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 in the AMA, here’s what we know about the upcoming Shiba Lands sale in the metaverse.
How To Buy Land In Shiba Metaverse
Here’s 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.
- Purchasing Format: Auction-style system during Phase One, before opening up to a normal purchasing system afterwards.
- Availability: Priority access granted to LEASH and Shiboshi holders, with future phases opening to the public.
What Land Is Available In Shiba Metaverse?
During the February AMA, Growth Breed member Archangel revealed that 99,000 pieces of Shiba land would be released. 35,000 of these will come in the first phase exclusive for LEASH holders.
Varying in prices between 0.2 and 1 ETH, land will be more expensive the closer to the ‘Dog Park’.
Users will be able to see and select their land using an interactive map. Shiba Growth member Milkshake said is “Very similar to the user-friendly interfaces of booking a chair for a movie theatre.”
How To Be The First To Buy Land In Shiba Metaverse
The first way, and fastest way, to buy Land in the metaverse is through holding LEASH. Holders of LEASH will be given priority access to the Metaverse auction. Access will scale depending on the total LEASH you lock, and for how long.
As revealed by Shiba developer Eric M, the amount of LEASH prospective Landowners can lock is between 0.2 LEASH and 5 LEASH, for a period between 45 and 90 days. The larger this is, the greater value of land a LEASH holder will be able to acquire.
A similar locking mechanism will also apply to Shiboshi holders. They will also be among the first to gain access to the Lands sale. 2000 Shiboshi holders will be chosen to mint land in the exclusive Shiboshi Zone, too.
Shiba dev Eric M also posted in Discord that prospective owners will bid for the Land using ETH, not SHIB.
While much of the early metaverse purchasing power is in the hands of LEASH and Shiboshi holders, regular holders will still get a chance to purchase Land, depending on the Phase.
Shiba Inu Land Sale Phases
In mid-March, Eric M said there are three separate sections of the land sale: Bid, Restricted Purchase, and Open Purchase.
During the first phase, open to LEASH holders, prospective buyers will bid on the land they want. Here, the ETH you bid 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 then be able to mint their new Shiba real estate.
Explaining the reasoning behind this decision, Milkshake said it was to “avoid a gas war” – likely referring to the issues during the Shiboshi NFT launch.
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 – just first come, first served. After this, the minting process will begin. It will then become more open to the wider public in the same format. In a string of Discord messages, Eric M explained these phases, stating:
There will be some days where just LEASH holders will be able to purchase normally. After all [these] events, open purchase will be set up and everyone will be able to purchase the remaining lands on a normal fashion.
We’ll likely learn more as we get closer to the release of the metaverse. We’ll keep this page updated with all the latest as it comes.