Road to Secondary Land Offering (SLO)
10 weeks, 250 parcels! Get ready for a ride leading towards our SLO date announcement on May 29th 2020!
At Somnium Space users have an incredible ability to own their land on blockchain and have full control over it. Buying land parcel tokens and starting to build right away is something magical. In total, up to 5,000 people will have the chance to own virtual reality land on the blockchain in Somnium Space. Hundreds of people have already taken the opportunity to build artistic and architectural creations that can be sold separately from the land. Museums, Bars, Conference centers, Art galleries, Scary houses, Discos and much more have been already created.
In October 2019 we held our very successful Initial Land Offering which gave a unique first chance to everyone who wanted to own a piece of Virtual Land parcel on blockchain to buy them in an open and transparent auction. The 2019 ILO was furious with bidding wars. A fifth of the world’s parcels were sold for $200,000 USD and Somnium Space ranked Number 1 on OpenSea. There are only 3,500 parcels still left on the World Map which will be available during the Secondary Land Offering.
Our platform has improved dramatically since then. On Feb 20th 2020 we have officially launched Somnium 2.0 with full blockchain integration, Builder, Full body VR Avatars, Unity SDK support and much more. Thousands of new players have logged in since our launch a few weeks ago. Hundreds of parcels have been bought by newcomers from our existing community.
Due to the fact that many new use cases and functionalities have been added to our platform prices of land parcels have surged dramatically where average price for Small (S) parcel during ILO was around 0.4 ETH , average price for Medium (M) parcels were around 0.8 and for Big (XL) parcels it hovered at around 2 ETH with higher avera if we talk about Waterfront parcels. At the moment, cheapest Small (S) parcels are being sold at 1.75–2.3 ETH, Medium (M) parcels are being sold at 3–7 ETH depending on location and Large (XL) parcels are all well above 7 ETH.
Our SLO is planned for second half of 2020 which leaves many new artists and users without an option to own land because prices continue to dramatically increase and amount of parcels on sale is decreasing, since current owners do not want to sell.
This led us to this exciting announcement! A Road to Secondary Land Offering! Here is what will be happening between now and SLO:
- Starting as of 19th of March we will be auctioning off 25 parcels per week via OpenSea.*
- Every week, parcels will be themed around common topics such as Waterfront, or Roadsides, or Mountain views etc. We will be announcing those parcels upfront with maps and locations so that everyone will have enough time to prepare.
- We’ll be using a Dutch auction format that decreases the price per second until someone buys it. Auctions will always start on Thursdays at approx 15:00 CET ( 6 A.M. PST / 9 A.M. EST ) and finish on Saturdays at approximately the same time. *
- Road to SLO will last for 10 weeks exactly. We will auction off 250 parcels in total. *
- After the last auction finishes on the 28th of May we will announce the exact date for a Secondary Land Offering which will be happening somewhere during the second half of 2020.
- All announcements regarding parcels, auctions and more will be made via the official Somnium Marketplace Twitter account and on our Discord channel.
- Majority of auctions will be held in Ethereum (ETH) but occasionally we will auction some parcels in our own in-game currency Somnium CUBEs with a special discount for those parcels!
*we reserve the right to make slight changes. In case changes are made, we will be informing everyone upfront.
First week of Road to SLO:
So here are details about our first out of ten total weeks:
Week 1 — Waterfront extravaganza!
19th of March — 21st of March.
