What Happened: The virtual real estate will be released in different phases, the project behind the token said during a Shiba Inu AMA event hosted by Watcher Guru on Tuesday.
— Shib (@Shibtoken) February 23, 2022
35,000 plots of land will be released in the first phase during a 10-day event and be sold through a bidding system, where Doge Killer (CRYPTO: LEASH) token holders would get first access to purchase the lands.
The second batch of plots would be open for purchase to everyone and not just Leash holders. Investors will need to purchase the lands using Ethereum (CRYPTO: ETH).
There are three different tokens native to Shiba Inu’s platform: Shiba Inu, Doge Killer and Bone ShibaSwap (CRYPTO: BONE).
Shiba Inu also announced the launch of a “burn portal” during the same event, saying the network would conduct coin burns through its own burn gateway, instead of relying just on prominent community members.
JUST IN: Shiba Inu announces the launch of a “burn portal” coming soon.
— Watcher.Guru (@WatcherGuru) February 23, 2022
See Also: How To Buy Shiba Inu (SHIB)
Why It Matters: Shiba Inu said earlier this month that Shiba Lands, the “lands” inside the Shiba Inu Metaverse, will be available for purchase/auction soon.
The Metaverse foray by Shiba Inu is part of a larger trend by meme coins to see more utility.
Baby Doge Coin — another meme cryptocurrency — hinted last week that it is making its foray into the metaverse.
Shiba Inu is the fourteenth largest coin by market capitalization, as per CoinMarketCap data.
Price Action: Shiba Inu is up 5.4% during the past 24 hours, trading at $0.00002509 at press time.