While other metaverse platforms have emphasized the value of immersive and virtual reality (VR) experiences, Somnium Space (CUBE) has a different goal. Users can participate using a browser-based version that works like any other online app or a VR client that can be installed. In this post, we’re going to discuss what Somnium Space is and whether or not it’s a good investment.
What is Somnium Space?
The open-source metaverse platform Somnium Space (CUBE) debuted in 2017 and opened to the general public in 2018. This puts it with industry pioneers like Decentraland as one of the market’s first movers.
With minimal admission requirements, Somnium Space (CUBE) aims to make metaverse technology available to everyone. Importantly, it wants to create its own monetization and revenue-earning mechanism based on the blockchain and has a democratic perspective on economics.
The economy of the Metaverse and Somnium Space
A successful metaverse platform must have a free-market economy that is independent, decentralized, and public. Contrary to real-world economies, it is really transnational and has no formal barriers to participation.
Similar ideas underlie Somnium Space, which seeks to give its users access to a democratized environment where they may produce monetizable assets and generate income. To do this, Somnium Space (CUBE) uses the Ethereum blockchain network, which serves as the foundation of its architecture. The following are the salient features of Somnium Space’s strategy for creating a metaverse economy:
1. The firm Somnium Space (CUBE) has no interest in the money made by users or players.
Using the Ethereum blockchain, the program enables users to tokenize in-game assets, including real estate, avatars, wearables, and others. The Somnium Space (CUBE) company is immediately cut off from player-produced value thanks to this functionality, allowing users to benefit from the value generated in the Metaverse’s cryptocurrency and token markets.
2. CUBE is the platform’s native token
The CUBE cryptocurrency serves as the digital equivalent of buying game tokens in an arcade, speeding up transactions between users. Gamers may store their own ETH, CUBE, and NFTs using an Ethereum wallet. With the aid of CUBE, it is possible to conduct in-game transactions between various assets. CUBE only works with games for now, but this will soon change to include the full platform economy.
3. Initial Land Offerings are carried out by Somnium Space (CUBE) to sell plots.
Since issuing Land Parcels (PARCELS) to its stakeholders, Somnium Space (CUBE) has conducted two Initial Land Offerings (ILOs). Players must first purchase land parcels if they wish to build their own Somnium planet. Players can assign any NFT to the property and inspect it in VR.
4. Users of the site can tokenize their avatars.
Somnium Space (CUBE) implemented AVATAR tokens in November 2020 as a significant step toward enhancing the usefulness of the CUBE token. Now, users may create their own full-body NFT avatars on the blockchain using CUBE. Players can buy an avatar from CUBE and add it to their inventory before they join.
They work with virtual worlds on all popular digital platforms. Gamers may now buy another user’s avatar as an NFT using the CUBE token. While land, wearables, and other assets may all be purchased with metaverse tokens, tokenizing one’s avatar is an entirely new way to make money in the Metaverse. Additionally, it can draw in new users who wish to possess an avatar that was previously used by a famous person who “inhabited” the site.
5. Karma-based scoring of economic and other activity
Karma, a hierarchical structure that reflects an individual’s behavior as a platform citizen, is another distinctive aspect of the platform’s economy and the society as a whole in Somnium Space.
Karma level has a number of real-world comparisons. For example, you might compare it to the Uber score, which drivers and passengers use to grade one another for overall “good conduct.”
Each person is given a risk score that determines their creditworthiness in the financial sector. Similar to how users of Somnium Space (CUBE) advance through many Karma levels to decide how they get CUBE prizes for certain actions. On the metaverse platform, a person’s Karma depends on three factors:
- Platform involvement – Each player’s economic activity, gaming time, land ownership, and rate of global exploration.
- Samaritan ratings – How virtual residents perceive a person depending on their behavior on the site.
- Ancillary activities – Other contacts such as building activity, event participation, and so on.
How Does the Somnium Space (CUBE) Benefit Users?
The platform provides a software development kit (SDK) to encourage customization and personalization, enabling users to create their own assets and avatars that may interact with other virtual environments and platforms.
The kit also comes with a builder mode created specifically to assist in creating complicated and complex buildings. As soon as they are finished, creators may offer them as assets on the NFT marketplace and participate in the metaverse economy.
Because Somnium Space and the Polygon network are entirely compatible, users may move their NFT assets in and out of the platform without paying any costs. Any of the following in-platform assets might be these NFTs:
- Wearables for Avatars with a distinctive design
- Event tickets and entrance passes for a certain piece of land
- vehicles, including automobiles
- Buying or renting teleportation hubs allows you to move about the Metaverse.
- Treasure hunts that may be paid for that lead to CUBEs
A maximum of 100 million Somnium Space tokens will be issued in order to restrict supply and provide token holders with genuine value. The platform also has extremely low costs and infrastructural obstacles, which makes it simpler to benefit from the potential of metaverse economies to be truly democratic.
CUBE is a somewhat moderate risk investment based on its current risk score. This score will be most helpful to investors who are primarily concerned with risk assessment in order to avoid hazardous assets.
In just one day, CUBE lost 90% of its value, falling to $1.61. This change has taken place as the market capitalization of the token has increased, and its volume is lower than typical. The market value of the cryptocurrency is now $20,137,244.55. Somnium Space Cubes has an average risk rating based on price movement in proportion to volume and market cap fluctuations.