Shiba Inu ($SHIB) creators have disclosed their plans to release 99,000 plots of land in the Shiberse, the cryptocurrency’s forthcoming Metaverse. 35,000 of those plots will be auctioned to holders of the $LEASH cryptocurrency.
According to remarks made at a Shiba Inu AMA event held by Watcher Guru, the Shiberse would be distributed in stages. According to Business Insider, the creators behind the initiative are proposing a 10-day auction of digital property consisting of 35,000 parcels.
The price of the property on Shiberse is expected to change depending to its location, with ground closer to the park’s centre — a dog park at the heart of the cryptocurrency’s metaverse – being more expensive.
LEASH token holders will have early access to the plots of land through a special gateway where they may purchase land. Users must lock their LEASH holdings in order to participate in the sale, with the lock-in duration being reduced as more tokens are locked.
Those with the greatest secured sums will be eligible to bid on the biggest property parcels. According to ArchAngel, a cryptocurrency YouTuber who works with Shiba Inu, locking 0.2 LEASH entitles consumers to acquire an 11-acre plot of land, while locking 5 LEASH entitles them to purchase a 10-acre plot of land.
While tokens must be locked in order to bid on the land, they cannot be used to buy it. Rather than that, the land will be sold for Ethereum’s native $ETH coin, with prices ranging from 0.2 to 1 ETH based on location.
The second tranche of land, priced in ETH, will be made accessible to the whole public, not only LEASH holders.
As CryptoGlobe previously reported, the 1,000 whales by assets held on the Ethereum network have been growing their exposure to the meme-inspired cryptocurrency Shiba In, to the point where they currently own more than $2 billion worth.
Shiba Inu’s price has been steadily increasing over the previous several weeks, due to a broader cryptocurrency market rebound and the project’s continued development.
Earlier this month, Shytoshi Kusama, the cryptocurrency community leader, announced a partnership between Shiba Inu and Welly’s, a burger restaurant with a single physical location in Italy, to open the “first and only SHIB themed restaurant driven by the community.”
Additionally, Singapore-based blockchain solutions vendor Unification, which has worked with companies such as Google and Amazon, said that it has been collaborating with the Shiba Inu community to create Shibarium.
It’s worth mentioning that Shibarium is a layer-two network created on top of the Ethereum blockchain specifically for the purpose of supporting the Shiba Inu ecosystem. It is intended to facilitate “rapid, low-cost gaming transactions.” According to the release, Unification plans to establish a public testnet for the network “very shortly.”
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