MEMECOIN Shiba Inu spiked after the developers announced that the cryptocurrency would join the metaverse.
The coin has posted a total weekly gain of 52%, with a market valuation of $17.9 billion.
The increase in valuation comes shortly after the developers of Shiba Inu announced that the meme coin will begin offering virtual plots of land in a new, unnamed metaverse.
Metaverse is a term commonly used to describe a virtual platform that users can enter to communicate and interact.
Recently, however, the metaverse has doubled as a virtual marketplace for users to purchase non-fungible tokens (NFTs) and other digital goods, often depending on cryptocurrencies as a medium. currency.
“Metaverse is set to become one of the biggest niches in crypto for a lot of people to enjoy… use it as another great resource to provide the crypto community with incentive, content, etc. and regular royalties,” the Shiba Inu developers wrote in a blog post.
The developers say they’re currently working on ideas and designs for their metaverse and expect to phase out the digital world at some point this month.
They also revealed some details about their virtual plots, dubbed Shiba Lands, saying that they will soon be in their metaverse for purchase and auction.
The company is planning to use a “queue system” to support the sale and auction of Shiba Lands by banning bots and gas wars.
A participant’s position on the queue will also be determined by the amount of LEASH (one of Shiba Inu’s tokens) they hold.
Shiba Lands marks “cryptocurrency’s first step towards allowing the community to participate in the Metaverse prior to its full release”.
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https://www.thesun.co.uk/tech/17604086/memecoin-shibu-inu-metaverse/ Memecoin Shiba Inu is entering the metaverse – here’s why the value is skyrocketing