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The Evolution of Shiba INU: Is It Still a Meme Coin?

Altcoins

cryptoknowmics.com 12 July 2022 22:08, UTC
  
Reading time: ~4 m

Shiba Inu (SHIB) is a meme coin above all else. However, since its start, it has expanded to create an exchange, ShibaSwap, and is currently looking to offer added utility with the Shiba Inu metaverse. SHIB holders, in particular, may mint land plots in SHIB: The Metaverse. At first, the project only accepted payments in ether (ETH), but that has changed so that there won't be a massive sell-off of SHIB on exchanges and trading platforms. People can mint four different types of plots that are worth between 0.2 ETH and 1 ETH. On the Shib.io platform, users can pay the same amount in ETH or SHIB to get access to these land plots. It is important to note that SHIB: The Metaverse will be developed on Shibarium, an upcoming layer 2 scaling mechanism for SHIB. In the next few months, Shibarium will get a public test net and then go through a public beta testing phase. Once Shibarium is up and running on the main network, all SHIB will move there. The new system will also have low transaction fees, which will be "near zero."

Shiba INU: From a Meme Coin to Metaverse

The SHIB protocol's creators are optimistic about the future of blockchain technology. They also see a brutally obvious path ahead of them. As interest in the metaverse and non-fungible tokens (NFTs) continues to grow, the Shiba Inu community is searching for a way to bring Shibas into the digital economy. Shiba Games is simply a response, a gaming company founded by SHIB developers to build a portfolio of goods centered on the community's favorite dog breed. However, what crypto and Shiba enthusiasts are looking forward to is the project's metaverse plans. According to the Shiba Inu project's creators, the metaverse will have 100,595 plots of land that will be minted by users. Landowners may earn passive revenue from their plots while also collecting in-game resources and earning incentives. Furthermore, the creators intend to add a method of earning and provide participants with a personal space where they may construct and manage their projects. Because certain lands are locked as key locations for traveling within the metaverse, not all of them are available to mint or purchase. Those areas will stay private and function as common grounds, acting as conduits connecting different sections of the metaverse. SHIB: The Metaverse is divided into four districts:

  • Growth District
  • Defense District
  • Technology District
  • Currencies District

Users can explore land plots ranging from Tier 1 to Tier 4 in these districts. Tier 1 is the "rarest" and contains the fewest accessible lands. In addition, they are the most costly to mint, requiring 1 ETH or the equivalent in SHIB.

SHIBA Memecoin Gets Utility

SHIB's virtual world applications extend beyond simply serving as a means to "mint" land in this metaverse. By utilizing SHIB, customers may brand plots of land with images and trademarks. The ecosystem will destroy SHIB tokens if the images are modified. Users can also use SHIB to name or rename land plots. SHIB is also used to lease HUBS, which are the most valuable property plots in the metaverse. As the next rounds of development progress, application cases will emerge for LEASH and BONE currencies as well. The metaverse hopes to provide innovative tools for fostering community and full immersion in the virtual world. These tools will be backed by solid partnerships and a wealth of introductory resources.

SHIBA Games

Shytoshi Kusama, Shiba Inu's pseudonymous founder, already disclosed the specifics of Shiba Games' launch in an anonymous blog post. In this blog, Kusama unveiled a variety of new games. It was revealed that William Volk had been appointed as the lead designer for the first Shiba Games game. Triple-A video game developer Activision Blizzard (NASDAQ: ATVI), known for games like Call of Duty and World of Warcraft, has collaborated heavily with Volk in the past. Volk will serve as the game studio's central figure for the time being. Volk, being a mobile app developer, is perfectly equipped for the task of creating a freemium NFT game. At the same time, Kusama Studio announced a partnership with another triple-A developer to work together on a new flagship game. Kusama has yet to reveal the name of the studio with which they've signed a non-disclosure agreement; they say the contract isn't yet complete, but a confidentiality agreement is in place. In the broader scale of things, this is only the beginning of the protocol's journey toward a SHIB metaverse.

Closing Note

Shiba Inu's once-ubiquitous meme icon popularity has been dwindling for some time. Each new stage of the project's development is like pulling a rabbit out of a hat. For potential future use in web3, it is developing functionalities such as a decentralized exchange, payment tokens, and a Metaverse. The media began reporting on the lucrative possibilities of blockchain gaming as early as 2021. DappRadar estimates that 1.4 million Unique Address Wallets access blockchain games. The increasing value of other metaverse-related tokens suggests that this growth in activity may soon spread to metaverse chains as well. With such public support, it's hardly a wonder that Shiba Inu has evolved rapidly from a meme coin to much more than that and its future does seem bright.


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