Blockchain games are gradually getting more attention because they provide a means to earn money while playing. For example, some blockchain gamers in the Philippines could make up to a million-dollar by playing a popular Blockchain game called Axie infinity in 2021. Today, we will talk about what is Somnium Space, one of the popular blockchain games on the rise.
If you want to know Somnium Space and everything associated with the crypto game, read along. The game has a unique economy that gamers can benefit from and make real money.
The gaming industry generates billions of dollars every year, but games are centralized, and gamers often spend their money to buy in-game items. Somnium Space and other crypto-related games are about to change that. Let’s explain how.
What is Somnium Space?
Somnium Space is a virtual reality game built on the Ethereum Blockchain that allows users to create, buy, sell lands, build homes, and a lot of other in-game assets. The game is decentralized, and all in-game items unlocked by gamers are registered on the blockchain as non-fungible tokens (NFTs). Somnium Space differentiates itself from other metaverse-based games because gamers can explore the creations of other gamers in the Somnium metaverse.
Gamers can visit museums, restaurants, or swimming pools created by other gamers. They can also monetize their environments in the metaverse. Unlike Decentraland, another metaverse crypto game, there are no limitations to the number of lands and assets in Somnium Space. Somnium is a place where you can meet people worldwide and have unique experiences in the metaverse.
The game has its marketplace where players can trade their assets in NFT. Gamers can also bring their verified NFTs within the decentralized ecosystem to the Somnium metaverse. The game allows gamers to create and customize avatars, and it also has a builder module for creating environments and structures.
What is the Purpose of Somnium Space?
The gaming industry is a multibillion-dollar industry, and experts suggest that it will keep growing. However, most popular games are centralized, and gamers hardly make a decent income from their hobby. Instead, popular gamers have to rely on streaming and gaming competitions to earn while passing hours playing games.
Blockchain games like Somnium Space and others will disrupt the gaming industry since gamers know they own all the in-game items and can make money trading them. These items are NFTs, and the proof of ownership is registered on a blockchain, meaning no items are alike. As a result, gamers can earn more money while playing their favorite blockchain games.
Somnium Space is one of the games where people can access unique metaverse experiences. There is currently a high demand for LANDs in the metaverse, and Somnium Space can be a way to create land and resell for money. The world will be built from scratch by gamers who play the game. It will be seamless and can be accessed regardless of the VR device you are using.
Somnium Space History
Somnium Space was launched in 2017 by a team of developers in the UK. The blockchain game was launched alongside its native token, Somnium Space CUBE. The token is used for trading in-game assets while playing the game. Although there are currently between 1000 to 2000 players who play the game daily, the game also has a robust economy worth over a million dollars.
Who are the Founders of Somnium Space?
Artur Sychov founded the game, and he is also the CEO. Artur is also the founder of EasyCharge, which creates technology for charging electric vehicles. He has worked previously as an investment trader before opting to be an entrepreneur.
There are some developers that Artur partnered with to make Somnium space a success; some of them include; Vita Pur, who is the Chief Operating Officer, and Carleton Di Leo, who is the principal developer. They have a team of over ten people who play essential roles in keeping the game up and running.
Who are Somnium Space Investors?
Somnium Space has raised 1.06 million dollars in two funding rounds. The last funding round took place on the 8th of May 2018. In addition, they have partnered with many other platforms to make the experience immersive. For example, Opensea is the most prominent NFT marketplace, and in-game items from Somnium Space can be sold on the platform. They also work with Polygon to ensure that transaction fee is always low.
In 2019, they announced their partnership with Sony to allow users to create a full embodiment avatar of themselves using their 3D Model technology. Other notable partners include Gemini and FTX, one of the most popular crypto exchanges.
The ultimate goal of Somnium Space is to create a metaverse packed with new and exciting experiences. Therefore, they want to make sure the game is compatible with all VR experiences, including Mobile VR, PC VR, and android apps. This ensures that the game gets to a broader audience along the line.
They also have plans to improve game mechanics to ensure that the most important functions like Land ownership and tools needed for building are always perfect.
Somnium Space Tokenomics
Somnium Space Cube (CUBE) is the official token of Somnium Space, and it is an ERC20 token that validates in-game transactions on the platform. At the time of writing, Somnium Space CUBE has a market capitalization of 87 million dollars. The total amount in circulation stands at 12 million CUBE, and the maximum supply will be maxed out at 100 million CUBE.
The game has an economy that keeps the platform decentralized to some extent. The in-game assets can be tokenized because they are registered on a blockchain. Lands, avatars, buildings, wearables are all owned by a player and can be traded for CUBE in the marketplace.
Somnium Space also organized an Initial Land Offering (ILO), where they integrated with the Solana blockchain. The event ran for five weeks, and there were Lands, real estate, and other in-game valuables up for grab. There were a lot of metaverse investors that took advantage of the offering to buy metaverse properties.
Conclusion – What is Somnium Space
The metaverse is booming, and investors are looking for the next virtual property. Blockchain technology is making it possible to earn cash while playing games. If you are a gamer, you stopped playing centralized games where you spend your money and focus on blockchain games.
Currently, there are some play-to-earn games, and they will shape the gaming industry in the next decade. The in-game economy allows the developers and players to earn simultaneously.