The virtual currency used in the Somnium Space metaverse is called Somnium space CUBES (CUBE). CUBE is created utilizing the ERC20 token standard on the Ethereum blockchain.
Users may buy virtual real estate, houses, and other valuable in-game assets in the virtual reality (VR) metaverse known as Somnium Space. In the metaverse, users may also create and profit from their own environments. Currently, Somnium Space is accessible on all popular VR headsets.
A builder module for landscapes and structures, virtual reality experiences, a marketplace for non-fungible tokens (NFTs), and the creation and customization of avatars and properties are the four components that Somnium space now offers. Users can import NFTs into the Somnium Space cosmos through this NFT marketplace from other parts of the decentralized ecosystem.
A group located in the UK introduced the initiative in August of that year. Somnium Space has developed a VR environment with a blockchain-based economy since its release.
A step-by-step guide to buying Somnium Space Cubes
Download Coinbase Wallet: It is necessary to use a self-custody wallet, such as Coinbase Wallet, to buy Somnium Space Cubes. Both a browser extension and a mobile app are offered for Coinbase Wallet. Install the Coinbase Wallet here.
Choose a Coinbase Wallet username: You must select a username while configuring your Coinbase Wallet. With this login, other Coinbase Wallet users may transfer your cryptocurrency with ease. The username is optional, however, it is necessary to access the account.
Securely store your recovery phrase: A recovery phrase made up of 12 random words will be sent to you when you establish a new self-custody wallet. Anyone who knows your recovery phrase gets access to your crypto because it is the key to it. Keep your recovery phrase a secret from others.
We highly advise writing these down on paper, keeping them in a safe place, and using the cloud backup function of Coinbase Wallet.
Do not divulge your recovery phrase to anybody, please. Your recovery phrase will never be requested by Coinbase. Additionally, Coinbase cannot assist you in accessing your wallet if you forget your recovery phrase.
Understand and plan for Ethereum network fees: Fees vary according to the amount of traffic on the network, the complexity of the transaction, and how quickly you need the transaction to be finished. Consider saving some cash for fees.
Buy and transfer ETH to Coinbase Wallet: To buy Ethereum, you must first open a Coinbase account if you don’t already have one (ETH). Using the Chrome extension or the mobile app will affect how you send ETH to your Coinbase Wallet.
Use your ETH to buy Somnium Space Cubes in the trade tab: You may buy Somnium Space Cubes directly from the app if you use Coinbase Wallet on your smartphone. On the Assets tab, click the (+) Buy. Then choose the “Trade” option to exchange ETH for any token that adheres to the Ethereum protocol (also known as “ERC-20 tokens”). Somnium Space Cubes should be chosen when you tap “choose currency.” Enter how many ETH you want to trade for Somnium Space Cubes. Don’t forget to budget for transaction costs. To complete, confirm your purchase and adhere to the on-screen instructions.
Click “Convert” if you are using the Coinbase Wallet plugin. Enter the quantity of ETH you wish to swap for Somnium Space Cubes while searching for Somnium Space Cubes. Don’t forget to budget for transaction costs. To complete, confirm your purchase and adhere to the on-screen instructions.
Is Somnium Space CUBEs a good investment?
Although the metaverse is a promising area for blockchain technology, it is still in its infancy, and the tokens it is connected with are prone to extreme price volatility and other dangers. Always perform due diligence on the Somnium Space platform and its Tokenomics. Before buying CUBE, keep the following in mind:
Tokenomics. The Somnium Space metaverse cannot function without the ERC-20 token CUBE. There is a maximum supply of 100 million cubes, 60 million of which have been locked for in-game awards in the metaverse.
In-game features. Participants in Somnium Space can also get CUBE by doing morally right. Ratings, involvement, and other considerations all contribute to the justification of the in-game concept known as karma. Characters can rate other players in a peer-to-peer system called ratings. The quantity of CUBE a player has previously spent or earned, as well as the length of time they’ve spent playing, are factors in engagement. Finally, organizing events and developing VR experiences are key ways to participate and gain karma.
Other economy tokens. The use of CUBE has been increased by Somnium Space through the creation of two new tokens, PARCELs, and AVATARs. Land on the metaverse may only be acquired via PARCELs, which are effectively deeds. In order to make their PARCEL come to life in the Somnium environment, players can even integrate NFTs inside it. On the other hand, AVATARs are employed to develop sociable beings that can be inserted into Somnium Space. These AVATARs may also be thrown into different metaverses and traded on outside marketplaces.
Token for Somnium Space’s Cube (CUBE)
The native utility token for the Somnium Space platform is the Somnium Cube (CUBE), an ERC-20 token. The CUBE cryptocurrency simplifies player-to-player transactions within games and is comparable to purchasing game tokens at an arcade. Players can store ETH, CUBE, and NFTs in their Ethereum wallet (ERC-721 tokens). For the purpose of facilitating in-game, e-commerce transactions, CUBE acts as a link between various resources. The CUBE token will gain in-world usefulness as the Somnium metaverse develops and enable users to exist more fully within the VR metaverse.
Space Avatars from Somnium (AVATARs)
The Somnium Space team introduced avatar (AVATAR) tokenization in November 2020 as a further step toward increasing the utility of the CUBE token. With CUBE, users can now create their own full-body VR avatars and mint them onto the blockchain. Players must purchase an avatar from CUBE in order to join, and it then becomes a part of their inventory. These avatars are supported by the main digital platforms’ virtual worlds.
Players may also purchase another user’s avatar as an NFT using the CUBE token. During the transaction, the CUBE in the buyer’s wallet is swapped for the NFT in the seller’s wallet. The Somnium metaverse’s avatar-building functionality demonstrates how useful CUBE tokens are becoming.
The popularity of VR gaming is on the rise as technology advances to provide really immersive experiences. AltSpace, VRChat, Rumii, and Engage are just a few of the prominent VR systems That are being used for anything from online social engagement to business meetings. While this is going on, the astounding expansion of Ethereum-based metaverses like Somnium Space has built on the long history of enormous multiplayer ecosystems by releasing value in a way that was never previously imaginable.
By using blockchain technology, Somnium empowers users to construct a world in their own image where they are the primary makers and recipients of value and enables them to monetize these VR experiences. Therefore, Somnium Space’s gameplay may be virtual, but it aspires to develop an economy that goes beyond the bounds of the real world in keeping with the decentralization philosophy.