Overview
Somnium space is a Virtual Reality (VR) metaverse dedicated to redefining people’s experience in this space by creating a world where they can have advanced communication, e-commerce, entertainment, home, etc. It is an open, social and consistent metaverse backed by web3’s blockchain technology and the Internet of Things. The tokenization of the platform and incorporation of DeFi (Decentralized Finance) allows users to easily engage with the game by buying lands, building or importing objects, using avatars, customizing their experience, etc. The Somnium Space metaverse is a decentralized web3 platform created to be immersive, allowing users to customize their experiences while providing users with the opportunity to earn in the process from wherever they are worldwide.
In this metaverse, the in-game currency is CUBE. This ERC20 Ethereum-based CryptoToken allows users to engage with themselves and the game. With the help of DeFi, Holders of the token can easily purchase whatever item they find from the metaverse store or other users via a P2P (Peer-to-Peer) method. For example, once users find avatars that complement them, they can trade NFTs – Non-Fungible Tokens- amongst themselves in-game. The game comes in multiplayer and allows players to play to earn money.
Play to earn
In this game, there are many ways to earn CUBE CryptoToken. With tokenization, you can build products that others desire and then sell them off. You can also go on Treasure hunts which can be mystery games or mazes that lead users to QR codes of ETH or Cubes. Once your avatar finds the QR code, you can accept the token reward. Your avatar can also attend events to hand the reward to the winner of a particular game. You can also earn more CryptoToken by staking and mining CUBE.
Furthermore, you can earn by installing Teleportation HUBs on your land parcels and charging users a fee. You can set up the teleportation portal as either public or private if you have enough NFTs. And if not, you can build by partnering with others. You can later gather these funds to share amongst the HUB’s co-owners.
Staking
Staking is a crucial way to support the CUBECryptoTokenand its web3 platform and ensure its scarcity by keeping CUBE locked away. And in exchange, the users will get incentives based on how many CUBEs they bet. Twelve rounds of CUBE Staking will take place. After the twelve rounds of CUBE staking, each CUBE Holder is eligible to receive a total of two hundred and forty thousand CUBEs!
Security
As an owner of a CryptoToken, you need a wallet to keep them as your portfolio. Since the token is based on an ERC-20 web3’s Ethereum network, the chosen wallet should support it. Several available wallets can be divided into Hot wallets, Cold wallets, Software wallets, and online wallets. Of all these wallets, hot wallets are regarded as insecure due to the low level of security it provides. This makes it an easy target for attacks and phishing. Hot wallets temporarily store your coin and are provided mainly by exchange platforms for you to keep your tokens before withdrawal to your other wallets.
