In recent years, the metaverse has gained significant attention in mainstream culture, with companies like The Sandbox becoming well-known entities even beyond the realm of Web3. However, developers in the space have struggled to onboard new users and make digital reality a tangible experience after the initial hype subsided. To address this challenge and make the metaverse more accessible and user-friendly, Somnia, a layer-1 blockchain and metaverse protocol, announced its plan to bring the metaverse directly to users’ web browsers.
On May 15, the protocol introduced its Metaverse Browser, designed with a simplified and intuitive interface to facilitate the exploration of Web3 and the creation of personalized content for new users. Paul Thomas, the founder of Somnia, expressed his hope to create a more inclusive and accessible metaverse. He emphasized that the browser also enables users to develop and deploy decentralized applications within the Somnia ecosystem. The platform includes object creation tools that leverage AI-based generation tools, making it effortless for people to create objects even without prior 3D art experience.
Thomas revealed that they are currently working on implementing a first-party marketplace, allowing users to buy and sell their metaverse objects and avatars, thereby establishing a metaverse object economy. Additionally, developers will have access to a software development kit that enables them to easily create apps for users to interact with the metaverse. These apps could range from profile viewers to metaverse marketplaces.
In a bid to drive initial community engagement, Somnia partnered with Yuga Labs, a Web3 media company, to offer exclusive rewards to holders of select Yuga Labs nonfungible token (NFT) collections. These users will receive bonuses on any points earned during the Somnia Point Dream Hunt incentive campaign, which aims to reward users for engaging with metaverse experiences. Thomas expressed his hope that such partnerships would encourage the largest communities in Web3 to embrace the metaverse within their browsers.
Yuga Labs is renowned for bridging the gap between digital and physical realities, and they have coined the term “Yugaverse.” The company is responsible for iconic NFT collections like Bored Ape Yacht Club, Mutant Apes, and CryptoPunks. On April 26, Yuga Labs announced a restructuring process following the appointment of Greg Solano as CEO two months prior.
Despite a recent slump, the metaverse market is projected to reach a value of $74.4 billion by the end of 2024, according to Statista data. This trajectory suggests that the metaverse is poised for upward expansion, even with conservative estimates.
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