The lands will be available for auction or purchase according to the announcement post
The bidding for land will follow a queue system, with LEASH token holders getting priority
The popular meme coin ecosystem Shiba Inu has announced another massive step in the Metaverse direction.
The team behind the cryptocurrency has revealed it is working on a virtual real estate project that will allow users to claim ‘lands’ in the Shiba Inu metaverse. The project is part of the developments being carried out in the Shiba Inu Metaverse launched at the end of last month.
“We are happy to announce and proudly introduce Shiba Lands! These “lands” found inside our Metaverse will be available for purchase/auction really soon, and it will be our first step towards allowing the community to jump into the Metaverse prior to its full release!” a section of the announcement post read.
The Shiba Inu metaverse, whose official name will be revealed later this month, is a direct rival to the likes of Sandbox, Axie Infinity, Decentraland, and Gala Games. Sandbox and Decentraland are recognised as the ‘trailblazers’ of virtual real estate and are arguably the leading Metaverse platforms at present.
Queue system to facilitate the exclusive land sale
The virtual real estate project will adopt a queue system that is currently in the works to handle bids for various properties during the land sales event. Shiba Inu claims that this system will be fair and help deal with bots while managing the high gas fees.
Users looking to get a piece of the land before public release will be required to have LEASH tokens.
“This [queue] system aids with the prevention of Bots and Gas Wars while making the process something fair and smooth for our community worldwide. [It] allows exclusivity by requiring interested parties to hold ‘$LEASH’, which gives priority and exclusive access to this first selling phase of the land plots,” the post continued.
The Shiba Inu team will also deploy an ‘anti-dump system’ built to protect holders of the token. The public land sale will commence after the conclusion of the exclusive selling event (Leash holders bidding), allowing other users to jump on the project.
The team didn’t include any details regarding when the lands will be available to the public but noted it would share updates soon. The announcement detailed that owning virtual land in ‘Shiberse’ will have several advantages, but none was listed.
LEASH Price Action
Not long after the announcement was shared, the price of LEASH started ascending. CoinMarketCap data shows that the token surged from around $1,180 at the end of yesterday to a nine week-high of 1,880 earlier today. LEASH price has since retreated slightly to $1,868 as of writing – up over 45% in the last 24 hours.