Welcome to Part 2 of our in-depth research into the metaverse!
This report series aims to delve into the metaverse through describing its capabilities, applications, and developments; explaining different, prominent implementations of the metaverse in the context of Decentraland, Somnium, The Sandbox, Cryptovoxels, and Upland; offering explanations for different virtual real-estate offerings in each of these metaverses and the process of buying/renting land in each; as well as an offering a description of companies that facilitate virtual real-estate offerings within the metaverse.
As you know, the metaverse refers to a collectively shared virtual space that arises through the convergence of virtual and augmented reality, as well as the internet. It’s often heralded as a burgeoning, next-generation iteration of the internet, consisting of universally existent/accessible, three-dimensional, shared virtual spaces residing within a larger virtual universe.
This second installation of the series will focus on another metaverse implementation known as Somnium: an open, social, and persistent VR world with its own economy and currency, marketplace, social experiences, games, land ownership, and more.
What is Somnium Real Estate?
Somnium is an open, social, and persistent VR world with its own economy and currency, marketplace, social experiences, games, land ownership, and more. It’s intended to be entirely interconnected and immersive, granting access from any device from 2D mode on desktop (e.g., users can chat, trade, and build on the Somnium PC client) to VR mode on desktop/mobile (e.g., live VR mode inside the Somnium world). As of late 2020/early 2021, Somnium has also developed compatibility with the Oculus Go and Quest. Some of the principal characteristics of the Somnium platform include the following:
- An open, social, persistent Blockchain VR Metaverse
- Ownership security
- Origin authenticity
- Tradable/translatable via decentralized marketplaces
- Built with proven/secure standards
- Variety of creative tools: software development kit (SDK), Builder, etc.
- Cross-platform VR client
The Somnium team’s ultimate vision involves the construction of an entirely new world for next-generation communication, e-commerce, entertainment, and livability, where users can buy land, build/import objects, develop and use avatars, monetize their experiences and holdings, and fully immerse themselves in a virtual world. They also aim to take advantage of burgeoning VR technology, which includes improved and affordable headsets, haptic suits, finger/eye tracking, and motion platforms enabling immersive VR experiences from the convenience and comfort of users’ homes. To this end, the team truly believes in the notion of a Metaverse catalyzed by interoperable virtual reality environments/worlds not only on a technological and commercial level, but additionally on a philosophical level as it pertains to the future of humanity.
What Makes Somnium Tick?
Some of the primary mechanics of the Somnium platform include the following:
- Cross-Platform usability: The Somnium platform is available on all major VR headsets.
- Customizable PC Client: Somnium users have the ability to create and manage their own layout setup for quick, easy, in-game interactions.
- Long-Term Livability: This feature involves an automated recording mode for users’ in-game avatars on their properties that enables an AI-based analysis to bring their avatars to life.
- Blockchain Integration: Somnium operates on top of the Ethereum blockchain network, which enables transparency and authenticity in regards to transactions that occur on-platform. This enables verification of ownership of a wide variety of digital assets across the platform, including: virtual land, avatars, wearable items/accessories, and other digital goods.
- Persistent Social VR World: The Somnium world is unlimitedly scalable and consists of a single version/instance that is iteratively designed and built by Somnium users.
- Ownership of Virtual Land: As alluded to previously, Somnium enables the purchase and customization of virtual land, in turn enabling users to build anything that they envision/desire.
- Programmability/Scriptability: Sominium enables users to program/develop their bespoke experiences within the Somnium universe, as well as monetize these developments via the asset store or on their property.
- Space Monetization: A fully programmatic VR advertisement plug-in enables users/developers to capture and analyze gaze tracking, engagement, and conversion rates.
How Can You Invest In Somnium Real Estate
As the metaverse, inclusive of Somnium, has boomed in popularity over the course of the year, there has been an influx of demand for virtual land/real estate with respect to buying and renting for investment purposes. For more information, download the full report below!
Special Note: This report was written in collaboration with GDA Capital.