Finance

Over $1.8M of Land Sales in Somnium Space

Somnium Space, the leading virtual reality platform, is riding high on the back of several announcements that position this up and running VR world as a very interesting alternative to Facebook’s plans with Meta. In the last thirty days, the total value of NFT land sales in Somnium Space has exceeded $1.8 million with several land plot sales over $50,000. And this doesn’t even include sales in connection to the Tertiary Land Offering (TLO), which kicked off two days ago with over $525,000 in sales.

The Winklevoss twins have jumped in through their Gemini capital fund. Further announcements about a partnership with the creators of the Teslasuit, VR Electronics Ltd, adds fuel to the fire. As virtual worlds and metaverse platforms step into the spotlight, the race to build out the most complete one heats up. People are paying attention. 

More interesting is that over $1.1 million of that $1.8 million has arrived in the last two weeks. Or in other words, since the Meta announcement. As metaverse and virtual world platforms take centre stage, people are snapping up land for potentially explosive future gains, creating experiences, opening businesses, etc.

Digging a bit deeper into individual sales using the DappRadar Portfolio Tracker, we start to get an idea of the buyers and sellers involved. In this instance, looking at the trading history, the parcel has changed hands a few times over the years. Having been originally minted over 2 years ago its last sale stood at 16.39 ETH, or around $76,000. The owner bought the plot 6 months ago for 9.49 ETH, or around $19,000. Selling now for $76,000 means the holder is up by over $55,000 at the time of writing.  

Buying land and speculating on its value is just one way to look at things. But ultimately, the virtual world becomes a digital extension of our physical one. Clothing brands will open shops in both realms; artists sell NFTs in one and physical prints in the other; virtual clubs can host exclusive parties for metaverse citizens

The rise of the metaverse will bring new jobs to Somnium Space and other virtual worlds, where event organizers, curators, community managers all have their jobs reinvented. We’ve been paying tech companies for digital content for decades, now it’s time for the community to take ownership. That starts with a piece of land in Somnium Space or any of the other virtual worlds.

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