The developers of the mem-based cryptocurrency Shiba Inu (SHIB) have shared details about their virtual reality project “SHIB: The Metaverse”.  The team behind the successful meme coin announced 100,595 land plots, some of which will remain private. 

According to the developers, land plots will be released in phases. In the first stage, they’ll unlock 36,431 plots, which consist of four categories: Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth. They’ll be priced between 0.2 Ether (ETH) to 1 ETH. 

Land pricing will use a neutral cryptocurrency. The developers argued that they don’t want to put any risk to Shiba Inu native coins 

"Using our ecosystem tokens is a risk, as we would need to dump our own tokens price cashing them! And that's far away from our plans," developers said in the announcement published Wednesday.

Additionally, land buyers have the possibility to generate passive income, earn rewards, and collect in-game items, which the team said they’ll reveal soon. 

Landowners can rename their plot by burning the SHIB token.

"We will be introducing the first special role that Shiba Inu $SHIB will play in the metaverse," the announcement said. "By welcoming a mechanic to burn $SHIB independently while renaming your land plot, furthermore, this should start soon after land events and public sale have ended."

The rest of the SHIB ecosystem coins such as LEASH and BONE will play a role as more phases are rolled out, developers said, adding that LEASH holders will be able to purchase lands in later stages.

The metaverse will be developed in Shibarium, a layer 2, or companion, a system for SHIB. The SHIB token was flat, trading around $0.00002274 as of the writing of this article.