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Chris Bell | 'There are tons of different factors that go into ranking well, but the biggest is high quality content.' |
| - David Sinick |
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Chris Bell | 'There are tons of different factors that go into ranking well, but the biggest is high quality content.' |
| - David Sinick |
The Somnium Space secondary land market for virtual reality NFTs has become fierce on OpenSea.io due to the amount of uses and returns each parcel can bring to its owner. A small parcel for $6,000 USD can rent for $600 per year to artists all over the world within seconds on Ethereum. The tenant has a full year to monetize the land or create $600 worth of value to their current business. Host modern zoom calls in SomniumWEB where you can join as a guest in VR with the ability to speak and use video, in addition to texting. Brand the parcel with your company logo and easily drag-n-drop your blockchain items, youtube videos or externals links and images. I’m sure these tools can help your current business in excess of $600 per year.
Price comparisons are best noticed when filtering by size and lowest prize. Peruse through the past sales of small parcels with an eye on proximity to the center, and you’ll see patterns and anomalies. Each group of NFTs has its own bid/ask which is usually a large gap until they become much more liquid from higher network effects. Small parcels have been selling in Somnium Space for the last few weeks between 0.75 ETH to 7 ETH depending on location, timing and views (water/mountains). Mostly, however, between 1-2 ETH.
In addition to previous sales history, the value of a parcel differs depending on the annual income one anticipates from owning it. For example, putting a residential house in the center of New York City isn’t the best use for the land, so it’s valued less to a home owner and more to a commercial bank. Likewise, a business venture into Somnium Space may plan on running an arcade hall or casino with monthly crypto revenue that dwarfs the cost of the land in the first place.
The cheapest XL parcel is currently 10.5 ETH but someone recently bid 6.001 WETH on several XL parcels, as if it was bait waiting to catch a fish, and It worked. There were a handful of sizes sold for low bids. On one hand you could say that the minimum price for XLs is at a floor of 10.5 ETH because there aren’t any listed at the moment, but place a bid on every XL parcel at 6 ETH, and wait for someone to accept your bid. That's a smart and patient way to get into a booming market!
Over the course of 3 days there have been 20 parcels sold on the open secondary market that are shown on the image above, including an ILO Teleporter, 1 of 25, that are activated in the Somnium world now. Soon, they will also start to collect and pool Cube revenue that will be distributed to the most used teleporters along with 200% to the 25 Indiegogo NFTs and 50% to the 25 ILO NFTs. One sold for 40 ETH or roughly $95,000 USD in hopes to get users to their parcel faster and for monthly Cube revenue. Cubes will also be used for arcade games and interactive World NFTs that host casinos and payment gateways. A museum might host a private auction only allowing those with a certain NFT to enter, along with those that pay 500 Cube tokens at the door. To arrive at the door in Virtual reality the user must first walk or find transportation at a cost.
XL parcels have the most opportunity because they have the most space to build at 1,500 meters squared, 50 meters height and 50 meters depth into the ground. XL waterfront parcels doubled in size recently with the added feature of building all the way into the water, only for NFTs that have the Waterfront marking. The 2x value is showing with the lowest priced waterfront parcel currently at 9.5 ETH and the lowest medium parcel is currently 4.5 ETH.
Be patient by making offers and only buy a parcel if you really see the value over renting it for a year. If you just want to join the community in VR you can do that for free, but if you want to own land, showcase your NFTs, host modern branded Zoom meetings, stream content or develop an interactive game that generates monthly revenue then you’ll quickly see the value of VR land ownership. Come meet me in VR!
https://somniumspace.com/parcel/3841
Written by: Chris Bell