Dogecoin co-creator Billy Markus has lambasted Shiba Inu’s virtual reality project “SHIB: The Metaverse” in a wild tweetstorm on March 31. Markus, one of the two software engineers who created the OG meme coin argued that the much-hyped metaverse project is a mere cash grab for developers.
Billy Markus: Shiba Inu’s Metaverse Won’t Add Utility To SHIB
Shiba Inu developers on Wednesday shared more details about the ecosystem’s metaverse project which will feature 100,595 land plots available for sale. They said they chose ethereum as a land pricing token because it’s a neutral cryptocurrency.
Markus, who goes by the name Shibetoshi Nakamoto on Twitter, mocked the move, asserting that selling fake land with the second-largest cryptocurrency won’t boost the utility of the SHIB cryptocurrency. He added that the metaverse project is a cash grab for developers behind the second-biggest doggy-themed cryptocurrency who are aiming to make more money. The Dogecoin co-founder estimates that they could amass “100-300 million additional dollars from Shib holders.”
Since the Shiba Inu team affirmed that land buyers will be able to make passive income from the metaverse project, Markus further questioned whether they intend to conduct the necessary Know Your Customer (KYC) procedures and register it as a security with the United States Securities Exchange Commission (SEC).
Billy Markus Reveals He Only Made $3,000 From Creating Dogecoin
Markus, who’s no longer involved with Dogecoin, also took aim at cryptocurrency developers who are more focused on making profits rather than developing their projects.
Markus notes that Dogecoin would have been a complete failure if Jackson Palmer and he were “greedy”. “Nowadays, excessively greedy and scammy creators are handsomely rewarded. But their products all fail, for obvious reasons,” the Dogecoin co-founder said in another tweet thread.
He admits he’s “salty” about shady developers who are making millions from promoting scams, while his invention with a market capitalization of around $80 billion made him a measly $3,000.
Although Dogecoin started as a joke back in 2013, it has evolved to become the face of memetic money. In fact, one of the most powerful men in the world, Elon Musk, hails DOGE as a better means of payment than bitcoin.
Notably, Markus is of the opinion that Dogecoin must relinquish its meme status and market itself as a digital currency to succeed. At the moment, there are talks among developers of the project to continue to improve the cryptocurrency’s transaction efficiency as well as further reduce its energy consumption.