Virtual worlds an untapped NFT gold mine?
Somnium Space is hot right now, as in the past 24 hours a teleportation portal NFT sold for $214.000, while a space kayak changed owners for $212.000. These are incredible numbers for any product, let alone digital items in a virtual world. In total Somnium Space has seen more than $1.7 million in trading volume in the past 7 days.
The hype surrounding Somnium Space is part of a bigger trend. Virtual worlds such as Somnium Space, The Sandbox, Decentraland and Cryptovoxels are seeing huge surges in interest and spending on non-fungible tokens amidst the current wave of interest surrounding NFTs and digital collectibles.
In the last 30-days, the number of sales on Cryptovoxels has increased by over 113%. The Sandbox is up almost 40% to 1,802 sales whilst Somnium Space sales have increased over 150%. Interestingly Somnium Space has seen two landmark sales recently that brought their volume up to $2.5 million, up almost 600% to the same level as The Sandbox in a very short amount of time.
Looking at the average sale cost brings further clarity. With 148 sales and £2.5 million in volume, the average sale in Somnium Space is around $17,000. Albeit skewed with the recent high sales. Nevertheless, with 1,802 sales in the last 30-days grossing $2.44 million the average sale on The Sandbox is around £1,354.
Huge NFT Purchases
An XL parcel in Somnium Space sold last week for 250 ETH or $444,00 at the time of the sale. The second-highest sale of an NFT in the week 15-21 of March.
Somnium Space Worlds are fully programmable and customizable independent virtual reality instances that can be created by using the Somnium Space SDK. Each world is represented by an NFT and lets you build, script, and monetize entire worlds.
In the last 7 days, Somnium Space has seen sales worth over 1.7 million dollars in the shape of three XL worlds, a teleporter and the space kayak. Not bad for a virtual world that shows on average less than 7 active wallets on a daily basis. Interestingly the buyer of the three land parcels is the same.
Three weeks ago The Sandbox also hit another big sale when a 24×24 land parcel sold for over $300,000 or 1.22 million SAND. The Sandbox has a huge following, has the biggest number of land owners, and will launch an early version of their product in the coming months.
Using the Dappradar portfolio tracker adds even further information as we are given an insight into NFT collections of the buyer of these three digital collectibles.
Market Shows Desire To Build
It would appear that investors are speculating as to the success of the various virtual world platforms available. To-date it’s safe to say none of them has anywhere near the level of critical mass required to really kick off, but land parcels and other utility NFTs have been selling consistently for some time now.
Recent surges in sales and purchases of elements within Somnium Space shows that there’s a desire by users to start building value within virtual worlds. Cryptovoxels, Decentraland and The Sandbox also strongly tap into that same passion. The ability to expand businesses through online marketplaces or virtual spaces is something interesting. Currently investors and creatives dive into this field with a simple premise – if you build it, they will come. Furthermore, early adopters and those reaping staking and token rewards inside these platforms are perfectly positioned to make the most of what they see as the incoming surge in users.