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Web3 game SOMO has announced that it will be advancing its TGE (Token Generation Event) alongside its impending launch on the Abstract Ecosystem.
The TGE and the release of the AAA-caliber mobile game SOMO Battle Ground are both planned for Q1 2025.
SOMO is a gaming platform that blends Web3 technology and social interaction. Games like “Duel” and “Battleground” allow users to gather, fight, and evolve virtual animals.
When a blockchain project releases a new token to the public, it’s known as a Token Generation Event (TGE). Projects can use TGEs to generate funds and create a network of early backers.
SOMO Raises $20 Million For Future Game Launch
Apart from the TGE launch, SOMO also announced that it has undertaken a fundraise. According to the official report, created by more than 75 experts from well-known game firms like Rockstar, EA, and Ubisoft, SOMO has funded more than $20 million and intends to create three games: SOMO Battleground, SOMO Duel, and TapTap Tripps for the future.
SOMO, dubbed the “Pokémon of blockchain,” wants to establish a worldwide gaming intellectual property.
In order to provide a unique experience for the social media generation, it combines features of conventional and blockchain gaming.
Why are Play to Earn Games Rising in Popularity?
SOMO’s future plans come at a time when Play to Earn games have seen a rise in popularity. Players can earn real-world rewards, usually in the form of cryptocurrency or NFTs, by playing play-to-earn (P2E) games.
This creates a unique opportunity for players to potentially monetize their gaming skills and participate in a decentralized economy. Additionally, P2E games give players true ownership of their in-game assets through blockchain technology, which can be traded or sold on marketplaces outside of the game itself.
Some decentralized blockchain-based games allow users to participate in yield farming or stake their assets in the game. As a result, players can earn bonuses or passive money during the game’s duration, or they can receive other prizes.
Play-to-earn games do, however, present difficulties and a number of issues, just like any other new invention. The impact of blockchain technology on the environment and the likelihood of fraudulent schemes are some issues that the industry usually faces.
Despite that, a strong sense of community is frequently created by P2E games so that players may communicate, exchange strategies, and take part in in-game activities.
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