What is Somnium Space?

Twenty years ago, Virtual Reality was pure fiction. In today’s time, it is part and parcel of the technological age. It has penetrated our day-to-day lives with games, e-commerce, 3D movies, and much more. The new-age blockchain ecosystem has supercharged this amazing technology and created a metaverse that transports us into a whole different world.

Today we will discuss a great VR platform known as Somnium Space.

Somnium space is an open-source platform and a tech product built on the Ethereum Blockchain that lets you Play Games, Build Programmable Environments, Purchase virtual properties, Customize Land, Buildings, Parks, and Trade in Digital Assets.

Here’s everything you need to know about the Somnium space.

Table of Contents:

• What is Somnium Space VR?
• Somnium Space tokenomics
• Cube Token by Somnium Space
• Somnium Space Land Parcels
• Somnium Space avatars
• Somnium Space Karma Levels
• The Future of Somnium Space

What is Somnium Space VR?

Somnium Space is itself a digital universe that transits users to a virtual reality experience. Built on Ethereum, its primary focus is to allow users to interact and purchase digital land, create customized homes, construct towering buildings, and trade in-game digital assets that have their unique value in its online multiverse.

The creator tools and dynamics offer the user to project, construct and trade their township, cities, and megaprojects while wandering in other participants’ arenas.

Imagine people going to a shopping mall, watching a movie in the theater, renting an apartment, or eating in a 5-star restaurant. The best part is that you build all these places and get paid every time a user visits your virtual world.

Somnium spaces have limitless possibilities and endless opportunities to create, build and monetize your imaginative and creative skills.

Somnium spaces do not use sub servers. Unlike traditional multiplayer VR games, they host all their players inside one big VR universe. Within that space, users can create environments, surroundings, and arenas that are fully customizable, programmable and deliver independent VR experiences.

The NFTs power the Somnium space to create and trade valuable assets in the NFT marketplaces within the VR universe and blockchain ecosystem.

At present, Somnium spaces operate with four elements:

1. Software Development Kits (SDK) helps create and customize digital land, properties, and avatars.
2. Virtual Reality Experiences **** A complete builder module that helps create digital environments and structures for playing the game.
3. NFT marketplace - Helps in trading and monetizing digital properties created by the users.
4. NFT-based assets - 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 to keep their platform decentralized and publicly authorized. In a traditional game, players either purchase the game or play through the freemium model. Every cent earned from the players goes to the developer, and they are in profit. But the disadvantage of this system is that one player cannot transfer their in-game assets and upgrades to another player.

The case in Somnium space is completely reversed. Blockchain-based games and metaverses like Somnium Space uses tokenization to return valuable assets to the players. You can tokenize in-game assets such as land parcels, avatars, wearables, merch, and collectibles and use them in a broader perspective throughout the crypto universe. This way, Somnium space disengages with the traditional system and retains the power of valuable assets to the players.

Somnium spaces comprise three types of token systems.

Somnium Space’s Cube Token

Somnium Cube (CUBE) is the native token of the Somnium platform, and it is an ERC-20 token that allows in-game transactions between users. The CUBE token acts as a bridge between these digital products to facilitate in-game and e-commerce transactions. It will evolve as per the upgrades made in the Somnium VR metaverse.

Somnium Space Land Parcels

Somnium space came up with Initial Land Offerings (ILO). Stakeholders can have land parcels and trade them on the marketplace. Players should obtain one of the land parcels to build their Somnium world and explore it in VR.

Somnium Space Avatars

Somnium space upgraded their CUBE token by introducing avatars in the VR Platform. Players can now fabricate their full-body VR avatars onto the blockchain using CUBE tokens. All they need to do is buy an avatar using CUBE and add it to the inventory. These avatars are adjustable with virtual worlds across major digital platforms.

The CUBE token also lets players buy another user’s avatar. An NFT in the buyer’s wallet is exchanged during the transaction for the NFT in the seller’s wallet.

Karma Levels in Somnium Space

Karma level is a great feature of Somnium space. It calculates the ethical perspective of the player using key metrics:

• Ratings: Based on ethical interactions and communications.
• Engagement: Based on the economic activity, land ownership, and time spent in the VR.
• Other Factors: Based on social activities like arranging events, public welfare, etc.

Players get CUBE tokens as rewards in return for their karma level achievements through the overall gaming performance.

The Future is Virtually Bright and Real

Metaverse is booming as technology evolves to deliver genuinely immersive and stellar gaming experiences. Platforms like Rumii, VRChat, AltSpace, and Engage have become popular platforms for making VR a household activity.

The support of the ethereum blockchain has skyrocketed the possibilities of the Somnium space and virtual reality experiences, in general. Blockchain integration has created a haptic environment that the users can create and monetize to earn rewards and NFTs.

The decentralized economy is here, It is real, and It is virtual. This is just a glimpse of what the VR platforms and blockchain technology want to show us.

We are on the verge of welcoming a future that caters to limitless opportunities.

Check out all metaverse dapps listed on The Dapp List.

Resources

https://somniumspace.com/#mechanics
https://www.gemini.com/cryptopedia/somnium-space-what-is-an-nft-marketplace