Shiba Inu is actively following the most delinquent stirs in the crypto industry as it presents ‘Shiba Lands’, its Metaverse foray with new options of purchasing virtual land.
Different types of property will be offered via virtual auctions with the main priority given to $LEASH holders. Location is expected to play an important role in Shiba Inu’s Metaverse, and the demand for new types of virtual property may become considerable in the near future.
Although Shiba Inu is a newcomer in the Metaverse drive, most investors are highly optimistic about its market prospects. The 58% growth in SHIB’s market value implies that many market participants expect SHIB to continue appreciating in the future as the demand should inevitably increase as a response to using it for virtual land purchases.
Moreover, Shiba Inu’s meme reputation would be relevant in this context as its users may be comparatively irresponsive to offers of other Metaverse projects, such as Decentraland or the Sandbox. Currently, SHIB developers are focused on designing an innovative queue system that will prevent potential growth in gas fees. If this objective is achieved in the following weeks, Shiba Inu will be able to remove the major barrier to the large-scale adoption of its tokens by the broader audience.
According to Shiba Inu’s official blog, the outfit will follow the two-stage process for implementing its strategy. Initially, only $LEASH holders will be able to make their bids and purchases. Then, the unsold virtual property will be offered to the public. In this manner, Shiba Inu aims to maximize the demand for its related projects and successfully work with different categories of users.
Additional exclusive selling offers may become available later. Shiba Inu developers continue employing the idea of offering innovative competitor developments that may outcompete Dogecoin. The transition to the Metaverse segment is aimed at challenging the positions of other Metaverse-based crypto projects.
The existing tendencies clearly indicate the growing competition in the sphere of Metaverse solutions and virtual property alternatives available. Despite the existing optimism shared by most investors, Shiba Inu will still need to address a number of additional technological and organizational challenges to make its Metaverse projects appealing to the broader audience.
In particular, additional arguments beyond the mere opposition to DOGE should be developed in this regard. Although Shiba Inu’s devs decision to enter the Metaverse segment is quite challenging, it would definitely lead to considerable advancements. The following few months will be crucial for determining the future market dynamics of SHIB.