Shiba Inu has opened public land sales for its upcoming metaverse

Popular memecoin Shiba Inu has opened public land sales for its upcoming metaverse. But the launch received a rather lukewarm reception from the community.

One of the main criticisms of the launch was that the sale was in Ethereum (ETH), and required a MetaMask wallet. The project said it would add SHIB support”soon“.

The land price starts at 0.2ETH ($300). The public land sale marks the third and final phase of metaverse sales, which reportedly brought developers over $20 million in ETH.

The metaverse will include a total of 100,595 lands that will be unlocked over time. Initially, only 32,124 plots will be available for sale.

The Shiba Inu token accentuates its losses

SHIB prices fell 2.4% after the announcement, the token is currently trading around $0.00002392, its lowest level in almost a month.

While the token initially rallied in response to the metaverse reveal, it has since reversed the trend. SHIB holders criticized the project’s decision not to support SHIB. Early metaverse land sales were only available to holders of LEASH tokens and Shiboshi NFTs, two other tokens in the Shiba Inu ecosystem.

So far, the project only accepts ETH for land sales. Although the developers said it was an attempt to maintain SHIB’s liquidity, the move was heavily criticized.

The drop in SHIB is part of a broader decline in the cryptocurrency market, which has seen market capitalization fall 2.3% from yesterday. LEASH tokens also appear to be under selling pressure, and are down nearly 5% in the past 24 hours.

Shibarium: a takeover?

But one of the most popular critics of the project is Dogecoin founder Billy Markus. Better known by his online pseudonym Shibetoshi Nakamoto, Markus had referred to the metaverse as “cash grabwithout much use.

How is creating a random metaverse and selling fake land with Ethereum helpful to their project? If people want to give developers even more money, go for it, but if I was a shib holder, I’d be annoyed.

Markus had called on SHIB developers to focus more on blockchain support, instead of fundraising through land sales.

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