With three more weeks of auctions to go, the secondary land offering of Somnium Space already generated more than one million dollars in revenue. Bigger parcels cost the most, wanted locations increase the price as well. So far the virtual world has been selling land parcels for four weeks.
During the last week the smallest land parcels sold for 400 to 1000 dollars each, according to data from Somnium Times. However, the biggest ones went for 1500 to even more than 4000 dollars each. Some buyers even want more space and acquire a group of parcels that form an estate. An estate with eight XL land parcels sold for 19 thousand dollars.
In the past four weeks land sales haven’t been the biggest eye-catcher. The most wanted digital assets were the newly introduced Somnium Space Worlds. Users who already have a land parcel, can place a teleport on their land that brings visitors into a new virtual world. These are user-owned environments where events, games, social gatherings and expositions can take place. It’s basically a private game world.
Somnium Space Worlds are wanted items that are limited in supply. During this land sale they will only sell fifty of them. These virtual worlds come in different sizes, and the biggest ones sell for well above 30 thousand dollars.
Right now the cheapest land plot available through the auction, costs 2 ETH. There’s a medium-sized parcel for 2.8 ETH, while an XL land with a lakeside view currently costs 25 ETH on the secondary market.
What is Somnium Space?
Somnium Space is a virtual world in which landowners can build whatever they want to. The program registers landownership on the Ethereum blockchain. 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 year. We can also see this increased demand for virtual land in other virtual worlds and even in blockchain-powered video games. Decentraland, The Sandbox, Cryptovoxels and Somnium Space are the most famous projects for landownership, but some games are jumping on this bandwagon as well.
Splinterlands is currently in the process of acquiring funding for the development of new gameplay elements. These system will require virtual land. In addition Axie Infinity is expected to launch its land gameplay soon, while games like Brave Frontier Heroes and League of Kingdoms already offer landownership.