VR Platform Somnium Space Partners with Matic Network & Launches Road to Secondary Land Offering

2 min read

Ethereum-based VR platform Somnium Space has unveiled its plan to onboard to Matic Network to achieve scalability and provide a superior user experience for its growing base of avid users. Originally using Loom Network for scaling purposes, Somnium Space has decided to migrate onto Matic Network in order to provide a superior user experience for players through Matic’s advanced scaling infrastructure. Also, Matic’s huge community provides a massive boost to the user adoption.

Somnium Space describes itself as “an open, social & persistent VR world built on blockchain”. The platform offers the opportunity for users to purchase land parcels, build or import objects, interact in real-time with other players, and explore the expansive virtual world with an experience akin to Ready Player One’s Oasis.

By embracing the Ethereum blockchain and tokenizing in-game assets, Somnium Space is empowering its users with true item ownership and a stable, legitimate, open economy. Given Ethereum’s performance bottlenecks, however, the mainchain alone will not be able to facilitate Somnium Space’s consistent growth in user numbers hence layer 2 scaling becomes mandatory.

Somnium Space VR land parcels are in high demand

During their hugely successful Initial Land Offering held in October 2019, a fifth of the world’s parcels were sold for a total of $200,000 USD and Somnium Space ranked as the number one dApp in terms of total asset sale value on OpenSea. Since that time, Somnium Space has made drastic improvements to their platform through their ‘Somnium 2.0’ upgrade, and has seen a major influx of thousands of new players in the past few weeks alone.

On a huge public demand, Somnium Space will be offering users another chance to purchase land parcels in the virtual world during their Secondary Land Offering (SLO), taking place during the second half of 2020. In the run-up to the SLO, the Somnium Space team is currently auctioning off 25 land parcels per week over a 10 week period, which began on March 19th.

Users who own land parcels can utilize their creative talent to build artistic and architectural creations that can be sold separately from the land itself. Current creations include houses, museums, bars, conference centers and art galleries.

With a maximum of only 5,000 land parcels available in the Somnium Space metaverse, their SLO and preceding auctions are expected to generate a huge amount of interest from virtual reality enthusiasts. 

Powering a complex in-game economy

A virtual economy as complex as Somnium’s, comprising in-game items such as NFT collectibles, avatars, wearables, and more, requires high-throughput, fast confirmation times, and negligible transaction fees. This is where Matic Network comes into play, enabling fast, secure and scalable transactions via their high-performance Plasma-based sidechains.

Speaking on the benefits of integrating Matic’s scalable transactional infrastructure into the platform, Artur Sychov, the Founder and CEO of Somnium Space, stated: “We are excited to explore our close partnership with Matic. We are confident that their class-leading founding team and technical solution will benefit our users by allowing our virtual reality in-world economy to significantly scale in the upcoming months and will make our strong and engaged community even bigger.”

Sychov’s optimism for the future of Somnium Space and the VR industry as a whole is shared by Jaynti Kanani, CEO and Co-Founder of Matic Network, who stated: “Virtual reality is quickly rising to become a major medium by which people not only experience gaming, but also social interaction.”

“Matic Network’s mission is to empower Web 3.0 applications of all types with the performance and seamless user experience required to facilitate mainstream adoption, with VR a particularly promising niche. We couldn’t be more thrilled to welcome Somnium Space into our rapidly growing Dapp ecosystem in order to enable their next-gen VR platform to reach mass adoption levels of performance”, added Sandeep Nailwal, Co-founder & COO of Matic.

Onward to a decentralized VR paradigm

A report from Futuresource Consulting confirms the bright future for virtual reality, estimating the market volume of VR headsets to reach 98.4 million sales by 2023 with a 2% worldwide population penetration.

The shift towards decentralized infrastructure presents a paradigm shift within the immersive ecosystem. Through blockchain, users are being empowered with beneficial in-game economies and true digital asset ownership. The value of these advantages is not being lost on the rapidly growing VR enthusiast community.

With the inherent benefits of blockchain integration abundantly clear, an increasing number of VR enthusiasts are being attracted to decentralized platforms such as Somnium Space and Decentraland – another popular blockchain-based VR world powered by Matic Network.

Through adopting scalable transactional infrastructure, blockchain-based VR platforms can conceivably achieve mass adoption over the coming years as virtual reality continues to increase heavily in popularity amongst the mainstream population.

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