Secondary Land Offering: Wrap-Up Week #1

As expected, the very first week of the much anticipated Somnium Space Secondary Land Offering saw some intense bidding, most profoundly on the brand new Somnium World assets that represent a revolutionary new feature that will make it possible for users to plug in custom developed VR worlds.

Want to know more about the Secondary Land Offering and what is on auction? Check out WEEK BY WEEK: Secondary Land Offering (SLO)

While some assets changed hands for record amounts, some others were sold for amounts that were only slightly higher than the minimum bid amount as set by Somnium. In other words, people with more modest budgets were also part of the action.

Overview

When: November 1st, 2020 – November 8th, 2020

What: 50 XLarge, Medium and Small inland and roadside parcels + 9 XLarge, Medium and Small Somnium Space World tokens.

Description: Parcels north of Somnium Waypoint, a very attractive and easy to reach area. 9 Somnium Space World tokens of which 3 are founders edition worlds.

Auction rules: Standard/English auction (ascending bid) – starting with minimum price as established by Somnium Space.

All of the 50+9 assets were sold.

Total sales this week

The following table shows the total sales amount per symbol (ETH, CUBES, DAI) as well as the equivalent in US dollars (based on rates at the time of writing).

Changing the Ether symbol from Ξ to ♢ | by Virgil Griffith | Medium

Somnium Space Cubes - Somnium Space VR | OpenSea

Of the total amount in USD, a little more than half (USD 144,566) was spent on the 9 Somnium Space Worlds on auction.

Parcels

USD Amounts

The following chart shows the amount in USD per parcel. The biggest bid and selling price was for an XL parcel (USD 10.000).

Difference between list price and selling price (%)

This chart shows how much higher the selling price is compared to the minimum bid amount. To illustrate, if the minimum bid amount was 2.5 ETH and the selling price was 5 ETH then the difference 100%. If that asset sold for 2.5 however, the difference would be 0 (%).

As can be seen clearly from the chart, some assets were sold for a much higher amount than the minimum bid amount (asset 3481 for nearly 600% of the minimum bid amount). But quite a few show a difference between 0 and 100%, with some as low as 5% and 12%.

If we look at the average difference per parcel size, the chart looks as follows:

What can be concluded here is that although some parcels go for much more than the minimum bid amount and some for quite close to the minimum bid amount, on average parcels were sold for around 140% the minimum bid amount. Regardless of the parcel size.

It has to be added that Somnium Space set some very reasonable minimum bid amounts at or even slightly below market level. The above charts support the notion that people with more modest budgets were part of the action.

Worlds

As mentioned, Somnium Space Worlds represent a revolutionary new feature that allows users to plug in custom developed VR experiences into the platform.

It was expected that both the utility and scarcity (only 70 NFT’s of this kind are available during the SLO) of this asset would stir a lot of interest. The charts support this. While the minimum bid amounts were actually pretty low, the final transaction amounts were significantly higher.

In the below chart, the blue bars represent S Worlds, the purple bars M Worlds and the red(dish) bars XL Worlds. Note that the 3 bars on the right are Founders Editions (offering additional storage space).

The S and M worlds landed in the vicinity of 20 ETH, while the XL Worlds were around 60 ETH. The XL Founders Edition went for an astonishing 80 ETH.

USD Amounts

In US dollars the chart looks like this.

Difference between list price and selling price in %

It is clear from the below chart that the difference between minimum bid amount and selling price was bigger than for parcels. Especially the S Worlds were extremely popular and the subject of some ferocious bidding. S World 15 landed on more than 900% compared to the minimum bid amount (2 ETH).