Virtual Worlds

Somnium Space Auctioned Virtual Land for $470.000

In the past ten weeks the virtual world Somnium Space has auctioned hundreds of land parcels for 2325.98 ETH or just over 470 thousand dollars. This amount was reached after the final round ended on Sunday. These ten weeks filled with auctions were part of a promotional campaign known as the Road to Second Land Offering.

According to data from Somnium Times last week’s auction has a big impact on the total amount. Until the last week Somnium Space had auctioned 1531 ETH, almost 310 thousand dollars, worth of land parcels. In the final week the team added another 795.92 ETH. This resulted in the total amount of more than 470 thousand dollars at the current rate.

Alongside the ending of the Road to Second Land Offering, Somnium Space announced when their next land sale takes place. They planned the event for October, and they will announce more details during the summer.

In addition they announced a treasure hunt inside their virtual world. Starting from June 6th players will be able to find secrets, QR codes and more. Players will only be able to find certain prizes when using a VR headset, like the Oculus Quest or HTC Vive.

What is Somnium Space?

Somnium Space is a virtual world in which land owners can to build whatever they want to. The program registers land ownership on the Ethereum blockchain. Each land parcel is represented in the owner’s wallet as a non-fungible token. In addition all players can visit these creations and interact with each other. The developers have created Somnium Space with VR headsets in mind, even though players can also access to world through their desktop or laptop.

Value of land in Somnium Space has been increasing incredibly over the past months. In March the cheapest parcel sold for 2 ETH, nowadays you need to pay almost double. We can also see this increased demand for virtual land in other virtual worlds and even in blockchain-powered video games. League of KingdomsBrave Frontier Heroes and Axie Infinity are just a few of the examples that offer digital land to their players.

Robert Hoogendoorn avatar
Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he's a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He's a content manager and creator at heart, started the Play to Earn Online Magazine in early 2020.