Shiba Inu is a popular ERC-20 altcoin. The token gained popularity as a viable competitor to the popular meme coin, Dogecoin. The coin got its name from a breed of Japanese hunting dog, Shiba, which is also its mascot.
Like Dogecoin, Shiba Inu is a meme coin inspired by an internet joke. Therefore, apart from being a digital asset and store of value, meme coins do not usually have a use case or application.
Considered the Doge Killer, Shiba Inu was introduced in 2020 by an anonymous group or individual identified as Ryoshi. Since its introduction, Shiba Inu has grown vast, ousting many other meme coins in utility and applications.
In a bid to provide its community of supporters with more opportunities with use cases, Shiba Inu introduced the SHIB Metaverse, a virtual world of endless possibilities within the Shiba Inu ecosystem.
The Shiba Inu Token
Shiba Inu is a 100% community-driven token. According to the token’s whitepaper called the WOOF PAPER, the token was developed as an experiment to check the positive effect of a community-driven ecosystem.
Perhaps the question, “What would happen if a cryptocurrency project was 100% run by its community?” has been answered with the enormous growth in Shiba Inu’s price over time.
Its anonymous founder attributed the project as an “experiment in decentralized spontaneous community building.” Therefore, the collective power of a community is essential to a token’s growth, as seen with Dogecoin too. It proved that a supportive community can build a more powerful decentralized ecosystem compared to what a centralized system can ever do.
The token was built on the Ethereum blockchain to provide a secure, well-established, and effective network for the project. This will also aid in keeping it decentralized.
The Shiba Inu Economy
The Shiba Inu ecosystem’s economy hosts many successful tokens and DeFi products that are essential to the project’s growth. They include:
1. Shiba Inu token: Shiba Inu or SHIB token is the native currency of the Shiba Ecosystem. It is the main currency of the project, and it has one quadrillion total supply.
Its founder, Ryoshi, committed about 50% of the total supply to Uniswap for liquidity. The remaining 50% was controlled by Ethereum co-founder and CEO Vitalik Buterin. Buterin burnt 40% of the total supply, leaving the remaining circulating supply at 10%.
2. Doge Killer ($LEASH): This is a secondary token of the Shiba Inu ecosystem. It represents a reward token that was initially created to serve as a rebase token of Dogecoin.
Rebase tokens or elastic tokens follow a special architectural framework that allows them to retain their value by adjusting the circulating supply to the price of another token. In this case, it’s Dogecoin.
The increase and decrease in circulating supply are called the rebase mechanism. However, the $LEASH developer team released the token with a fixed supply of fewer than 108,000 tokens.
Fortunately, its fixed low supply boosted the value of the token. Its price is currently sitting at $419, making it the most valuable currency in the Shiba Inu ecosystem.
3. Bone ($BONE): This is the governance and DAO token of Shiba Inu. It has a good circulating supply of 250 million tokens. $BONE tokens are important for decision-making processes.
4. Shibaswap: Shibaswap is another important part of the Shiba Inu ecosystem. Launched in 2021, it is an Ethereum-based native Decentralized Exchange of Shiba Inu.
Its main function is to allow users to swap Shiba Inu and other tokens seamlessly. It also features many DeFi opportunities, including staking, farming, governance, and the NFT marketplace.
5. Incubator: The Shiba Inu incubator is a program launched to enhance creativity within the Shiba Inu ecosystem. It aims to bolster the focus on digital creativity, photography, painting, and general art.
6. Shiboshis: These are collections of 10,000 uniquely generated ERC-721 non-fungible tokens. They comprise different traits and unique characteristics.
SHIB: The Metaverse
The SHIB metaverse is Shiba Inu’s virtual world. It features a vast real estate system that comprises 100,595 plots of land.
The real estate system of the Shiba Inu metaverse allows landowners to generate revenue from their lands by collecting valuable resources and earning passive income.
Meanwhile, the metaverse will also feature multiple earning mechanisms in addition to giving owners the ability to build and manage their personal spaces.
