The recent explosion in interest for the metaverse has put the spotlight on the structures needed to support virtual worlds, including cryptocurrencies capable of sustaining and furthering virtual economies.
Amid this interest, Sensorium, the company behind one of the world’s leading metaverses, has burned one billion SENSO, the equivalent to 40% of its in-platform currency. With that, the total supply of SENSO tokens now stands at 700 million, of which 500 million tokens will be locked for digital assets in-game sales, leaving the active supply at 200 million SENSO.
The burn is the second undertaken by the company this year, positioning SENSO closer to becoming one most relevant metaverse tokens at a time when talk about digital worlds is hitting a fever pitch.
The long-awaited metaverse
Founded in 2018, Sensorium Galaxy has been named as one of the leading contenders in the metaverse race, alongside tech giants like Facebook and Epic Games’ Fortnite.
Once launched, Sensorium Galaxy users will be able to explore different virtual worlds, each dedicated to a particular form of entertainment. Top attractions will include exclusive concerts by world-renowned DJs like David Guetta and Armin van Buuren, as well as mindfulness and meditation activities led by reputed practitioners.
More recently, Sensorium announced that it would be partnering with electronic music icon Jean Michel Jarre, whose VR appearances have drawn millions of viewers, to co-create its metaverse.
“At its core, Sensorium Galaxy is a social platform. Our vision from the start was to be able to give users incredible experiences that are worth living in virtual reality, but that will still make them feel completely present and connected to others. The metaverse is a collective experience meant to be built and enjoyed together, be that with loved ones or with all the new people you’ll meet along the way. And co-creation is at the heart of it all,” says Alex Blagirev.
Besides their high-profile partnerships, Sensorium has also made a big bet on a killer feature – AI-driven virtual beings. This new breed of avatars is meant to be the ultimate metaverse companions, being capable of holding intelligent conversations with users and traveling with them across virtual worlds. Not only that, but users will also be able to co-create the metaverse with these AI beings, unleashing their joint creativity in realms like music and dance.
The metaverse engine
SENSO is at the heart of Sensorium Galaxy, as a primary means of payment for all transactions within the metaverse. This includes the purchasing of avatars, tickets, cosmetic add-ons, digital art, and more. Additionally, Senso will also be used to mint all kinds of NFTs within Sensorium Galaxy.
Inside the Galaxy, one SENSO is worth $10 per unit. This rate is applied to those buying SENSO through traditional fiat payments. However, Senso is also traded through crypto exchanges, like Kucoin and Poloniex, slightly above $1.9 at the time of writing, meaning that getting SENSO in the open market can provide a dynamic discount for users.
Holding SENSO also gives the metaverse users additional benefits, as the platform says it intends to reward users by letting them participate in the metaverse’s governance through a DAO where, according to Sensorium’s latest whitepaper, “participants are given the possibility to join the Council and enjoy voting rights on product decisions along with other perks.”
Other metaverse tokens
Ahead of the much-anticipated release of Sensorium Galaxy, slated to take place in the coming months, SENSO is making great strides in the burgeoning universe of ‘metaverse cryptos’, which includes the likes of Decentraland, whose market capitalization surpassed $2 billion on the back of last month’s big Facebook/ Meta news, taking its token MANA through incredible rallies since. Other platforms like Axie Infinity and Sandbox to name just a few, have also been crucial in setting new heights for metaverse cryptocurrencies, with AXS and SAND leading a price boom with no end in sight.
It’s clear that monetization has become a focal point for metaverses, and users are rapidly becoming knowledgeable at picking platforms with fair and transparent virtual economies, where the time and effort invested in virtual worlds is easily rewarded.
