Press Release: Somnium Space partners with Loom Network and OpenSea for Blockchain integration into its Virtual Reality world.
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Somnium Space, a Social VR world has partnered with Loom Network and OpenSea for a full incorporation of blockchain into its Virtual Reality world, starting with an upcoming Initial Land Offering (ILO) in October. By embracing the Ethereum blockchain network and tokenizing in-game assets (land parcels, avatars, wearables, collectibles, etc.), Somnium Space forever decouples itself from ownership of a database of all in-game items by giving this power and control back to its users / citizens. For the first time in the VR gaming industry, users will be real owners of their possessions. This will have huge implications for the future of Somnium Space and Social VR in general.
Somnium Space is utilizing the secure and fast Ethereum blockchain network for its transactions. Specifically, Somnium is using the ERC721x specification to tokenize in-world land parcels and ERC20 tokens, called Somnium Cubes, as the in game currency.
A complex economy like Somnium’s, comprised of items such as avatars, in-game collectibles, wearables, and more, requires high-throughput, quick confirmations, and network fees as close to zero as possible. This is where Loom Network and its scalability tools come into play. Loom’s high-throughput sidechains optimize for near-instant confirmation times, zero network fees, and full compatibility with major Ethereum wallets to allow users a fluid and natural exchange inside Somnium Space.
Once users have put their Somnium creations and in-world items on to the blockchain, there sparks an instant need for a trusted, secure, and widely used marketplace. After all, users need to be able to buy and sell those items. That is where OpenSea fits into the puzzle. OpenSea is the world’s largest digital marketplace for crypto collectibles with more than 4,000,000+ digital assets currently traded and over 20,000 ETH in transaction volume. Somnium citizens will be able to instantly place their creations or belongings on the OpenSea marketplace directly from Somnium PC client.
“We have partnered with Loom and OpenSea — recognizable leaders in the blockchain industry to make sure that our process of ILO (Initial Land Offering auction) and blockchain integration is well designed, programmed, and executed,” says Artur Sychov, Founder & CEO Somnium Space. “We are dedicated to delivering a long lasting and decentralized in-game economy with an ability for everyone to start monetizing their experiences and creations from day one,” he added.
In a statement from Matthew Campbell, CEO and Co-Founder of Loom Network, he said “Somnium has proven itself a pioneer in social VR, and blockchain tech will now help catapult them to the next level. Users will soon get the ability for true and absolute ownership of their digital items, paving the way for completely new kinds of virtual economies and experiences that were never possible before. Loom is excited to provide the scalability and UX layers necessary for Somnium to deploy high-performance blockchain applications that can still maintain stunning immersive experiences.”
“Somnium Space brings deep experience in VR and a polished product to the table, so it’s no surprise that they’re employing blockchain with the same rigor and professionalism. It’s a thrill for us to see established projects from outside the blockchain space adopting Ethereum,” says Daniel Viau of OpenSea, “not just because it’s hip, but because it’s the best solution to a real and critical problem: providing users with a stable, legitimate, open economy.”
About Somnium Space
Somnium Space is an open, social and persistent VR world powered by blockchain, where everyone can buy land, build or import objects and easily monetize their experiences. Our ultimate long-term vision is to create a virtual environment which offers a rich addition to reality, packed with new and exciting possibilities. Built as a cross-platform world, Somnium Space allows people to experience one constantly expanding, seamless single instance shaped by players. Combined with an in-world economy, it provides a next step towards a true metaverse experience.
About Loom Network
Loom Network is the Universal Layer 2 that provides developers the tools they need to build high-performance dapps today — optimized for fast transaction times, high-
throughput, and a seamless user experience. Loom is the blockchain platform of choice for serious dapp developers.
OpenSea is the largest decentralized marketplace for crypto assets, which include collectibles, art, gaming items, and other digital goods backed by the Ethereum network. On OpenSea, you can buy or sell any of these items through a smart contract, meaning that no central authority ever holds custody of your items. In other words, OpenSea replicates the familiar mechanics of physical-world markets in the growing market for digital assets.
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