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Metaverse tokens and gaming tokens seem to be the next big thing in the crypto market, and they have already shown their value amidst the current disarray. All eyes have been on this new and upcoming industry since Meta, formerly known as Facebook, announced its major rebranding. Currently, the NFT gaming market and Metaverse tokens are the most popular crypto use cases. This is also demonstrated by the price momentum against the market trend. In contrast to the NFT craze, the Metaverse mania is only beginning and may continue to grow regardless of market conditions.
However, it’s not just the gaming and virtual land tokens that have been cashing in on the hype. The infamous meme token Shiba Inu, which started off as a Dogecoin spin-off, has also revealed plans of its own for the budding metaverse sector.
Institutions are starting to use and accept the protocol, even though the market has been down. The platform is slowly moving away from being a “meme coin” and becoming a protocol that can be used for realistic purposes. Per a recent announcement, the developers who came up with the meme coin said that the organization is planning on making games. On the other hand, Newegg says that they will accept SHIB as a form of payment.
Big Metaverse Plans
The SHIB protocol’s developers are looking to the future of blockchain technology. They also see a painfully plain path ahead. The Shiba Inu community is looking for a solution to integrate Shiba Inu into the metaverse and non-fungible tokens (NFTs) in light of the recent surge in interest in these two industry niches. Shiba Games is the reaction, a gaming firm created by SHIB developers with the goal of developing a portfolio of products centred on the community’s favourite dog breed.
In an anonymous blog post, Shytoshi Kusama, the pseudonymous leader of Shiba Inu, explained the details of Shiba Games’ launch. Kusama announced a SHIB metaverse and a number of new games in this post. In addition to this, two significant partnerships have been announced recently as well.
It has been revealed that William Volk has been hired as the lead designer for the first Shiba Games game. Activision Blizzard (NASDAQ: ATVI), a triple-A gaming company behind titles like Call of Duty and World of Warcraft, has worked extensively with Volk in the past. For the time being, Volk will be the face of the gaming studio. As a mobile developer, Volk is well suited to making a play-to-earn NFT game.
Meanwhile, the Kusama team has announced a cooperation pact with another triple-A studio to aid in the creation of a flagship title. Kusama has yet to divulge whose studio they’ve signed a non-disclosure agreement with; they say the contract hasn’t yet been finished, and a confidentiality agreement is in place.
This is merely the beginning of the protocol’s journey toward a SHIB metaverse in the grand scheme of things. Shibarium, the protocol’s layer-2 scaling solution, will house the metaverse, which will be Shiba Inus’ response to a rapidly growing industry. Surely, these two announcements will play a significant role in bringing this metaverse to life in whatever form it takes.
A promising future for SHIB and its community
In any case, Shiba Inu’s status as a meme icon has been steadily eroding. Every phase of the project’s development is like plucking a rabbit out of a hat. Decentralized Exchange, Payment Tokens, Metaverse, and Blockchain Gaming, are just some of the ways it’s preparing for a future in which it may be utilized in the Metaverse and blockchain gaming.
Already in the year 2021, the profitable potential of blockchain gaming was extensively reported in the media. DappRadar estimates that more than 1.4 million Unique Address Wallets regularly access blockchain games. Metaverse chains may soon see the same amount of activity, as seen by the rising value of other metaverse-related tokens.
It’s hard to bet against Shiba Inu’s success, given the level of public support it has. However, it is possible that it still has a long way to go.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.