Popular cryptocurrency coin Shiba Inu announces the launch of its own metaverse together with the sale of virtual plots of land.
The development of Shib: The Metaverse comes as many other role players in the metaverse space continue to roll out new developments in the virtual world. The Shiba Inu team will offer 100,595 plots of land for sale that can be purchased using Ethereum cryptocurrency. The SHIB Metaverse aims to create a place where the community can interact virtually and generate passive income as landowners. The team will also be launching more ways to earn and interact in the future. The specifics of this monetization are yet to be revealed by the developers.
The Shiba Ecosystem will allow the use of the following tokens for transactions: $Shib, $Leash, and $Bone. $Shib can be purchased through Bybit and various other exchanges.
Building a community has always been a key to long-term success online, and the Shiba metaverse could be seen as a move in the right direction.
Many believe the Metaverse is the future of the internet, but we are still in the wild west part of development, where many players are entering the market and trying and figure out the way forward.
Web3 and the Metaverse
What is Web3?
Web3 is based on the idea of a new type of internet that blends the current WWW and blockchain tech in a decentralized internet. The internet is currently controlled by big tech, and the idea is that in the future, it will be decentralized and will not require users to give up their personal information to use it. Data will not be stored on servers as it is currently but will be secured and verified in the blockchain. This, in theory, will make it harder to control and manipulate.
Payments will be made using decentralized apps outside of the typical banking structures. This could open up e-commerce to markets that have been difficult to trade with because of a lack of payment gateways.
We are in the early days of the Metaverse, and time will tell the impact on the physical world. Many companies are scrambling to understand this new online development,the benefits and the impact on their businesses.
One of the key areas to understand as business owners is how to monetize the space.
Will customers be flocking to virtual worlds to interact with brands and purchase virtually from them? Time will tell, but we will be keeping a close eye on all metaverse news and its impact on eCommerce.
Some big players are already entering the space with Amazon launching tools like AR Shopping and Room Detector. Walmart recently launched a virtual fitting room tool, but these developments are far removed from the true virtual shopping experience envisioned in the metaverse.
A $13 trillion Metaverse?
The investment bank, Citi, is bullish on the potential of the new web3 and estimates it could be worth $13 trillion by 2030 with over 5 billion users.
“Users should increasingly be able to access a host of use cases, including
commerce, art, media, advertising, healthcare, and social collaboration. A deviceagnostic Metaverse would be accessible via personal computers, game consoles,
and smartphones, resulting in a large ecosystem. Using this broad definition, the
total addressable market for the Metaverse could be between $8 trillion and $13
trillion by 2030, with total Metaverse users numbering around five billion.” Click here to read the full report
The key will be if users' flow between the real world and the metaverse is seamless and will heavily depend on mobile connectivity so that it is not just dependent on using VR devices. Today's internet would not be able to cater to this new evolution, and there will be a lot of development needed for the metaverse to match the hype. AI will play a crucial part in keeping Web3 running.
Paying for access, products, and services will have to happen through a mix of real-world money and cryptocurrency and help to reshape money as we know it.
This new version of the internet will have a significant impact on the e-commerce world of today, and the future is sure to be filled with lots of hype but also lots of value for those that can reshape their businesses to match the expectation.