Many VR and entertainment projects are planning to launch blockchain tokens as an internal currency, but Sensorium Galaxy goes much further, deeply integrating its SENSO token into the very fabric of its digital metaverse: from buying tickets to VR concerts to authenticating one’s digital identity.
Why does the metaverse need blockchain tokens like SENSO?
For someone outside of the metaverse space, it may seem surprising that quite a few platforms have blockchain-based internal currencies (Sensorium Galaxy’s SENSO, Decentraland’s MANA) and/or plan to introduce NFTs, or non-fungible tokens (Sensorium Galaxy, Roblox). What is it that attracts metaverse creators to blockchain technology?
The best answer probably lies in the concept of Web 3.0 and the natural progression of technology towards it. The technologies underlying the metaverse – virtual reality, AI, 5G, and so forth – are the fundamental part of Web 3.0 – the next generation of the internet based on distributed structures and machine learning algorithms.
You could say that the metaverse will be the embodiment of Web 3.0, its fullest manifestation. And as decentralization – and, therefore, blockchain – is crucial for Web 3.0, it will play a big role in the metaverse, too. Digital currencies are a natural way to pay in a distributed space, so, as the metaverse economy grows, users will rely more and more on tokens rather than bank cards or e-wallets.
But what will people spend blockchain tokens on? And are there use cases for digital currency in the metaverse beyond simple payments for digital goods?
A good way to understand the wide range of token applications in this exciting space is to look at the digital metaverse of Sensorium Galaxy and its SENSO token. In the recent White Paper, the project lists over 20 use cases – and some of them are quite surprising.
Key facts about SENSO and Sensorium Galaxy
A single interconnected metaverse is still a long way off; for now, independent teams are building smaller digital metaverses, and Sensorium Galaxy is perhaps one of the most ambitious. It will include several highly detailed worlds, each with its own theme. For the time being, three virtual spaces have been announced:
1) Sensorium Starship (currently in the beta testing stage): a virtual spaceship heading to the PRISM world (see below), with a team of volunteer testers and a number of AI avatars on board. Also, the built-in store is already operational, and users can buy 20+ avatars for SENSO with a 20% discount.
2) PRISM – designed as an alien planet, this world will host VR concerts by chart-topping artists like David Guetta, Carl Cox, and Black Coffee. The first concerts are planned for late 2021, and users will be able to purchase tickets with SENSO. The video shows off the AAA-level graphics and the inventiveness of the stage design.
3) MOTION – an underwater world with a focus on self-expression, mindfulness, and dance. It will combine free and premium activities (such as guided meditation sessions), payable with SENSO.
SENSO: the internal currency of the digital metaverse
In late April, crypto media widely covered the SENSO token burn, which became the largest in history. Over $10 billion worth of tokens were burned, allowing for a more balanced SENSO supply. The next major step is the transition to a purpose-built blockchain based on Substrate. Apart from creating a fast and cost-efficient network for the metaverse economy to run on, the move will integrate SENSO into the Polkadot ecosystem, which already includes over 450 startups.
As of July 2021, SENSO is available on seven cryptocurrency exchanges: KuCoin and Poloniex (two of the 10 largest crypto trading platforms in the world), HitBTC, HotBit, Bittrex, Bitcoin.com, and MCX.
Token applications in the metaverse: from digital identity to streaming access
In the recently published SENSO Light Paper, the project outlines an impressive number of use cases for the token. Whereas many other projects focus on buying standard virtual items, Sensorium Galaxy introduces some unexpected ideas, such as minting NFTs to certify one’s digital identity.
Avatars and wearables
As we’ve said, over 20 avatars designed by the well-known 3D artist Jason Ebeyer are already available from the Sensorium Galaxy store, and more are being added almost every week. Cabins on Sensorium Starship are also on offer. A discount of 20% is offered when paying with SENSO.
Event tickets are 20% cheaper with SENSO
Sensorium Galaxy has a strong focus on entertainment and events. It has already signed contracts with half a dozen of the leading electronic music artists, including David Guetta. Here you can watch a behind-the-scenes video of the making of his VR avatar.
SENSO tokens will be the best way to pay for the tickets, because – just like with avatar purchases – they afford a 20% discount.
Apart from the concerts, the Light Paper hints at other types of events, specific to different worlds. For example, in the MOTION world you can expect to see guided meditations, a mindfulness studio, self-development coaching, dance performances and festivals, and training programs. All these will take place in VR, but users will also be able to enjoy them on mobile or PC. The same 20% discount rule will apply when paying with SENSO for the premium activities.
Using SENSO to mint and list NFTs
Non-fungible tokens are here to stay: if Sotheby’s and Christie’s now have special auctions dedicated to NFTs and companies like Marvel and Gucci are launching their own, the non-fungible market is bound to keep growing.
In Sensorium Galaxy, avatars and digital collectibles will be accompanied by NFTs to certify their authenticity and ownership. Minting an NFT requires computational effort and normally costs more than just sending over digital currency. On the new Substrate-based SENSO blockchain the minting fee will probably be far lower than on Ethereum, but it still won’t be zero. Listing an NFT on the internal marketplace will also be subject to a small fee. These fees will be payable in SENSO.
At the initial stage, most of the items on sale will be developed and sold by Sensorium Galaxy. However, as the ecosystem grows, users will be able to design and add their own content and avatars – perhaps not to the official store but to the built-in NFT marketplace (also powered by SENSO). It will even be possible to receive royalties when one’s NFT is re-sold.
Considering that VR platforms like VRChat already feature almost exclusively user-generated content (UGC), this won’t be so unusual – though, of course, one can expect stringent quality requirements, so that the level of the UGC matches that of the AAA-graphics in the digital metaverse.
What is unusual, however, is the mention of AI-generated content in the Light Paper. The AI avatars (NPCs) in Sensorium Galaxy are powered by a sophisticated neural network that can evolve without any additional effort by the developers. Some are designed to be able to compose music and will ‘work’ as DJs within the digital metaverse; others are dancers; others still act as influencers and Instagram heroes.
Will we see music, influencer content, and digital collectibles designed by AI avatars sold for SENSO as NFTs? Nothing has been confirmed yet, but it’s a very intriguing possibility.
Digital identity and digital immortality
As a user acts and interacts with others within the digital metaverse through their avatar, they essentially build up their digital identity. The avatar doesn’t just get customized on the outside: it evolves and learns, picking up its owner’s unique style and manners.
The result is a virtual being that can act autonomously and live forever in the digital metaverse. SENSO will be integrated into the ‘life’ of these meta humans on many levels: as the money they spend on virtual artworks and accessories, as the means of payment for customization, and even as the currency they earn when creating and selling digital valuables of their own.
The DAO of SENSO holders
‘DAO’ stands for a decentralized autonomous organization. In the case of Sensorium Galaxy, SENSO holders will be able to participate in product-level decision-making by voting on the blockchain. For example, they might be able to weigh in on which features should be prioritized, which avatars and digital assets should be added to the store, and so forth.
SENSO as the key to exclusive content
So far we’ve mentioned the 20% discount on all the items in the store when paying with SENSO. However, there will be a lot of content accessible only to those who have SENSO: things one won’t be able to pay for with a bank card. Based on the Light Paper, these include special-edition avatars, VIP group activities, exclusive quests, and so on. The platform will even pay performance rewards in SENSO for exceptional completion of some tasks.
The SENSO community has a lot to look forward to in the coming months, from the launch of the new Substrate-based blockchain and the first VR shows by David Guetta at the end of the year. The nearest big event is the release of the White Paper, which should provide more reveals about the use of SENSO – and the evolution of the intricate metaverse economy.