From March 19th, 2020, Somnium Space will be auctioning off 25 parcels per week – for a total of 10 weeks – via OpenSea. It’s called the Road to Secondary Land Offering (Road to SLO) and allows people to purchase parcels already now before the actual Secondary Land Offering takes place somewhere during the second half of 2020 (will be announced by Somnium Space at the end of the Road to SLO).
To purchase parcels, you will need cryptocurrency. This guide will walk you through the process of acquiring them and getting ready to start bidding!
Note that this article is meant purely as an educational guide is for users who are new to Somnium Space and are looking to purchase land through the Road to Secondary Land Auction. This guide covers the basics on acquiring crypto, transferring to a metamask wallet, wrapping the Ethereum for use on the Opensea.io auction platform, and the auction process. Following this guide and the information here-in is your own responsibility. Neither the author nor Somnium Times – nor Somnium Space nor Opensea for that matter – can be held liable for your security practices, or the risks involved with owning, purchasing, or interacting with cryptocurrencies and tokens or the platforms listed here-in. This is not financial advice.
Setting up Metamask
You will need to setup a Metamask wallet to receive and store Ethereum, Wrapped Ethereum, CUBE and Somnium Space PARCEL and ITEM tokens. This guide outlines setting up a basic Metamask wallet – if you want a higher level of security by using a hardware wallet – please go to https://somniumtimes.com/2020/03/03/best-practices-for-securing-somnium-space-tokens-eth-and-weth-using-a-ledger-hardware-wallet-and-metamask/
Metamask supports Chrome, Firefox, Opera or Brave (as well as IOS and Android). For this I chose Brave 64-bit v1.3.115 (https://brave.com/) due to its higher level of security and anonymity. The installation should be similar in any browser you chose, so use what you want.
- Open your web browser to https://metamask.io/ and click “GET CHROME EXTENSION” (Brave is built from Chrome if that is confusing)
- Click “ADD TO BRAVE”
- Click “ADD EXTENSION”
- Click “GET STARTED”
- Click “CREATE NEW WALLET”
DO NOT R IMPORT YOUR SEED PHRASE FROM YOUR HARDWARE WALLET INTO METAMASK! Your browser caches the seed in cleartext and it can be read by malware, virus, keyloggers and even drive by rogue webpages at any time, even if you aren’t currently infected!
- Click “NO THANKS”
Choosing to agree will only consume resources but do what you like.
- Choose a password. Ideally every password you use should be different but there is no harm in using the same one you used for Ledger Live. Since you are using Ledger hardware send verification, this is not a critical password. Read the terms and the click the “CHECKBOX” and click “CREATE”
- As a general rule you should always copy the seed and save it in a Notepad or Word document. Click on the “LOCK ICON” and save the seed phrase. Then click “NEXT”
- Welcome to Metamask!
- Click on “ACCOUNT 1”
- Click on the “EDIT” tool
- Type in a new name that matches the name you used in Ledger Live. In this case “SOMNIUM SPACE”, then click the “CHECKMARK” and close the window using the “X” in the upper right corner.
- Metamask should now display the Account as SOMNIUM SPACE. Now we need to add the tokens, click “ADD TOKEN”
- Click on the tab “CUSTOM TOKEN”
- For ITEMS (Teleporters, Kayaks, Tents, etc) type in contract address:
- Click “ADD TOKEN”
- Click the “Ξ“ tool to go back to the main account
- Click “ADD TOKEN” and repeat the steps for each one.
- For PARCELS (Land) type in contract address:
Click “NEXT” and repeat the steps used in #58 – #60
- For CUBES (Somnium currency) type in contract address:
Click “NEXT” and repeat the steps used in #58 – #60
- For WETH (Opensea currency) type in contract address:
Click “NEXT” and repeat the steps used in #58 & #59
- Metamask should now look like this:
- Click on the wallet address to copy it.
- I recommend saving the wallet address in a notepad or word document (but you can always access it just by clicking on the fox icon in the upper right hand corner of your browser)– we will need it later!
