Secondary Land Offering: Wrap-Up Week #3

The third week of the Somnium Space Secondary Land Offering has just been completed and it is evident from the action and sales on OpenSea that Somnium Space assets – Parcels, Estates and Worlds – continue to be in high demand.

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 3 saw some intense bidding. It sometimes resulted in record transactions, but like in previous weeks quite a number of assets sold for the minimum bid amount or just slightly above it. Again, for those who want to look for a good deal it can really pay to follow the auctions closely. You may walk away with some really cool assets for a very decent, even below market, price.

Overview

When: November 15th, 2020 – November 22nd, 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 spread throughout Somnium Space. Mostly West and North West of Somnium Waypoint, but some in the South and South East. 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.

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).

Symbol | Amount | US dollars
| 374 | USD 194,478
| 70,092 (includes purchase of appr. 20,000 CUBES) | USD 28,000
| 3,959 | USD 3,959
| Total Week 3 | USD 226,437.00

Of the total amount in USD, almost half (USD 106,927) 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 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 6 x XL) and one M estate (9 x M). Below the prices in USD. Both the 6 x XL and 9 x M estates were sold for 50 ETH each (more than USD 25,000).

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 (~ $520).

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

890,000 USD