Despite a turbulent week in the intra trading market, Shiba Inu has lifted the spirits of members of the crypto community with some good news. The 12th largest crypto by market capitalization has announced an ambitious plan to build its metaverse.
The popular meme currency’s team announced that they have hired William David Volk to lead the project. Volk used to work at Activision as former VP of Tech and boasts of 36 years of experience in the gaming industry.
Volk would first off, help Shiba Inu to develop Play-to-Earn NFT games, which would transition the meme currency into its Metaverse. According to the SHIB team, the project will kick-off in 2022, and will be developed in-house by SHIB’s developers.
SHIB’s Metaverse Will Differ from Facebook’s
Facebook popularized the idea of the Metaverse. The metaverse is a 3D environment that intersects between the virtual world and the physical. It’s commonly used to reference video games and VR, but way more advanced .
Mark Zuckerberg’s Facebook’s ambitious metaverse will enable customers to communicate through avatars in the digital space, like in the physical world and connect people better all over the world. However, Shiba Inu lead game developer Shytoshi Kusama, has now disclosed that the meme coin’s metaverse will look different from Facebook’s model, suggesting that its metaverse will be better than Facebook’s.
Shiba Inu has been looking for ways to discard the ‘joke currency’ tag, and it seems that undertaking a huge project such as building a metaverse will give them the bragging rights over other cryptos. The meme currency is one of the early movers in the new virtual world and would be looking to capitalize on that to drive adoption.
SHIB’s Metaverse Announcement Could Kickstart a Bullish Run
November has been a bearish month for the SHIB, as the altcoin lost over 55% of its value. According to Bitstamp, the meme currency has been on a downward trend for the majority of November, the opposite of what was witnessed in October.
The recent metaverse announcement could change the coin’s fortunes by reversing its bearish run. More positive news about the crypto could further shoot up its valuation.
Several tech companies are already considering setting up their metaverse, as they envision it as “the next big thing” and future of the internet. The metaverse is also gaining traction in the crypto world, with metaverse tokens like SAND And MANA recording a huge price surge due to demand for virtual properties in the Sandbox and Decentraland metaverses.
SAND and MANA skyrocketed by almost 10x and 7x in November. SHIB is banking its hope on the metaverse announcement.