You will need Ethereum (ETH) or CUBE’s to participate in the Somnium Space Road to SLO auction. For those that have never done this before it may seem a bit scary but fear not. Depending on your place of residence you may have to use a different exchange or it may be harder (or illegal) to purchase crypto. I do not condone doing anything illegal. For this purpose I will focus solely on using Coinbase as the example exchange used to buy Ethereum. If there are specific questions for those that do not have access to Coinbase or how to buy CUBE’s, you can ask for assistance in our Discord server under #blockchain.
- Go to: http://coinbase.com and click “GET STARTED” in the upper right hand corner.
- Fill in your “NAME, EMAIL, PASSWORD & LOCATION”, as well as read and then click the terms and conditions “CHECK BOX” and press “CREATE ACCOUNT”
- Press the account Icon in the upper right corner.
- Click “SETTINGS”
- Click “ACCOUNT LEVELS”
You will need to complete the steps to verify all 3 levels to be able to send the ETH to your metamask wallet (configured later in this guide).
I also recommend you click on the “SECURITY” tab and configure “2 Step Verification” for enhanced security. I personally use the Authenticaor method using Google Authenticator or Authy as it is more secure that SMS Text. Once you have completed the 3 Levels of verification, we will need to add a debit card or bank account.
- Click “TRADE” in the upper right corner.
- You will want to click the first drop down to choose “ETHEREUM”
- Now choose the method of payment or if you didn’t setup a bank account or debit card during initial setup and verification or wish to use a new one click on the second dropdown.
- Choose the payment method you with to use to purchase the Ethereum or ADD a new card.
- Click the “BACK ARROW”
- Insert the amount you want to purchase (you can change between dollar or amount in crypto using the arrows on the side), then click “PREVIEW BUY”
- Check that the amount is correct, and the payment method (if using a BANK and not a DEBIT card – you will not have access to the coins for up to 10 days. I Highly recommend buying instantly using a DEBIT CARD). If all is in order click “BUY NOW”
- After authorization is and purchase is complete go to “PORTFOLIO”
- Click on “ETHEREUM”
- Then click on “WALLET” then click “SEND”
- Type in the “ ADDRESS” (this is the Metamask Wallet address you saved earlier), also amount you want to send and the click “CONTINUE” (I recommend sending a very small amount of ETH the first time to ensure you send it to the right address and that Metamask is configured properly. It should take less thana 6 minutes but then you will see it appear in Metamask if you click on the fox in the upper right corner of your browser.)
- Ensure the Send Addres and amount are correct. If you have 2-STEPVerification enabled put in the “2-STEP CODE”, and if ready to send, then press “CONFIRM”
Bidding on Opensea.io
- Go to http://opensea.io, click on “ACCOUNT” and then “W-ETH STATION”
- Click on “METAMASK” and then “UNLOCK YOUR WALLET”
- Type in your PASSWORD and hit “LOG IN”
- Click “CONNECT”
- You should see your wallet and the ETH you transferred from Coinbase. You will now need to convert ETH to WETH to be able to bid on auctions. TYPE in the amount of ETH you want to convert and click “UPGRADE” (ONE MAJOR THING! NEVER convert all of your ETH to WETH. I usually keep at least 0.01 ETH left in the account as you need ETH to pay the GAS for transactions in placing bids in auction and to convert WETH back to ETH).
- Click “CONFIRM”
- It can take several minutes but then your wallet should display the WETH available.
- Search for “SOMNIUM SPACE VR” and click on the drop down.
- The Road to SLO is a reverse auction (a so called Dutch auction) and the price will lower over time. Once a bid for the current amount is confirmed, the auction will immediately sell (so not like an ordinary auction that has a predefined bidding time and where the highest bidder wins). Since we don’t have all the details on exactly how this will work the following steps may be slightly different when the auction starts.
I will outline how to bid on a typical Opensea auction. First click on the PARCEL you are interested in:
- Then place a bid by entering the bid “AMOUNT” and clicking “CONTINUE”
- Then click “CONFIRM BID”
- Click “SIGN”
Hopefully this will result in a successfully bid and win of the parcel at auction.
Congratulations on being a Somnium Space land owner!
Categories: How To