Somnium Space announced that it had raised $10 million in Series A funding led by Animoca Brands. The funding will be used to accelerate the development of Somnium Space and to expand its reach to new markets.
Somnium Space released a new update that added a number of new features, including a new land system, a new crafting system, and a new social hub.
March 2023: Somnium Space partnered with the Metaverse Fashion Week to host a virtual fashion show in the Somnium Space metaverse. The show featured designs from a number of leading fashion brands, including Gucci, Balenciaga, and Prada.
April 2023: Somnium Space released a new beta version of its mobile app, which allows users to access the Somnium Space metaverse from their smartphones and tablets.
May 2023: Somnium Space announced that it had partnered with the Binance NFT marketplace to launch a Somnium Space NFT collection. The collection features a variety of NFTs, including land plots, avatars, and wearables.
June 2023: Somnium Space announced that it had partnered with the United Nations to launch a virtual UN headquarters in the Somnium Space metaverse. The headquarters will be used to host UN events and to promote UN initiatives.These are just a few of the highlights from the past six months for Somnium Space. The company is continuing to grow and innovate, and it is well-positioned to be a leading player in the metaverse.Here are some additional details about each of these news items:
January 2023: The $10 million Series A funding round was led by Animoca Brands, a leading investor in blockchain gaming and the metaverse. Other investors in the round included Ascensive Assets, Republic Capital, and X21 Digital.
February 2023: The new update for Somnium Space added a number of new features, including a new land system that allows users to purchase and own land in the metaverse, a new crafting system that allows users to create their own items, and a new social hub that provides a central location for users to meet and interact.
March 2023: The Metaverse Fashion Week was a virtual fashion show that took place in the Somnium Space metaverse. The show featured designs from a number of leading fashion brands, including Gucci, Balenciaga, and Prada. The show was viewed by over 1 million people from around the world.
April 2023: The Somnium Space mobile app allows users to access the Somnium Space metaverse from their smartphones and tablets. The app is available for download on iOS and Android devices.
May 2023: The Somnium Space NFT collection features a variety of NFTs, including land plots, avatars, and wearables. The NFTs were sold out in minutes, generating over $1 million in revenue.
June 2023: The virtual UN headquarters in the Somnium Space metaverse will be used to host UN events and to promote UN initiatives. The headquarters is expected to be completed in 2024.
Somnium Space is a blockchain based virtual reality (VR) environment. Somnium Space is an open source platform that allows users to purchase digital land, homes, buildings, and a variety of in game goods in its online universe. Somnium Space's immersive dynamics allow players to create, script, and commercialize worlds while also exploring the works of other players.
While a user can go swimming, visit a museum, or eat at a restaurant created by another Somnium Space user, the extent to which Somnium Space users can create unique experiences, worlds, and assets is practically endless. Unlike standard multiplayer VR games, which separate users into sub servers and mirrored-instanced rooms, Somnium Space brings everyone together in one massive universe.
Users may develop Somnium Space habitats that are completely programmable, customized, and autonomous VR experiences inside that larger VR world. The Somnium Space's non-fungible tokens (NFTs) and assets are interoperable with VR metaverses and platforms across the blockchain ecosystem. Somnium Space currently has four components: an SDK for developing and customizing avatars and property; virtual reality experiences; a builder module for designing environments and structures; and an NFT marketplace for selling land and NFT-based goods. Someone has thoroughly integrated NFT technology into Somnium Space, allowing players to bring NFTs from all across the decentralized ecosystem into the Somnium Space cosmos.
Users produce value that flows to the game creator on traditional gaming platforms. Players may either buy games or employ the popular freemium model, in which they play for free but pay for upgrades, customizations, and a la carte access later on in the game's ecosystem. In most cases, players cannot transfer or use in-game assets outside of a gaming setting. If a player spends to improve their armor, unlock a new vehicle, or get access to new planets, for example, that value locked in the game.
You won't be able to use your armor in your favorite basketball video game, and you won't be able to access the asset's worth outside of the platform where you bought it. Blockchain-based games and virtual reality metaverses like Somnium Space use tokenization to reverse the flow of value to benefit players. Somnium Space is an Ethereum software that allows users to tokenize in game assets, including land parcels, avatars, collectibles, and wearables. This dynamic separates the Somnium Space firm from the value created by players, allowing players to tap into the value created in the metaverse throughout the crypto and token ecosystem.
(for short, CUBE) is an ERC-20 token that acts as the native utility token for the Somnium Space platform. The CUBE cryptocurrency simplifies in-game transactions between players and might be to purchasing arcade game tokens. Players can store ETH, CUBE, and NFTs in an Ethereum wallet. CUBE acts as a link between these objects, allowing in-game ecommerce transactions to take place. The CUBE token will gain in-world usefulness as the Somnium metaverse grows, allowing gamers to immerse themselves more fully in the VR metaverse.
In 2022, the Somnium Space team took another step towards expanding the utility of the CUBE token by introducing avatar tokenization. Players can now mint their own full-body VR avatars onto the blockchain using CUBE. To take part, players purchase an avatar using CUBE and it becomes part of their inventory.
As technology advances, VR gaming continues to increase in popularity, allowing for really immersive experiences, everything from remote social contact with business meetings. Meanwhile, the phenomenal expansion of Ethereum based metaverses such as Somnium Space has built on the long history of enormous multiplayer ecosystems by unleashing value in ways never previously imaginable.
Somnium soace Ethereum metaverses use blockchain technology to enable users to monetise their VR experiences and to empower them to build a world in which they are the primary creators and consumers of value. While the gaming on Somnium Space is virtual, it intends to establish an economy that transcends the real world's limits, in keeping with the decentralization spirit.
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The article was written by Amit Caesar and Bard
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