Secondary Land Offering

Somnium Space SLO Wrap-Up: NFT sales reaching new highs

Summary

The seventh and final week of the Somnium Space Secondary Land Offering has been completed. In this article we will look at all the stats.

The total amount (ETH/DAI/CUBES converted to USD) after 7 weeks of SLO landed at:

$1,573,391 (based on current ETH value)

This is $225.000 on average per week, which is an astonishing achievement. Not surprisingly, these amounts have placed Somnium Space among the top selling NFT projects. See the following charts from nonfungible.com showing volumes for the last 7 days.

If we only look at Metaverse projects, Somnium Space was solidly placed at the top spot.

Volume last 7 days, as published by nonfungible.com (Metaverse projects only)

The SLO: Land, Worlds and Avatars

The main assets on auction during the SLO were Worlds and parcels (sometimes in the form of estates, i.e. grouped parcels), 70 and 350 respectively. In addition, Cubes were on sale as well. As a side note, a number of avatars saw the light of day as well, but as these represented user created assets, they’re not included in the stats.

The first couple of weeks the auctions followed standard/English auction rules where the sales goes to the highest bidder. The remainder of the SLO followed Dutch auction rules. 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).

Overview

When: November 1st, 2020 – December 20th, 2020

What: 350 XLarge, Medium and Small inland and roadside parcels and estates + 70 XLarge, Medium and Small Somnium Space World tokens.

Total sales per currency

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 | Medium2,111USD 1,351,069
Somnium Space Cubes - Somnium Space VR | OpenSea252,671 + 120,000USD 101,068 + USD 48,000
Dai (DAI) Logo .SVG and .PNG Files Download73,254USD 73,254
Total SLOUSD 1,573,388.00

As can be seen ETH represents the biggest share. CUBES has made an entry to the scene however with quite a number of transactions settled in Somnium’s native ‘in world’ currency.

Parcels

USD Amounts

The following chart shows the amount in USD per parcel (and parcel size, reflected in the color).

Not suprisingly, XL parcels accounted for the most significant transactions. One XL parcel was sold for appr. $12,000. A couple of other XL’s went for close to $10,000.

Average price per parcel size

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

Estates

16 estates were on auction as well (XL, M and S estates). Below a chart with the transaction amounts in USD. Most significant transaction was an XL estate that was sold for appr. $45,000.

Worlds

Somnium Space Worlds represent a revolutionary new feature that allows users to plug in custom developed VR experiences into the platform. World assets were clearly in high demand and changed hands for record amounts, as shown by the chart below.

Average price per World size

The following chart shows the average price per World size.

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.

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

$1,573,391 (based on current ETH value)

Final words

The Somnium Space Secondary Land Offering has been an amazing ride and most assets that were put on auction were sold. Interest was significant and consistent throughout the 7 week period.

But it is not about the volumes, it is about the utility the assets represent and what they allow their new owners to do. Exciting times are ahead as Somnium has some significant new features in the pipeline. Somnium Space Worlds for instance adds a whole new dimension and so does the new WEB client, which will allow you to visit any parcel directly from your browser.

Due to these features we expect an influx of new users in 2021.

Useful links

Somnium Space Website

Somnium Space VR marketplace on OpenSea

Somnium Space on Discord

Somnium Space interactive map

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