Somnium Space To Sell More Virtual Land

Dutch auctions starting next week!

The team behind Somnium Space will be selling more virtual land within their universe starting from March 19th. For a period of ten weeks the team will auction 25 parcels per week. When these auctions end on May 28th, the developers will announce the exact date for the Secondary Land Offering, which will happen somewhere in the second half of 2020.

During this month’s auction medium sized parcels will have a starting price of 10 ETH, or 1300 dollars based on the current exchange rate. At the same time XL-sized parcels start at double that price. The auction will follow Dutch auction rules. That means that the price goes down until someone buys the asset. The lowest possible price will be 1.6 ETH ($209) for the medium parcels and double that amount for the XL ones.

When Somnium Space sold its first parcels last year, the average price was 0.4 ETH for a medium-sized parcel and 0.8 ETH for a big one. At the moment the cheapest parcels cost 2 ETH, while the most expensive pieces of land on the waterfront are listed for 666 ETH. That’s 87 thousand dollars!

Auctions will always start on Thursday around 15:00 CET, and they will finish on Saturdays around the same time. Most of these auctions will be done using Ethereum (ETH), even though some…