,431 plots of land will be unlocked and distributed across four different tiers with prices ranging from 0.2  ETH  to 1 ETH. The decision to use Ethereum is explained by the fact that ETH is easier to convert into stablecoins to cover any possible expenses. Generally, locations closer to the center of the metaverse will be more expensive. The collected funds will be spent on further development of the metaverse. 

    Bidders will be required to pre-lock their LEASH tokens in order to participate in the event. The queue system established by the creators of the project ensures that LEASH owners will have exclusive access to the sales. They will also be able to participate in the second stage of the sale, which will last for seven days. Land owners will be able to generate passive income by collecting in-game resources and receiving rewards, which the developers promised to reveal in the near future.

    In early April, Citibank analysts predicted the growth of the metaverse industry to $13 trillion by 2030. According to estimates, the total number of metaverse users could reach five billion by then. In March 2022, the team behind the BAYC NFT collection, Yuga Labs, announced plans to create their own virtual world. In order to reach their goal, the company has already raised $450 million.