The Shiba Inu metaverse project, known as SHIB: The Metaverse, will let users buy virtual real estate - Lands - when it launches, but how does it all work?
While you can currently buy land in the Metaverse, SHIB's position means it could easily usurp other Metaverse projects.
Through a selection of blog posts, Discord messages, Tweets, and comments in the AMA, here's what we know about the upcoming Shiba Lands sale in the metaverse.
How To Buy Land In Shiba Metaverse
Here’s the TLDR on buying land in the metaverse:
- Total Land Available: 100,595 pieces, with 36,431 released in Phase One.
- Price: Starting bids between 0.2-1 ETH.
- Purchasing Format: Auction-style system during Phase One, before opening up to a normal purchasing system afterwards.
- Availability: Priority access granted to LEASH and Shiboshi holders, with future phases opening to the public.
Shiba Metaverse Land Sale Goes Public
Starting on April 23, the Shiba Inu land sale is now live for the public. After two periods whereby only those who locked LEASH and Shiboshi NFTs could bid on land via SHIB.io, more interested parties can now participate.
With over 36,000 lands available during this stage, just over 50% of the available land has now sold to around 5200 different wallets.
This period will continue until all available Shiba Lands sell out. It wil then expand to the full size - with 100,595 plots.
Additionally, while the land was first only available to buy in ETH, this has now changed. Prospective landowners can now buy land in the Shiba metaverse with SHIB.
What Land Is Available In Shiba Metaverse?
During the first stage of the metaverse launch, four tiers of land will be made available at different prices. These are:
- 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
Users can see and select their Shiba Lands via the interactive map on the website. Shiba Growth member Milkshake said described this as “Very similar to the user-friendly interfaces of booking a chair for a movie theatre.”
Most of the remaining land as we go further away from the land sale's launch is in the Tier 4 category.
How To Be The First To Buy Land In Shiba Metaverse
The first way, and fastest way to buy Land in the metaverse was through holding LEASH. Holders of LEASH will be given priority access to the Metaverse auction. Access will scale depending on the total LEASH you lock, and for how long.
As revealed by Shiba developer Eric M, the amount of LEASH prospective Landowners could lock is between 0.2 LEASH and 5 LEASH, for a period between 45 and 90 days. The larger this was, the greater value of land a LEASH holder will be able to acquire.
A similar locking mechanism also applies to Shiboshi holders. They were among the first to gain access to the Lands sale. 2000 Shiboshi holders will be chosen to mint land in the exclusive Shiboshi Zone, too.
Shiba Inu Land Sale Phases
In mid-March, Eric M said there are three separate sections of the land sale: Bid Event, Holder Event, and Open Purchase.
During the first phase, open to LEASH holders, prospective buyers will bid on the land they want. Here, the ETH you bid is sent to a smart contract until the end of the auction. At the end of the auction period - 3 days - the successful bidder will then be able to mint their new Shiba real estate.
Explaining the reasoning behind this decision, Milkshake said it was to “avoid a gas war” - likely referring to the issues during the Shiboshi NFT launch.
After this bidding process, the land sale will enter two additional phases. First will come a Restricted Sale for LEASH and Shiboshi holders can buy the remaining real estate, with no bids - just first come, first served. This will last 7 days.
Following the 10 days of activity, the minting process will begin. It will then become more open to the wider public in the same format through a Public Sale. In a string of Discord messages, Eric M explained these phases, stating:
There will be some days where just LEASH holders will be able to purchase normally. After all [these] events, open purchase will be set up and everyone will be able to purchase the remaining lands on a normal fashion.
However, the land sale doesn't stop there. Not only will holders be able to sell and trade land, but also, according to the latest Shiba metaverse update, customise their land in exchange for burning SHIB.