Somnium Space Overview ‣ BlockNews

Somnium Space Overview

Somnium Space is an open social virtual reality world built on the Ethereum blockchain. They aim to create a metaverse where people can socialize, design, build or import objects, buy and sell in-game items and land plots and even monetize them.

The virtual world they are building will be experienced through PC VR headsets; currently, Somnium Space is compatible with all significant headsets such as Oculus, HTC, VIVE, HP, and Valve.

The founder and CEO are Artur Sychov, and the CFO is Tatsiana Sychov. The rest of the core team, with their roles ranging from Lean UI designers to community managers and blockchain developers, are also all doxxed.

Land Plots

Somnium Space is a collection of 5844 assets ranging from land to avatars and cosmetics that are bundled into one NFT set.

Inside this diverse collection, you will find two types of NFTs that represent “land” – there are Parcels, and there are Worlds. The main difference is that Parcels are located in the main world that all players share (and view the same setting), whereas Worlds function like “portals” to other realities where owners can customize their landscape. Parcels are also much more abundant. In total, there are:

2472 M-sized parcels, that have a floor of 1.9 ETH
1751 XL-sized parcels, that you can buy for 5 ETH
777 S-sized parcels, which are available for 1.8 ETH even though they represent the minority of this collection.

Then we also have “Worlds,” which are one of the scarcest NFTs in the entire collection, and they come in three different sizes:

Small, which has a floor price of 5 ETH and can store 75MB of data.
Medium, which you can buy for 15 ETH and can store 200MB of data.
Extra Large, which is available for 18,5 ETH and can store 500MB of data

Token

Somnium Space has its native ERC-20 token, ticker $CUBE, that is currently sitting just slightly above the $20 million market cap at a price of $1.8. It has a fixed supply of 100 million. Like many other metaverse-related tokens, its price peaked (around $12) in November 2021, when most projects of this sort had a historic run.

The token is essential to the game’s economy as all in-world transactions, land purchases, renting, and e-commerce can be conducted using $CUBE. Holders can monetize the land parcels they own and yield the token for the services they provide on their land.

The team has also stated that they have plans to add Polygon smart contracts to the token in the future and make it available on both chains.