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Shiba Inu Introduces Shiba Land as Metaverse Precursor

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shib
10
Feb
    • The Metaverse arms race among cryptocurrencies has been tight since 2021.
    • Recently, Shiba Inu has introduced virtual real estate in its Shiberse ecosystem.
    • Meme coins and P2E tokens like LEASH, AXS, MANA, SAND are rallying.

Shiba Inu recently introduced Shiba Land in Shiberse, where crypto users can purchase virtual lands or auction them. This helped Shiba Inu surge in price yesterday.

As mentioned in the post, LEASH coin holders will get priority access to the queue in the first period of land release. To add, this announcement also caused an uptick for LEASH.

Meanwhile, several coins like Axie Infinity (AXS), Decentraland (MANA), The Sandbox (SAND), Doge Killer (LEASH) are also plowing their world in the metaverse.

The Sandbox brings players to a virtual play area, where they can play, build, own, and  monetize their virtual experiences. Decentraland also gives users the chance to buy and sell virtual lands. Axie Infinity is also a P2E metaverse, where players can collect Axies, breed,  raise them, and use them in battles to earn tokens.

In 2020, prior to Facebook’s Meta rebrand, the metaverse was already worth $47.69 billion with coins like AXS, SAND, MANA. After the rebrand, MANA was leading in the metaverse, followed  by Enjin Coin (ENJ) and SAND.

Shiba Inu developers have stated in its blog ShibaSwap:

The Metaverse is set to be one of the biggest areas within crypto for many to enjoy, while others will produce content and developers will set up shops within using it as another great resource to offer crypto communities incentivization, content, and regular royalties.

At present, Shiba Inu stands 14th among the top cryptocurrencies in the world, with a market capitalization of over $17 billion. However, Shiba’s market cap remains higher than most of the metaverse tokens. At the time of writing, MANA is ranked 30 with a 20.8% increase in the past week.

In the larger market momentum, most of the altcoins and metaverse coins are competing with slight price surges. This context is a challenging one for the Shiba Inu metaverse. In a recent post by WhaleStats’ data, SHIB was back on the top 10 purchased tokens and top most used smart contracts by  1000 biggest ETH whales in the last 24 hours.

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