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 July. 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 7604 ETH (~ USD 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 June when the transaction value landed at around 550 ETH (more than USD 200.000), July shows an incredible surge with a total value of 1078 ETH (more than USD 400.000).
It’s a remarkable increase (100%), but it doesn’t come as a huge surprise. The company is releasing new features in a constant stream and there is a lot of activity going on in Somnium, especially related to art exhibitions. There is more and more exposure and this has resulted in some significant transactions (e.g. bundles and teleportation hubs).
The top day in July was July 11th with a total value of more than 200 ETH (close to USD 80.000).
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 596 different holders. As far as land parcels is concerned there are now 323 holders.
There were quite a few significant transactions in July, most notably two bundles that were sold on the 11th for 100 ETH and 95 ETH respectively.
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. July shows a significant increase relative to the previous month.
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.