Somnium Space is a virtual reality Metaverse built on the Ethereum blockchain. it was launched in 2017. This Metaverse is different from other multiplayer VR games as players experience the game all in one world rather than hosted on separate sub-servers.
Somnium allows its players to buy digital land as well as NFT digital assets, which can be used to gamify the experience. In the following, we provide a full guide of Somnium Space Metaverse.
What is Somnium Space Metaverse?
Somnium Space is a virtual reality (VR) world built on the Ethereum blockchain. It makes use of an open-source platform to allow its users to trade digital land, homes, buildings as well as various in-game NFTs in its online multiverse. The immersive dynamics of Somnium Space allow players to build, script, and monetize environments where a user can go to a concert, visit a museum, or get together in a club built by another player in the Somnium Space Metaverse. There is no limitation to what Somnium Space users can do to build unique experiences, worlds, and assets.
Virtual reality(VR) games have recently improved a lot compared to traditional multiplayer VR games. The new technology has evolved to provide truly immersive experiences to users. On the other hand, the blockchain economy has also been attracting lots of gamers and investors to VR Metaverse games. Somnium Space users can create environments that are fully programmable, customizable, and independent VR experiences. Besides, all non-fungible tokens and assets from within the Somnium Space are compatible with VR metaverses and platforms throughout the broader blockchain ecosystem.
Furthermore, Somnium Space metaverse operates on four elements:
- Software Development Kits (SDK), which helps create and customize digital land, properties, and avatars.
- Virtual Reality Experiences, which is a complete builder module that helps create digital environments and structures for playing the game.
- NFT marketplace, which helps in trading and monetizing digital properties created by the users.
- NFT-based assets, which helps incorporate NFT assets from the entire blockchain universe and use them in Somnium space.
Somnium Space Tokenomics
Somnium Space tokenomics is a unique idea which allows the creation of a decentralized and publicly authorized platform. In a traditional game, players either purchase the game or, using the freemium model, players can play for free but they have to pay for upgrades, customizations and access to other premium levels.
However, the procedure is totally different in Somnium Space. Blockchain-based games and metaverses like Somnium Space uses tokenization to let players earn valuable assets. Players can tokenize in-game assets such as land parcels, avatars, wearables, and collectibles and use them in a broader perspective throughout the crypto universe. Therefore, Somnium Space reverses the flow of value to benefit players through tokenization.
The Somnium Space economy is comprised of three different types of token assets. They include:
1. Cube Token (CUBE)
Somnium Cube (CUBE) is an ERC-20 token that is the Somnium Space platform’s native utility token. The CUBE cryptocurrency is used for in-game transactions between players. Cube can be the equivalent to buying game tokens at an arcade. Players can use their Ethereum wallet to hold ETH, CUBE, and NFTs (ERC-721 tokens). CUBE serves as a bridge between these assets to facilitate in-game, ecommerce transactions. With the expansion of Somnium Metaverse, the CUBE token will develop in-world utility and allow players to have much deeper expereices in the VR metaverse.
2. Land Parcels (PARCELs)
Somnium Space includes two levels of Initial Land Offerings (ILOs) while issuing Land Parcels (PARCELs) to platform stakeholders, both of which are available on the OpenSea NFT marketplace. If Somnium players wish to build an independent Somnium world, they must first purchase a land parcel. Players can also place any NFT on their land parcel and explore it in VR.
3. Avatars (AVATARs)
In November 2020, the Somnium Space team further expanded the utility of the CUBE token by introducing avatar (AVATAR) tokenization. This allows players to mint their own full-body VR avatars onto the blockchain using the game’s native token CUBE. Doing so, players have to first purchase an avatar using CUBE which becomes a part of their inventory. These avatars are compatible with virtual worlds across major digital platforms.
The CUBE token also allows players to buy other users’ avatar as NFTs. Buyers pay Cube from their wallets in exchanged for the NFTs from other players. The ability to build avatars within the Somnium Metaverse highlights the growing utility of CUBE tokens.
Scoring Economic and Karma
The other unique feature of Somnium Space economy and its societal structure is Karma. Karma is a hierarchical structure that indicates the quality of activities of Sominum Space users. The Somnium Space Karma level represents how VR players perceive each other.
Players earn CUBE rewards based on their resulting Karma level. There are 3 issues to determine a person’s Karma on the Somnium Space Metaverse:
- Platform engagement: The economic activities of each player, their game time, their land ownership, and their pace of world exploration.
- Samaritan ratings: How virtual citizens think of a user based on how they act on the platform.
- Ancillary activities: Other interactions such as building activity, participation in events, etc.
How can users profit from Somnium Space?
The platform takes advantage of a software development kit (SDK) to drive customization and personalization so that users can develop their own property and avatars. As we already mentioned, avatars created in Somnium Space have become interoperable with other virtual worlds and platforms.
SDK also includes a builder mode that is specially designed to help produce complex and intricate structures. Once these structures are developed, creators can list them as assets on the NFT marketplace and enter the Metaverse economy.
Somnium Space is fully compatible with the Polygon network, which means that users can transfer their NFT assets not only in the platform but also in other metaverse platform to make profit. These NFTs includes any of the following in-platform assets:
- Avatar wearables with a unique shape and aesthetic
- Event tickets and tickets for entry into a land parcel
- Cars and other vehicles
- Teleportation hubs that can be leased out or purchased for travel across the Metaverse
- Monetizable treasure hunts that lead to CUBEs
Somnium Space will have a maximum of 100 million tokens to limit the availability and generate real value for token holders. The platform also charges very little in terms of fees and infrastructure barriers, which makes it easier to gain from the truly democratized potential of metaverse economies.
The future of Somnium Space Metaverse
VR gaming has continued growing as technology evolves to facilitate immersive experiences. VR platforms like Somnium Space is popular for creating remote social interaction, VR lively experience as well as company meetings and entertainment. Accordingly, the remarkable growth of Ethereum-incorporated metaverse used in this game allows massive multiplayer ecosystem which offers players lots of advantages including fun and interaction.
By integrating blockchain technology, Somnium allows users to monetize these VR experiences, and empower users to create a world that they look for. Therefore, while the gameplay may be virtual on Somnium Space, it aims to create an economy that transcends the limitations of the physical world in line with the features of decentralization.
IMPORTANT DISCLAIMER: All content provided on this website, any hyperlinked sites, social media accounts and other platforms is for general information only and has been procured from third party sources. We make no warranties of any kind regarding this content. None of the content should be interpreted as financial, legal, or other advice meant to be relied on for any purpose. Any use or reliance on this content is done at your own risk and discretion. It is your responsibility to conduct research, review, analyze, and verify the content before relying on it.
