$470,000+ Land Sales – Somnium Space Road to SLO Auction Breakdown

Somnium Space has always approached land sales in creative ways. The first ever land parcels were sold in 2018 for fiat currency (£ GBP) on crowdfunding platform INDIEGOGO, an avenue never attempted by other virtual blockchain worlds.

Fast forward to today, Somnium Space continues to discover new ways of striking that fine balance between making land affordable for the average user, and generating enough revenue to help fund continuing development of the platform.

Road to SLO Auction

The latest campaign was a 10 week auction series named the Road to SLO (Second Land Offering). Most weeks, around 25 land parcels were auctioned for 3 days (Thursday through Saturday).

Traditional auctions, Dutch auctions and currency locked auctions were just a few methods trialled and tested. At times it was confusing, but the amount of information gathered will be invaluable when putting together the right strategy for all the remaining land will be auctioned off, sometime in autumn 2020.

Crunching the Numbers

Below is a breakdown of sales for each week. Proximity to the center of the map or waterside, parcel size and estates all played a big part in determining the final prices.

Tip: To get live prices of Ethereum (ETH) in other currencies, use the calculator in the header of this website.

Week 1:

Total land parcels at auction: 25
Total value of sales in ETH: 110

Week 2:

Total land parcels at auction: 25
Total value of sales in ETH:  69

Week 3:

Total land parcels at auction: 25
Total value of sales in ETH:  94

Week 4:

Total land parcels at auction: 25
Total value of sales in ETH:  148

Week 5:

Total land parcels at auction: 25
Total value of sales in ETH:  261

Week 6:

Total land parcels at auction: 25
Total value of sales in ETH:  257

Week 7:

Total land parcels at auction: 46
Total value of sales in ETH:  322

Week 8:

Total land parcels at auction: 33
Total value of sales in ETH:  152

Week 9:

Total land parcels at auction: 30
Total value of sales in ETH:  114

Week 10:

Total land parcels at auction: 120
Total value of sales in ETH:  795

Totals

Total land parcels sold: 379
Total value of sales in ETH:  2322
Total value of sales in $ USD at the time of writing:  $470,500

Success?

The figures speak for themselves. This was undoubtedly a big success for Somnium Space. Each and every auction sold out before the end, they managed to add nearly half a million $ USD to their balance sheet, but more importantly, they have the final big auction looming just around the corner, where the remaining approx.2500 land will be sold. Armed with the sales data and research they now have, there is no reason why this should not help fund the project for many years to come.

Congratulations, Somnium Space team!

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