Apr 07, 2023 | 5 min read
Somnium Space Meta3Verse Deep Dive
Somnium Space is an open, social and persistent Virtual Reality (VR) world that is built on blockchain, where everyone can buy land, build or import object avatars, easily monetize their experiences and immerse themselves into a completely alternative reality.
New world shaped by players, which is a true VR platform with land ownership on the blockchain as well as a virtual investment. Somnium Space is actually a world with its own economy and its own currency.
It will be accessible from any device whether it be in 2D / VR modes on a user’s Desktop or Mobile VR mode.
Land sale is the driving force behind our economy. So, the team believes in the idea of virtual land ownership where anything will be possible and imagination has no limits.
Users will be able to build marketplaces, games, cinemas, parks, schools and much more.
Anyone can buy additional assets from Somnium Store and enhance their creations. They can also import and modify their own model from popular 3D modeling software. They can even sell their models on the Somnium Store and monetize their creations. So, they can buy and ready to use models of buildings and structures from the store and use them on their own land. (HIGH CREATIVE VALUE)
LIVE Forever feature: Automatic recording mode of that particular gamer (person) on their own property for future AI analysis to bring their avatar to life. (HIGH PERCIEVED VALUE OF AVATAR FOR THE USER)
How to earn:
Users can create in the 3D modeling software and monetize their creations.
6.1. Funding Model
Somnium Space has raised a total of $1.3M in funding over 3 rounds. Their latest funding was raised on Oct 26, 2021 from a Seed round. Somnium Space is funded by Gemini Frontier Fund.
6.2. Business Model
Somnium Cubes is the inworld currency of Somnium Space. It is designed to be safe, decentralized and interchangeable between other VR worlds.
1 Somnium cube =1.38$
1660$ floor price of land
6.3. Team Model
17 employees on LinkedIn
Focus on VR developers.
6.4. Technical Model
6.5. Growth Model
Twitter 38k followers | Active - multiple daily posts
Instagram 7k followers | weekly posts
Discord 8k followers | moderately active chat
LinkedIn 6k followers
6.6. Delight Model - what is the main driver of their success with users?
Somnium Space focuses on the VR technology as a tool for an immersive Metaverse experience, however it offers access through other platforms as well. It differentiates by offering a stronger Creative value, similar to the concept of Sims franchise, where users can completely customize their property and their avatar. In addition, similar to Sensorium Galaxy, it enhances the Avatar experience by using AI to create Avatars personality so that it can interact in the Metaverse even when the player is offline, which creates the concept of ‘Digital Immortality’.
6.7. Volumes of Users & Earnings
On Open Sea website 4,683 owners are recorded for this Metaverse.
35,667,780.56$ is total volume.
6.8. Features to have
Alongside importance of offering VR platforms in the Metaverse, Somnium Space incorporates the value of Avatar identity, hence the player’s as well, and the High creative value with a variety of opportunities for expression. Digital Immortality should be considered for implementation as well.