Secondary Land Offering

Secondary Land Offering: Wrap-Up Week #5

The fifth week of the Somnium Space Secondary Land Offering has been completed. We’re past the halfway mark and way beyond $1,000,000 in total sales.

The total amount (ETH/DAI/CUBES converted to USD) after 5 weeks of SLO stands at approximately:

$1,260,769 (based on current ETH value)

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 5 was another week of 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 30th, 2020 – December 6th, 2020

What: 50 XLarge, Medium and Small inland and roadside parcels and estates + 6 XLarge, Medium and Small Somnium Space World tokens.

Description: Attractive roadside and inland parcels in the South West of Somnium Space. 6 Somnium Space World tokens.

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).

SymbolAmountUS dollars
Changing the Ether symbol from Ξ to ♢ | by Virgil Griffith | Medium160USD 96,592
Somnium Space Cubes - Somnium Space VR | OpenSea18,953USD 7,581
Dai (DAI) Logo .SVG and .PNG Files Download3,844USD 3,844
Total Week 5USD 108,017.00

Of the total amount in USD, USD 73,000 was spent on the 6 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 (close to USD 3,000).

Average price per parcel size

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

Estates

2 estates were on auction as well. An XL estate (8 x XL) and one M estate (8 x M). Below the prices in USD. The M estate was sold for USD 12,559. The XL estate was not sold.

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.

Secondary Land Offering Week by Week

The week by week chart looks like this. Note that this chart is based on the ETH value at the time of writing (~ $600).

The total amount (ETH/DAI/CUBES converted to USD) stands at approximately:

$1,260,769 (based on current ETH value)

Useful links

Somnium Space Website

Somnium Space VR marketplace on OpenSea

Somnium Space on Discord

Somnium Space interactive map

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