Secondary Land Offering: Wrap-Up Week #4

The fourth week of the Somnium Space Secondary Land Offering has been completed. This means we’re now past the 50% mark; a great opportunity to look back and see what the SLO has brought us thus far.

There is one thing that immediately springs to mind: After 4 weeks of SLO, the $1,000,000 mark has been conquered. This is an amazing achievement. It’s a milestone that would be big for any company, but what makes it extra special is that we’re talking NFT assets here. NFT assets linked to a virtual, yet in many ways tangible world. Assets linked to features, use cases and a vision that people are buying into. As such, the real achievement is the validation behind the numbers. And we’re sure that’s how the Somnium Space team looks at it as well.

The total amount (ETH/DAI/CUBES converted to USD) after 4 weeks of SLO stands at approximately:

$1,072,096

Land, Worlds and Avatars

While the name – Secondary Land Offering – reveals that the focus is mainly on auctioning land parcels, the SLO is very different from previous auctions (ILO and Road to SLO) in the sense that the platform has matured significantly over the last year and that we see a broadening of features and assets. The fact that both Somnium Space World assets and Avatars have been added to the Somnium Space VR marketplace on OpenSea is a clear indication of this. But we also see a shift towards Somnium Cubes as one of the preferred currencies/tokens for settling transactions, a sign of a maturing economy.

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

Week 4 was different compared to previous weeks as this week was a so-called Dutch auction. For those who are not familiar with this, a Dutch auction is a descending price auction that starts with the highest asking price that ticks down with a fixed amount until the minimum asking price is reached. During this time, anyone can purchase the asset on auction (the first to bid will win the sale). This type of auction dates back to 16th century Holland when the trade in tulips skyrocketed.

Overview

When: November 23rd, 2020 – November 29th, 2020

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

Description: Attractive roadside and inland parcels in the North East and South East of Somnium Space. All parcels and estates are close to the shores of Deep Oasis Lake. 9 Somnium Space World tokens of which 3 are founders edition worlds.

Auction rules: Dutch auction (descending price), starting with the highest asking price until it reaches a minimum price.

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, USD 74,701 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 (more than USD 4.000).

Average price per parcel size

Average price per parcel size. As expected, XL parcels were sold for the highest amounts.

Estates

3 estates were on auction as well. Two XL estates (4 x XL and 8 x XL) and one M estate (4 x M). Below the prices in USD. The XL estates were sold for USD 9,121 and USD 18,805 respectively. The M estate didn’t change hands this time round.

Worlds

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 as set by Somnium Space were actually pretty low, the final transaction amounts were significantly higher.