By: Tech Desk | Pune |
Updated: January 31, 2022 4:49:01 pm
Shiba inu, a meme inspired cryptocurrency and a Dogecoin spinoff, has hit an all time high. (Photo: Twitter/ Shiba Inu)
The developers of cryptocurrency Shiba Inu (SHIB) have shared a teaser to their metaverse project on Monday, posting an image of their own digital world “shiberse” on Twitter, triggering a rally for the meme cryptocurrency’s price. SHIB started off as a ‘meme’, but it is not a joke anymore. Inspired by a dog meme and posed as ‘Dogecoin killer’, SHIB’s value skyrocketed in 2021 and SHIB developers want to drop the ‘memecoin’ tag with the launch of its own metaverse.
Since October, when Meta (previously Facebook) announced the concept of digital world, other tech titans have also placed their stakes in the concept of metaverse. For the uninitiated, metaverse relies on the concept of embodied internet that blends real and virtual worlds more than ever before.
Shiba Inu’s announcement comes amid the crypto market collapse. But following the announcement, SHIB rebounded along with other altcoins in a broad crypto recovery. It was last up 9 per cent, an increase for the first time in three days.
As promised, we are so excited to announce our first special surprise for the year #ShibArmy!
In 2022, we are reaching new heights and welcoming the #Shiberse ?. An immersive experience for our ecosystem and the Metaverse space!
We can’t wait to show you more. Woof! ? pic.twitter.com/tCRQ1m1RiT
What is the ‘Shiberse’?
Shiberse will offer an immersive experience for users to have an escapade in the metaverse. The announcement features a Shiba Inu dog in the middle of a forest with a hammer in its teeth. The Shiberse would be the first release of the year from Shiba Inu’s plans to add to its ever-growing and expanding ecosystem. It has also announced partnerships that would see the project make an entrance into GameFi and non-fungible-tokens (NFTs).
As of now, only limited information is available about the concept of Shiberse, SHIB team on Twitter has noted that more details about the project will be out in the near future.
In November last year, the SHIB team touted their plans for a metaverse in a blog post by developer Shytoshi Kusama. “I believe for a ‘metaverse’ to be more than a bent infinity symbol, and a way to extract your data, it must provide real value to users and to do so requires a certain foundation that is built prior to the release of the technology,” Kusama had written.
‘Shibverse’ powered by Shibarium
Recently, SHIB announced the the launch of its own Blockchain called Shibarium. Blockchain technology is appropriate for the metaverse because it provides a transparent and cost effective alternative. And cryptocurrency in general fits perfectly into the idea of the metaverse.
After all crypto is completely untethered from real-world fiat currencies, both in terms of value and physical form, making it a convenient mode for payment and transactions in the virtual world.
Shibarium is expected to provide SHIB users with new functionalities such as reduced gas fees. The gas fee is paid to process and validate transactions in a crypto ecosystem— and has become a huge problem for the blockchain. However, there is no exact date for the launch of the new development.
SHIB was the most viewed crypto in 2021, beating the likes of Bitcoin and even Ethereum, announced cryptocurrency price-tracking website CoinMarketCap. According to CoinMarketCap, the Dogecoin spinoff recorded more than 188 million views during the last 12 months, while apex cryptocurrency Bitcoin came in second with 145 million views in 2021. It should be noted that SHIB is currently the 13th largest cryptocurrency in the world, with a market cap of over $20 billion.
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