However, the value of land plots depends on their location within the metaverse. Some of the most valuable lands are locked away to serve as exploration centers where metaverse occupants can visit.
Although these lands will be accessible to all occupants, they will remain private to give everyone an equal opportunity to see different parts of the SHIB metaverse.
The platform features four districts:
- Growth District
- Defense District
- Technology District
- Currencies District
Land assets within these districts are divided into four tiers from 1 to 4. Tier 1 holds the highest rarity and lowest supply. They cost up to 1 $ETH to mint.
- Tier 4 (Silver Fur) – 17,030 Lands – 0.2 ETH
- Tier 3 (Gold Tail) – 7356 Lands – 0.3 ETH
- Tier 2 (Platinum Paw) – 5714 Lands – 0.5 ETH
- Tier 1 (Diamond Teeth) – 2024 Lands – 1 ETH
Steps to buy land in SHIB Metaverse
Interested landowners can mint plots of land from the land marketplace at Shib.io. Here, users can explore available lands and mint plots as they want.
To buy land, users must connect their Metamask or Ethereum-based wallet to the SHIB land marketplace. After selecting your preferred plot of land, you will be redirected to Opensea, where you can bid for the land or buy instantly with ETH.
Here’s a guide on how to buy land in the SHIB metaverse:
- Fund your Metamask wallet with ETH
- Go to Shib land marketplace and connect wallet
- Enter the Lands Map and explore the available lands
- Click on “Mint with ETH”
1. Fund your wallet with ETH
SHIB metaverse lands are listed in ETH. Therefore, you must fund your wallet with enough ETH to cover land fees and gas fees.
To fund your wallet, you can buy ETH on popular Centralized Exchanges like Binance. Visit Binance.com on your web browser and buy ETH with a credit card or bank transfer.
Once you fund your Binance account with ETH, transfer the coins to your wallet (e.g., Metamask Wallet) using your wallet address.
2. Go to Shib land marketplace and connect your wallet
After funding your wallet with enough ETH, go to the SHIB land marketplace at Shib.io.
Click on the wallet icon from the top right corner of the homepage to connect your wallet.
Click on ‘WALLETCONNECT’, and choose your preferred wallet. This should redirect you back to your wallet. Approve the connection to link your wallet.
3. Enter the Lands Map and explore the available lands
After connecting your wallet, click on ENTER THE LANDS MAP in the top navigation bar to explore the available land plots on the marketplace.
You can use the filter to sort lands according to your preference. You can filter according to price, zone, or district.
If the land you chose is available for minting, you’ll see the option to MINT WITH ETH or MINT WITH SHIB.
4. Click on “Mint with ETH”
Click on MINT WITH ETH since you funded your wallet with ETH. Then tap MINT on the purchase window that pops up.
To mint the land, approve the transaction in the Metamask prompt to confirm your purchase.
However, if the land you select has been minted already, you will be redirected to Opensea.io, where you can buy the land instantly or make an offer to buy the land.
For a land that has already been minted, click on ‘BID ON OPENSEA’ to buy the land on Opensea marketplace.
In Opensea, click on the wallet icon to connect your Metamask wallet. Approve the connection prompt to confirm the linking.
Once your wallet is connected, click on ‘MAKE AN OFFER’ to bid for the land.
Enter the BID amount and when your offer should expire. Finally, click ‘MAKE OFFER’ to add your bid.
Sign the transaction and confirm token approval to complete the transaction, and that’s all! You’re a new landowner in the SHIB metaverse.
The SHIB metaverse was created to provide an immersive interaction among the ShibArmy. It is a creative way to promote a united community and partnership in the ecosystem.
The land and real estate system of the SHIB metaverse is vital to improving the general economic outlook of the Shiba Inu ecosystem.
With these lands, users can develop their land with SHIB tokens, improving its use cases in the virtual world. Meanwhile, landowners can also lease HUBS and earn money.