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 August, September and October 2020. 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 8862 ETH (~ USD 3.544 million). This is an astonishing number, which may very well accelerate its ascend as the Secondary Land Offering is just around the corner. During the last – Road to SLO – campaign we saw a clear spike in monthly transaction values, as can be seen in the months March, April and May in the chart below. The curve flattened slightly during the summer months, but already in the month of October we’re witnessing the beginning of what could be a new series of spikes as the SLO unfolds.
An important note here is that the numbers are in ETH. If we would translate the numbers to US dollars, the increase would be even more impressive for the simple reason that the value of Ether has roughly doubled from around USD 200 in March and April to roughly USD 400 in August, September and October. See below chart from Coindesk.
With this in mind it is fair to state that the (pre-SLO) transaction value for October is on par with the (Road to SLO) values for March and April 2020. The SLO will without doubt drive values to go above and beyond the already impressive values we have witnessed earlier.
Transaction value per month
The transaction value for October (until October 25th) landed at around 692 ETH (around USD 276.000). August landed on ETH 406 and September on ETH 159.
Again, the value in USD for October is on par with the values for March and April 2020.
The numbers are quite impressive considering the fact no new assets were put on the market by Somnium Space over the summer of this year. The values of recent months reflect transactions on the secondary market. As the Secondary Land Offering is just around the corner, we anticipate some significant increases in the next few months. The company has released some fundamental new features (see Somnium Space Worlds: Forging the Future of the Metaverse and Somnium Space At Your Fingertips, Right From Your Web Browser) that are likely to stir even more interest.
Daily transaction values
The following charts show the daily transaction values for August, September and October (until October 25th). The most notable day was October 19th with a transaction value of ETH 440 (USD 176.000). This is the highest single day transaction value to date!
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 681 different holders. As far as land parcels is concerned there are now 354 holders.
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 somewhat similar pattern as the monthly transaction volumes.
The below chart shows the number of transactions per month, starting with January 2020. Again, remember that the October numbers (last bar in the chart) are until October 25th.
Note that the above covers all transactions of contract tokens, not only sales. It is still a good comparative indicator however for measuring activity.
We anticipate the monthly transaction volumes to increase during the Secondary Land Offering.
An important consideration is that the Somnium Space Land contract includes parcels and teleporters. But 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. 350 parcels will be on sale in the Secondary Land Offering (SLO).
For more information see: Somnium Space Secondary Land Offering (SLO) or When Superlatives Fall Short
Somnium Space VR store on OpenSea
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