- The Shiba inu team laid out details on Wednesday of how the SHIBArmy can buy plots in its brand new metaverse.
- Holders of the "shibverse's" leash token will be able to bid on 35,000 plots in a 10-day event, although there's no date set yet.
- Wall Street analysts predict the metaverse could become an $8 trillion market as interest grows.
Shiba inu fans won't have to wait too much longer to own a chunk of the dogecoin-themed metaverse. The developers of the meme cryptocurrency are planning a 10-day sale of digital land in the up and coming "shibverse" metaverse, according to a Twitter space they held early on Wednesday.
The team originally announced its foray into the metaverse by posting an image from their very own digital world on Twitter, triggering a rally in the meme cryptocurrency in late January.
Speaking on Watcher.Guru's Twitter space, ArchAngel revealed the latest plans for the shiba inu metaverse, including the 10-day sale in which 35,000 plots of land out will be sold.
These 35,000 plots are only a portion of the 99,000 total plots that will make up the shiba inu metaverse. Prices will vary by location, with land closer to the center of the park – the focal point of which is a dog park – costing more.
Early access will be given to users that hold leash, a token in the shiba inu ecosystem, who will have a dedicated portal through which they can buy digital land. Users will have to lock these tokens for an unspecified amount of time and the more tokens they lock, the shorter the locking period will be, according to developers.
ArchAngel, a crypto YouTuber that works on the shiba inu platform, said those users with the highest locked amounts will be able to bid on the largest plots of land.
"Locking 0.2 leash will allow the purchase of a 1x1 piece of land, while locking 5 leash will allow the purchase of a 10x10 land," he said.
However, while users must lock their leash tokens to be allowed to bid on the land, they won't be able to use any of them to bid and pay for it. Land can only be purchased with ether and will cost between 0.2 to 1 eth – as well as the applicable gas fees, the developers said.
There's no date set yet for the 10-day sale, but once it's over, any land remaining will be available for the general public to buy — if there's any left.
The metaverse, part of the next stage in evolution of the internet, grew in popularity last year, boosting the value of the crypto-tokens associated with those virtual worlds, as investors piled in to buy anything from digital land, to luxury sneakers, to houses.
Investment bank Goldman Sachs analyst Eric Sheridan wrote in December that the virtual world could eventually be worth $8 trillion.
Last November, Facebook even rebranded as Meta in deference to its new focus on developing its own virtual world, triggering a rush of capital into gaming platforms, cryptocurrencies and technology linked to the metaverse.