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 April. Somnium Space VR is a wrapper for the Somnium Space Land, Somnium Space Item and Somnium Space Cubes contracts.
Compared to last month, the increase in transaction value is nothing less than sensational (~400%) and landed above 2000 ETH (more than USD 400.000). While last month’s increase could in part be explained by the Road to SLO campaign that had started in March, this month’s jump must be attributed to the Road to SLO campaign itself gaining traction, increasing land prices as well as an increase in the number of people showing interest and willing to buy Somnium Space assets. This is supported by the transaction volume (not the amount spent, but the number of transactions). Note that not all sales was generated via Road to SLO as there have been a number of significant transactions not part of this campaign.
The total value for April was above 2000 ETH, which at the time of writing corresponds to roughly 400.000 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 506 different holders. As far as land parcels is concerned there are now 263 holders (40 more than March).
All time transaction value stands above 4787 ETH (at the time of writing) compared to 2099 ETH in March.
There were quite a few spectacular sale transactions that happened in April. 100 ETH or more for a single transaction was a rare sight in the early days, but April has seen multiple of those. Such amounts were typically paid for Road to SLO estates (comprising 8 or more XL parcels), various parcel bundles, etc.
Etherscan – Somnium Space Land contract
If we look at the number of blockchain transactions for the Somnium Space Land contract on etherscan.io, April shows a further increase compared to March.
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.
In March – to make it even easier for users to obtain Cubes – Somnium Space started selling them directly off OpenSea.
Following this, during week 7 of Road to SLO, some of the parcels and estates were listed and sole in Cubes, which further drives the adoption of this in-world currency.
Total Market Cap stands at roughly $12,807,800.00 (calculated by multiplying the total token supply with the current market price per token).
For more information, refer to the Somnium Space Economy Paper.
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 April trading numbers however keep supporting the notion that Somnium Space is growing, that people are getting fully invested and that this VR world is buzzing with activity and excitement.
But you don’t need to analyze numbers for this. Just jump in and see for yourself!