Somnium Space and NFT

A world not bounded by reality, Somnium Space is the first Ethereum-based open, social and enduring Virtual Reality world that has been developed on block chain. Baptizing the users into a completely diversified alternative reality, they allow them to buy property, contrive, and import object avatars and monetize their experiences.

Founded in 2017 by Artur Sychov, it is the aboriginal form of crowdfunded social VR world that allows land purchasing in the grossing concept of Virtual Reality. Somnium Space is more commonly referred to as a block chain based Video Game.

A world with its economy and currency, this open-world operates on VR devices like Oculus Rift and HTC Vive, providing the users with a platform of gaining ownership through blockchain along with another option of virtual investments. It allows its users to experience socializing with other consumers from around the world.

The founder of Somnium Space recalls human interaction through exploration as the principal objective of creating it in the first place. With a 2D model, it offers significant accessibility from any device that is either 2D or VR, increasing user interaction and allowing people to immerse them into a world of social VR that is continually changing and simulating reality, but with more user-defined control.

Over time, Somnium Space shifted its scalability solution (since it is an Ethereum-based blockchain product) from Loom Network to Matic for system enhancement. Matic’s high-performance Plasma-based sidechains were adopted to ensure swift and augmented user experience with minimal transaction fees.

Somnium Space is an open, social and persistent Virtual Reality world built on Ethereum blockchain. Buy land, build or import objects and instantly have fun or monetize.

Universe shaped entirely by players! Somnium Space is an open-source social VR world powered by blockchain and shaped entirely by its the investors and property owners , allowing them to buy digital land where they can build VR homes and buildings.

An informative Introduction to NON-FUNGIBLE TOKENS
The digital currency has boomed since the rise of Bitcoin (BTC), bringing cryptocurrency in the mainstream of the financial world. Money has always been one application of blockchain technology. It opens itself towards more contemporary and exhilarating forms of certifying and securing uniqueness and identifications with the use of non-fungible tokens (NFT).

Bitcoin brought digital scarcity with it, which was confirmed programmable with the addition of blockchain technology. With the idea of replicating something in the digital world, NFTs (also known as crypto-collectibles) compels under it.

NFTs require a descriptive introduction of fungibility, which is majorly responsible for maintaining the standards of currency and its uniform acceptance. Fungibility is a terminology used in the conceptual understanding of money, without which currencies would tend to remain unstable and would likely collapse.

It makes fungibility highly essential for every currency around the globe, whether it is a dollar or any cryptocurrency.

Non-fungible tokens are assets that are deliberately built within blockchain designed not to be equal. The tokens are almost endless, where they function as a database for any particular defined good. They have stood as a vital element in the development of the contemporary blockchain-powered economy.

Being unique and limited in nature, they have been implemented in a range of applications. This led us to develop several uses of NFTs such as in gaming, digital identity, licensing, certifications, and arts. Somnium Space is one such product of NFT that has been produced in the Ethereum Blockchain