Shiba Inu (SHIB), a popular memecoin, launched public land auctions for its forthcoming metaverse on Saturday. However, the debut was met with a lackluster response from the community, with SHIB prices continuing to fall.
The sale was in Ethereum (ETH) and required a MetaMask wallet, which was a major flaw in the launch. SHIB support will be added “soon,” according to the project.
The cost of land starts at 0.2ETH ($300). The public land auction is the third and final phase of the metaverse’s land sales, which are said to have brought in over $20 million in ETH for developers.
A total of 100,595 lands will be unlocked throughout time in the metaverse. Only 32,124 plots will be offered for purchase at first.
The Loss of the Shiba Inu token intensifies.
After the announcement, SHIB prices fell 2.4 percent, slightly deepening their losses from the debut. The coin is currently trading at $0.00002392, which is close to a one-month low.
The token initially rose in response to the metaverse’s announcement, but it has subsequently lost all of its gains. The project’s choice not to sponsor SHIB was questioned by SHIB holders. Early land sales in the metaverse were only available to holders of LEASH tokens and Shiboshi NFTs, two other Shiba Inu tokens.
For now, the project exclusively accepts ETH as payment for land sales. The decision was widely panned, despite developers’ claims that it was done to keep SHIB’s liquidity.
SHIB losses are part of a broader crypto market decline, with market value down 2.3 percent from yesterday. LEASH tokens appeared to be under selling pressure as well, with a drop of over 5% in the last 24 hours.
Is Shibarium a money grab?
Billy Markus, the originator of Dogecoin, is one of the most vocal critics of the project. Markus, who went by the online alias Shibetoshi Nakamoto, had described the metaverse as a cash grab with no utility.
“How is making a random metaverse and selling fake land with Ethereum adding utility to their project.”
” If people wanna give the devs even more money go ahead but if I was a shib holder I would be annoyed.”
Markus had urged SHIB developers to concentrate their efforts on promoting the blockchain rather than earning funds through land sales.
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