The metaverse has gained significant popularity since 2021 and has become a crucial element in introducing Web3 and crypto to the general public. While the idea of a connected virtual world existed before the Web3 era, blockchain technology has allowed participants to become governors and stakeholders of the same virtual universe they live in. With mainstream tech giants and advancements in technology, such as high-speed internet and powerful smartphones, the metaverse is projected to become a $5 trillion industry by 2030.
However, despite its immense potential, the metaverse lacks a unified landscape that offers users a seamless experience. Currently, there are over 160 companies building their own metaverses on different blockchains and layers, leading to a highly fragmented metaverse. This fragmentation restricts innovation for developers and confines users and creators within individual platforms, preventing the free flow of assets like nonfungible tokens (NFTs) and Web3 game elements.
This fragmentation not only limits creativity but also places a significant financial burden on those looking to build and offer experiences within the metaverse. Developing digital landscapes and interactions requires substantial investment, yet the primary financial benefits tend to favor platform holders rather than creators.
To address these challenges, Somnia has emerged as a layer 1 blockchain and a suite of omnichain protocols designed to create a scalable virtual society in the metaverse. By unifying the fragmented metaverse, NFT, and gaming landscape, Somnia aims to give value and creative control back to users and creators. Unlike other decentralized finance-focused blockchains, Somnia is built from scratch to provide a unified metaverse experience, offering high transaction speeds and minimal costs.
Developers can utilize Somnia’s toolkit to move assets, commerce, and avatars across different experiences, fostering a decentralized economic structure that benefits innovators. Somnia also enables the reuse of components from previous events, making projects like organizing a new metaverse event more affordable. The original creators of these components can earn royalties through microtransactions, promoting a true Web3 environment.
Additionally, Somnia addresses the limitations of NFTs by upgrading 2D NFTs to 3D objects suitable for the metaverse. This allows NFT collectors to explore the virtual space as their favorite characters and opens the possibility for popular collections like Pudgy Penguins and Cool Cats to exist in a unified virtual world.
Somnia has launched its betanet on Ethereum’s Sepolia testnet, with the goal of developing an EVM L1 for millions of users. During the betanet phase, users can create personalized avatars through a collaboration with Avaturn, which will be compatible with worlds or experiences built on Somnia.
The vision of Somnia is to create a sprawling, borderless virtual society where creators have limitless opportunities and collaboration is seamless. The team believes in compatibility and interoperability between metaverses to enhance collaboration and provide a user-friendly experience without sacrificing platform independence.
Ultimately, Somnia aims to empower the creator economy by building a virtual society that fosters trade, commerce, and innovation. It seeks to set the groundwork for more democratic, open, and interconnected virtual worlds where users and creators have a say in governance and future development.