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.

Diseno-sin-titulo5-700x467.png

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.

Diseno-sin-titulo6-700x467.png

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.

Related...

main image
How to convert physical art into an NFT?
**Physical art in NFT?** The NFT boom continues to grow and more and more artists are looking for ways to tokenize their art, some in physical form, in order to earn some mone...

1/29/2024

physical art in nft

main image
What is ChatSonic?
If we talk about technological advances, there is no doubt that the development and implementation of artificial intelligence has become one of the most important inventions o...

2/2/2024

ChatSonic

main image
What does Minting NFT mean?
The frequent use of tools and applications makes the meaning of some terms and the difference between them, such as buying/selling and minting/redeeming, blurry. But in this p...

2/1/2024

Minting

main image
What is Synthesia.io?
Synthesia is a startup located in London, this platform generates videos that implement artificial intelligence, as they present a "person", to whom any text can be dictated, ...

2/1/2024

Synthesia

main image
What is Generative Art?
Generative Art is a style of art that involves an algorithmic process to generate new forms, ideas, patterns, colors, etc. It proposes thousands of possibilities for unlimited...

2/2/2024

Generative Art

main image
What is Replika AI Friend?
Artificial Intelligence (AI) is a disruptive technology that has been able to transform the way we relate to technology. Starting from the creation and improvement of algorith...

2/6/2024

Replika AI Friend

main image
What is Chinchilla AI?
Chinchilla AI/ In the world of technology, artificial intelligence has become one of the most important and most relevant aspects currently in the popularity statistics of the...

2/6/2024

Chinchilla AI

main image
Maximizing Technical Support: The Efficiency of Hourly Rates
Over the years, technical support in software plays a fundamental role in the user experience and efficient functioning of computer applications and programs. **In a world whe...

2/6/2024

Technical Support

main image
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...

2/7/2024

Somnium Space Metaverse

main image
Benefits of Chat GPT-4
Chat GPT-4 refers to the newest version of ChatGPT, it is an open platform artificial intelligence language model, this model helps among other things to process images, text ...

2/8/2024

Chat GPT

main image
Artificial Intelligence (AI) and Software Development: Implications vs Opportunities
Until just a few months ago, the scope of what we know today as artificial intelligence seemed to be just an element belonging to the science fiction genre. However, the amazi...

2/8/2024

Artificial Intelligence

main image
What is Jasper AI?
Jasper AI/ Taking a look at the progress of artificial intelligence, we could say that it is one of the technological advances that has taken on greater relevance lately among...

2/8/2024

Jasper AI

main image
What is the structure of the Metaverse?
The metaverse is clearly one of the ideas of the century, and we have already talked a lot about the economic, artistic, and social possibilities within virtual worlds. Howeve...

2/9/2024

Metaverse Metaverse

main image
Artificial intelligence and Machine Learning in software development
In an environment where technology is constantly evolving, in a global context where hundreds of innovative projects are launched to the market every day, one of the most exci...

2/9/2024

Artificial Intelligence

main image
The Key Importance of Backend Developers in the Success of your project
In the contemporary information technology landscape, software development is emerging as a cardinal discipline that not only drives innovation but also shapes the digital inf...

2/23/2024

Backend Developers

footer bg