Wed Feb 07 2024

Somnium Space Metaverse

Somnium Space Metaverse mit.jpeg

What is Somnium Space Metaverse?

Somnium Space is a virtual reality (VR) world built on the Ethereum blockchain. With this open-source platform, users can buy land, houses, digital buildings, and a variety of valuable assets within the game in its online metaverse. The immersive dynamics of Somnium Space allow players to build, guide, and monetize environments while exploring the creations of other participants. Virtual reality games have been growing as technology evolves to facilitate truly immersive experiences for those who use them, and the blockchain economy has also been capturing the attention of many. This is something that the creators of Somnium have taken advantage of, unlocking value in a way never seen before. By integrating blockchain technology, Somnium allows users to monetize these VR experiences and empowers them to create a world in their own image, where they are the main creators and recipients of value.


What are the main features of Somnium Space?

One of the main features of this token is that, unlike traditional multiplayer virtual reality games, where users are divided into sub-servers and duplicate rooms, Somnium Space hosts all players in a single vast world. Within this larger VR universe, users can produce environments that are fully programmable, customizable, and independent VR experiences. Additionally, Somnium Space's non-fungible tokens (NFTs) and assets are compatible with metaverses and VR platforms throughout the blockchain ecosystem.

Somnium Space Tokenomics

In traditional gaming platforms, users generate value that flows to the game developer. Players either buy games or, with the popular freemium model, play for free but purchase upgrades, customizations, and access to in-game items. Normally, players cannot transfer in-game assets or use them outside of a specific game environment. In other words, if a player buys upgrades for their armor, unlocks new worlds, or a vehicle, that amount remains locked in the game. You can't use your armor in your favorite basketball video game, nor can you unlock the value of platform assets in which you bought it.


On the other hand, blockchain-based games and virtual reality metaverses like Somnium Space reverse this flow of value to benefit players through tokenization. Like an Ethereum app, Somnium Space allows players to tokenize their in-game assets, such as land, avatars, collectibles, and wearables. This dynamic separates the Somnium Space company from the value generated by players and allows players to access the value created in the metaverse throughout the cryptocurrency and token economy.

Somnium Space Economy

The Somnium Space economy is composed of three different types of token assets. The Somnium Space Token (CUBE), Somnium Space Parcels (PARCELs), and Somnium Space Space Avatars (AVATARs). The Somnium Cube (CUBE) is an ERC20 utility token that acts as the native token within the Somnium Space platform. The CUBE cryptocurrency streamlines game transactions between players and can be considered the equivalent of buying game tokens at an arcade.

Somnium Space Offerings

With an Ethereum wallet, players can hold ETH, CUBE, and NFTs (ERC721 tokens). CUBE is used to facilitate buying and selling operations within the game. Meanwhile, Somnium Space creators have carried out two what they call Initial Land Offerings (ILO) by issuing Land Parcels (PARCELs) to interested parties on the OpenSea NFT market. If players want to build an independent world in Somnium, they must first obtain one of these parcels. Somnium Space Space Avatars (AVATARs) allow players to mint their own full-body VR avatars on the blockchain using CUBE. If you are interested in this token and want to know where to buy Somnium Space CUBEs, you can find them on major cryptocurrency exchanges that offer Somnium Space stock trading, such as Gemini and Bitget.


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