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 May. Somnium Space VR is a wrapper for the Somnium Space Land, Somnium Space Item and Somnium Space Cubes contracts.
Total transaction value
All time transaction value stands above 5974 ETH (~ USD 1.3 million). As can be seen in the chart below, the increase has been significant since February 2020 when the total value measured around 1500 ETH.
Transaction value per month
Compared to April, when the increase in transaction value compared to March was nothing less than sensational (~400%) and landed above 2000 ETH (more than USD 400.000), this month’s value (1760 ETH, which is around USD 380.000) is slightly lower, but still more than 300% above the value recorded in March. This is impressive and like last month it can be attributed to the success of the Road to SLO campaign, increasing land prices as well as an increase in the number of people showing interest and willing to buy Somnium Space assets. The latter, the increased interest, is supported by the transaction volume (not the amount spent, but the number of transactions). More about the further down the article.
The total value for May was 1760 ETH, which at the time of writing corresponds to roughly 380.000 USD. The spikes are typically related to Road to SLO sales. Take note of the period from May 21-24. This was the final week (week 10) of Road to SLO. It triggered record interest and sales.
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 545 different holders. As far as land parcels is concerned there are now 293 holders (30 more than April).
There were quite a few spectacular sale transactions that happened in May. 100 ETH or more for a single transaction was a rare sight in the early days, but both in April and May multiple high value transactions occurred. For instance, on May 24, during the final week of Road to SLO, three high value transactions occurred for 100 ETH, 160 ETH and 160 ETH respectively. The total transaction value for that day landed on a very impressive 422 ETH (~USD 93.000).
For the wrap up of the final week of Road to SLO, look here.
Etherscan – Somnium Space Land contract
If we look at the number of blockchain transactions for the Somnium Space Land contract on etherscan.io, May shows a further increase compared to April.
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.
Since March – to make it even easier for users to obtain Cubes – Somnium Space started selling them directly off OpenSea.
Following this, during and after 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 $19,107,000.00 (calculated by multiplying the total token supply with the current market price per token).
For more information, refer to the Somnium Space Economy Paper.
Road to SLO finished, what now?
There is no doubt that the Road to SLO campaign has been a major driver in the past months. We’ll likely see a temporary decrease in activity as far as the Somnium Space VR contract is concerned, although parcels will still change hands on the secondary market.
However, 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.
Actually, several art galleries have already opened and started selling tokenized digital art. Another example is that dance clubs started selling tokenized entry tickets. Last, but not least, it is now possible for land owners to rent out parcels. All in all, there are really good indications that the Somnium economy is fueling up and we see a number of monetization models being implemented.
Secondary Land Offering
The current state is that 1639 parcels out of 5000 available parcels have been sold. The remaining parcels, 3361, will be on sale in the Secondary Land Offering (SLO).
Somnium Space announced that this Secondary Land Offering will take place in October 2020.