The ShibArmy has purchased land in the Shiba Inu metaverse totalling almost $20m in Ethereum, less than a week into the SHIB land sale event.
According to the two contracts for the land auction, holders have spent 6280 ETH on land in Phase One and Phase Two of the sale so far. This comes from just a small section of SHIB holders, however. It remains closed off to LEASH and Shiboshi holders until the weekend’s public sale launches.
Here’s a more in-depth look at the state of the metaverse land sale, nearly a week in.
SHIB Metaverse Sales
According to Etherscan, the largest individual transaction in the SHIB metaverse sale saw one user spend 36.3 ETH ($110,712). However, this bid was not on a single plot of land. Instead, it took advantage of the multi-bid format added in during Phase One.
In this transaction, the user purchased 121 separate plots of land, for an average of 0.3 ETH.
However, other users have purchased more plots of land. Two users own 200 pieces of land in the Shiba metaverse - the maximum one individual was allowed to purchase. Another user, however, appears to have surpassed this, now owning 209 NFTs in the ‘SHIB YARD’ collection of land. They spent 40.8 ETH across 8 transactions to make these purchases.
So far, there are 3337 owners of land in the Shiba metaverse, with a total of 12,975 plots minted.
While some single transactions spent over 4 ETH on a single piece of land, future sales are at fixed prices. These will vary depending on the location on the metaverse map.
With 100,000 plots of land eventually set to exist in SHIB: The Metaverse, the remaining land will only unlock once the initial 36,000 plots of land first released sells out.
Shiba developer Eric M noted the amount raised, adding the significance of the market’s current position as relevant context. On the Shiba Discord, he said: “How many times have you raised almost $20 million in five days? On a crashed market?”
The funds raised from this metaverse sale will go towards further development, with the Shiba Inu team still expected to name their AAA development partner for the project. Initially expected to happen in late-March, this partner has yet to be revealed.