The Shiba Inu Metaverse project, codenamed Shiberse, will allow users to 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 on the AMA, here’s what we know about the upcoming sale of Shiba Lands in the Metaverse.
HOW TO BUY LAND IN THE SHIBA METAVERSE
Here is the TLDR on buying land in the metaverse:
Total land available: 99,000 pieces, with 35,000 released in Phase One.
Price: Between 0.2-1 ETH.
Purchase format: Auction-style system during Phase One, before opening up to a normal purchase system afterwards.
Availability: Priority access granted to LEASH and Shiboshi holders, with future phases open to the public.
WHAT LAND IS AVAILABLE IN THE SHIBA METAVERSE?
During the February AMA, Growth Breed member Archangel revealed that 99,000 pieces of Shiba land would be released. 35,000 of them will come in the first phase exclusive to LEASH holders.
Varying in price between 0.2 and 1 ETH, the land will be more expensive the closer to the ‘Dog Park’.
Users will be able to view and select their land using an interactive map. Milkshake, a member of Shiba Growth, said it is “very similar to the user-friendly interfaces of reserving a seat for a movie theatre”.
HOW TO BE THE FIRST TO BUY LAND IN THE SHIBA METAVERSE
The first and fastest way to buy land in the metaverse is through LEASH tenure. LEASH holders will have priority access to the Metaverse auction. Access will scale depending on the total LEASH you block and for how long.
As revealed by Shiba developer Eric M, the amount of LEASH that potential landowners can block is between 0.2 LEASH and 5 LEASH, for a period between 45 and 90 days. The larger this is, the greater the value of land a LEASH holder will be able to acquire.
A similar lock-in mechanism will also apply to Shiboshi holders. They will also be among the first to have access to land sales. Shiboshi 2000 holders will also be eligible to mint land in the exclusive Shiboshi Zone.
Shiba developer Eric M also posted on Discord that prospective owners will bid for land using ETH, not SHIB.
While much of the early metaverse’s purchasing power is in the hands of LEASH and Shiboshi holders, regular holders will still have the opportunity to purchase Land, depending on the Phase.
SHIBA INU LAND SALE PHASES
In mid-March, Eric M said that there are three separate sections of the land sale: Tender, Restricted Purchase and Open Purchase.
During the first phase, which is open to LEASH holders, prospective buyers will bid for the land of their choice. Here, the bidding ETH is sent to a smart contract until the end of the auction. At the end of the auction period, 10 days, the successful bidder will be able to mint their new Shiba real estate.
Explaining the reasoning behind this decision, Milkshake said it was to “avoid a gas war”, probably referring to the problems during the launch of Shiboshi NFT.
After this bidding process, the land sale will enter two additional phases. First will come a restricted sale in which LEASH and Shibsohi holders can buy the remaining real estate, with no bids, only on a first-come, first-served basis. After this, the minting process will begin. It will then become more open to the general public in the same format. In a series of Discord messages, Eric M explained these phases, stating:
There will be some days when only LEASH holders will be able to buy normally. After all [these] events, open purchasing will be established and everyone will be able to purchase the remaining lands as normal.
We will likely learn more as we get closer to the release of the metaverse. We will keep this page updated with all the news as it comes.