Finance

Somnium Space monthly trading wrap-up: March 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 VR on OpenSea

We have looked at OpenSea and the monthly and daily value of the Somnium Space VR asset transactions in March. Somnium Space VR is a wrapper for the Somnium Space Land, Somnium Space Item and Somnium Space Cubes contracts.

Monthly Somnium Space VR transaction values

Compared to last month, the increase in transaction value is significant (150%). This can in part be explained by the Road to SLO campaign, which started in March. But the month also saw some significant transactions between Somnium Space members. The spike on March 23 you see in the chart below is related to a big transaction that went through around this time.

Daily Somnium Space VR transaction values in March

The total value for March was slightly above 500 ETH, which at the time of writing corresponds to roughly 65.000 USD.

Total number of assets in the Somnium Space VR storefront is 5411 (this includes land parcels and other assets such as teleporters, tents, kayaks), with currently 447 different holders. As far as land parcels is concerned there are now 223 holders. With around 1550 parcels sold this is an average of 7 parcels per holder.

All time transaction value stands at 2099.86 ETH compared to 1546.40 ETH in February.

Notable transactions

There were a few spectacular sale transactions that happened in March. The biggest one is the sale of 10 XL parcels and 1 Teleportation HUB for 100 ETH (which at the time of the transaction corresponded to roughly USD 13.000).

Around the same time, Somnium’s Road to SLO kicked off. Both week 1 and week 2 turned out to be successful with respectively 110 ETH and 70 ETH of sales and all parcels sold (50 in total).

Other notable transactions included 30 ETH for a bundle and 12.1 ETH for a single, highly exclusive XL parcel (on the main island).

For a detailed walk-through, you can watch the video of Somnium Space member Chris Bell.

Etherscan – Somnium Space Land contract

If we look at the number of blockchain transactions for the Somnium Space Land contract on etherscan.io, March shows a further increase compared to February.

March transaction volume slightly higher than in February (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 Cubes

In February Somnium Cubes were listed on CoinPark exchange. With this in-world cryptocurrency token Somnium Space is laying the foundation for a digital economy inside their virtual world. 

To make it even easier for users to obtain Cubes, in March Somnium Space started selling them directly off OpenSea.

Total Market Cap stands at roughly $6,157,800.00 (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 March trading numbers support the notion that the Somnium Space is buzzing with activity and excitement.

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.

Leave a Reply