Launched in 2017, Somnium Space is a virtual reality metaverse that was created on the Ethereum blockchain. Players do not host on distinct sub-servers like in other multiplayer VR games; instead, they are all in the same environment in this metaverse.
What is Somnium Space?
A virtual reality (VR) environment is Somnium was created using the Ethereum blockchain. Somnium is an open-source platform that enables users to purchase virtual real estate, houses, buildings, and a wide variety of valuable in-game commodities. Players can create, script, and make money from landscapes in Somnium thanks to its immersive dynamics, all while discovering the works of other users. The amount to which Somnium users can create original experiences, worlds, and assets are practically endless, even though users may go swimming, visit a museum, or eat at a restaurant established by another person in the Somnium metaverse.
Tokenomics
Somnium tokenomics is a novel concept to maintain their platform’s decentralization and open authorization. In a traditional game, players have two options: either they buy the game or use the freemium model. The developer keeps every dollar made from players, and they are profitable. However, this system’s drawback is that one player cannot give their in-game items and upgrades to another player.
However, the situation is entirely different in Somnium Space. Tokenization is used in blockchain-based video games and virtual worlds like Somnium Space to give players access to valuable resources. You can tokenize in-game items like real estate, avatars, wearables, merchandise, and collectibles and use them across the entire crypto universe. In this way, the Somnium Space system disengages while still retaining the ability to grant players access to priceless resources.
Cube Token
The native currency of the Somnium platform, Somnium Cube (CUBE), is an ERC-20 token that enables in-game trades between players. The CUBE token serves as a link between these digital goods to make in-game and online store transactions easier. It will change by the advancements made in the Somnium VR metaverse.
Somnium Space Land Parcels
Initial Land Offerings (ILO) are a concept created by Somnium Space. Land parcels are a possible asset for stakeholders to trade. To create their own Somnium universe and experience it in VR, players should acquire one of the land pieces.
Somnium Space Avatars
Avatars were added to the VR Platform by Somnium Space, upgrading their CUBE token. Players can now use CUBE coins to create their full-body VR avatars on the blockchain. All they have to do is use CUBE to purchase an avatar and place it in their inventory. Moreover, these avatars can customize for virtual worlds on various well-known digital platforms.
On the other hand, players can even purchase another user’s avatar with the CUBE token. During the transaction, an NFT from the buyer’s wallet is swapped for an NFT from the seller’s wallet.
Summary
On Somnium Space, users design fully programmable, adaptable, and standalone VR experiences that exist inside a wider, connected world. Somnium Space enables users to monetize these VR experiences and gives them the power to design a world in which they are the primary producers and consumers of value by incorporating blockchain technology.
References
www.thedapplist.com
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