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 at 6526 ETH (~ USD 1.5 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 and May, when the increase in transaction value landed at around 2000 ETH (more than USD 400.000) and 1760 ETH (around USD 380.000) respectively, June is about one-third of those amounts. It landed at 552 ETH (more than USD 125.000).
The lower volume was expected, due to the fact the Road to Secondary Land Offering (Road to SLO) finished in May. During the Road to SLO campaign – which ran during March, April and May – Somnium Space put additional parcels on the market. The transactions in June, however, are 100% secondary market trades.
The best comparison can be made with February and compared to that month the transaction volume more than doubled.
The top day in June was June 13th with a total value of more than 150 ETH (close to USD 35.000).
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 575 different holders. As far as land parcels is concerned there are now 307 holders.
There were quite a few significant transactions in June. One sale – a bundle with a teleportation hub and 11 adjacent parcels – saw a transaction amount of 143 ETH.
Etherscan – Somnium Space Land contract
If we look at the number of blockchain transactions for the Somnium Space Land contract on etherscan.io, the chart shows a similar pattern as the monthly transaction volume. June is lower than the previous months, mainly due to the fact the Road to SLO campaign ended in May.
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.
Trades with Somnium Space assets is not the whole story. While it is important, another very significant driver will be trades that are not directly related to Somnium Space contracts. Business and monetization models are being implemented as we speak. Museums and art galleries are displaying and selling cryptoart, landlords are renting out parcels, architects construct buildings for a fee.
For more information, refer to the Somnium Space Economy Paper.
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.