Finance

Somnium Space monthly trading wrap-up: February 2020

Trading activity can be an interesting technical indicator for how Somnium Space is developing. It may provide insights into platform usage and popularity and can help to spot trends. Unlike internal measures such as membership counts, logon activity and Builder uploads, which are undoubtedly tracked by Somnium Space, trading activity can be analyzed using publicly available data from Opensea.io and Etherscan.io.

Somnium Space Land contract

If we look at blockchain transactions for the Somnium Space Land contract on etherscan.io, February shows a significant increase over January.

A sharp increase in transaction volume (data source: Etherscan).

Note that the above covers all transactions of contract tokens, not only sales. It is still a good comparative indicator however for measuring activity.

Another important consideration is that the Somnium Space Land contract includes parcels and teleporters. It does not cover items such as tents, kayaks, bundles, avatars, which are under the Somnium Space Items contract. In due time, transaction volumes for this contract will be reported on as well.

Somnium Space VR on OpenSea

We also looked at OpenSea and the daily value of the Somnium Space VR asset transactions in February. Somnium Space VR is a wrapper for the Somnium Space Land and Somnium Space Item contracts.

Daily Somnium Space VR transaction values in February

The total value for February was around 200 ETH, which at the time of writing corresponds to roughly 45.000 USD. Note that this is excluding 63.1 ETH for the record breaking CryptoMotors auction that ended on February 24th.

Total number of assets in the Somnium Space VR storefront is 5410 (this includes land parcels and other assets such as teleporters, tents, kayaks), with currently 211 different holders. Obviously, the number of holders is an important indicator as well.

All time transaction value stands at 1546.40 ETH.

Notable transactions

It was hard to miss some spectacular sale transactions that happened in February. The first one is the already mentioned auction of (5) special edition Abyssus Somnium Space CryptoMotors. The total value of the winning bids landed on 63.1 ETH.

Another big event was the auction of a 18 Medium parcel estate, which resulted in a winning bid of 28 ETH.

These auction amounts are another clear indication of what people believe is to come as far as Somnium Space is concerned.

We can soon expect the lucky few hitting the Somnium roads with the Abysses. And we can only guess what the buyer of the 18 Medium parcel estate has in store for the citizens of Somnium.

Somnium Cubes

Another important thing happened in February and that was the listing of Somnium Cubes on CoinPark exchange. With this in-world cryptocurrency token Somnium Space is laying the foundation for a digital economy inside their virtual world. 

Based on data from CoinPark there has been a total transaction value of more than 10 million Cubes since its launch.

Total Market Cap stands at roughly $8,879,700.00 (calculated by multiplying the total token supply with the current market price per token).

For more information, refer to the Somnium Space Economy Paper.

Final notes

It is important to note that the trade volumes and amounts reflect trade with tokens registered under Somnium Space contracts. It does not reflect trade with tokenized assets of users. It is expected that trade with user created and owned assets will increase drastically in the near future.

Trading user created assets will really fuel the Somnium economy. The February trading numbers support the notion that the Somnium Space is buzzing with activity and excitement. Since the official launch on February 20th, 2020, there has been a lot of building activity, people meet and socialize, break records like Carlos La Borde’s 12 hours in Virtual Reality inside Somnium Space. In other words, people have fun.

But you don’t need to analyze numbers for this. Just jump in and see for yourself!

Useful links

Somnium Space VR store on OpenSea

Somnium Space Economy Paper.

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