Market values for meme coin Shiba Inu (SHIB) ecosystem tokens like SHIB and LEASH spiked as much as 40% after its developers stated the protocol would soon be offering virtual land in a forthcoming but still unnamed metaverse.
The term “Metaverse” refers to a digitally based version of the actual world where individuals may interact in the same way they do in real life. In recent months the notion has gained traction with Nintendo, the latest giant hinting at its interest in the technology.
“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 incentivization, content, and regular royalties,” Shiba Inu developers stated in a blog post.
The Metaverse continues to expand
Similar to non-fungible tokens (NFTs), which are gaining mainstream adoption, the value of Metaverse tokens such as Decentraland’s MANA and The Sandbox’s SAND is likewise expanding by billions of dollars.
In the forthcoming Shiba Inu Metaverse, the “Shiba Lands” or plots of land available within the space will be offered for purchase or auction using LEASH tokens. Indeed, the land is important in the Metaverse, and as Finbold previously reported, fans of digital reality are paying $300,000 for a virtual property instead of buying a real house.
The developers are developing a’ queue system in preparation for the Shiba Lands sales event.’ According to the quantity of LEASH they have, participants gain a spot in the line. A mechanism like this would prohibit opportunistic bots from purchasing land at cheap costs in order to resell it to the community at a higher price.
Currently, LEASH is trading at $1,818, up 45.34% in the last 24 hours, according to CoinMarketCap statistics.
Furthermore, despite SHIB making its way back into the top 10 purchased tokens and top most used smart contracts by 1000 biggest ETH whales in the last 24 hours, the token has also dropped by 5% in the same time.
Indeed, the token was trading at $0.000031 at the time of publication after gaining about 40% over the last two days (February 7 and 8) as $3.5 billion was infused into its market cap.