Some parts of SHIB: The Metaverse will launch in late 2023. SHIB is likely to get new use cases with the upcoming metaverse.

Any conversation about cryptocurrencies would be incomplete without a mention of memecoins. Their valuation, wild price swings, and their connections to tech czars have become the subject of much attention both within and outside of crypto circles.

Read Shiba Inus [SHIB] Price Forecast 2023-24

However, their lack of real-world practicality has often led critics to dismiss them as a fad based only on social media hype.

Shiba Inu [SHIB], the second largest memecoin ecosystem with a market cap of over $4.5 billion, is beginning to challenge this narrative. The launch of the decentralized exchange (DEX) ShibaSwap and the layer-2 (L2) scaling solution – Shibarium – which is currently in beta, were steps in this direction.

But the most eagerly awaited project is undoubtedly “Shib: The Metaverse.” If all goes well, enthusiasts will be able to witness it at the end of 2o23.

The digital world

To the uninitiated, the metaverse is a collective virtual shared space. It is powered by various technologies, including virtual reality (VR), augmented reality (AR), artificial intelligence (AI), and blockchain. Think of it as a fusion between real and digital worlds, allowing people to communicate with each other through their digital avatars.

Metaverse rose to mainstream awareness after social media giant Facebook rebranded as Meta in 2021, reflecting not only a name change but its commitment to building the “digital world.” Since then, other tech giants such as Google and Microsoft have also thrown their hats in the ring.

From memes to metaverse

The Shiba Inu ecosystem’s own metaverse has created a huge buzz since its creators shared a teaser of the project in January 2022.

The metaverse would be developed on the L2 network Shibarium, which was gearing up for a mainnet launch at the time of writing.

According to the creators, the metaverse would contain 100,595 parcels of virtual land. Landowners could earn passive income and collect in-game resources. Apart from this, they would get access to a personal space where they can build and manage their own projects.

Shiba Inu developers stated that 36,431 lots would be unlocked during the first phase of the event, while some locations would remain open to everyone.

SHIB’s utility on metaverse

Shiba Inu ecosystem tokens such as SHIB and Bone ShibaSwap [BONE] would be widely used in the ecosystem, according to the developers.

SHIB token can be used to purchase lots in the metaverse. Another popular use case for SHIB is adding graphics and logos to lots. When the images are changed, SHIB tokens are burned, adding to the deflationary pressure.

Metaverse users also have the option to name or rename their lots using their SHIB holdings. In addition, people could rent HUBS – the most valuable lots in the metaverse – from SHIB.

BONE, being the gas token for the upcoming Shibarium network, would play a critical role in the metaverse.

The countdown begins

Shiba Inu developers revealed in an April blog post that some parts of the metaverse would be open to the public by the end of 2023, boosting the spirits of metaverse enthusiasts. Since then, many exciting updates have kept the pot boiling.

Lucie, a key member of Shiba Inu’s marketing team, took to Twitter to announce the project’s multi-platform strategy. This means that the app will be available on mobile devices, PCs and virtual reality (VR) devices.

She also said that 4 HUBS namely Wagmi, Rocket Pond, Ryoshi and Tech Trench will unveil in September 2023.

The Rocket Pond trailer was released last month. It depicted a cinematic transformation from a dystopian landscape to a gloomy environment to a bright world bustling with life.

Shiba Inu has been serious about shedding its “memecoin” tag. To that extent, it has undertaken disruptive projects such as the Shibarium and metaverse to stand out in an ever-changing landscape of Web3.

How much are 1.10.100 SHIBs worth today?

However, only time will tell if these efforts would result in increased participation within and beyond the Shiba Inu ecosystem.

At the time of writing, SHIB was exchanging hands at $0.0000078, down 0.41% in the past 24 hours, according to data from CoinMarketCap.

This post Shib: The Metaverse – as the countdown begins, here’s what to expect

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