Somnium Space Details Upcoming Initial Land Offering, Bidding Starts Soon

Ever watch that film called The Foundercharting the rise of the McDonald’s fast-food chain? You should it’s very interesting. One part of the story reveals a key aspect of the restaurant’s rapid ascension, owning the land which each franchised restaurant is sat upon, thus securing continual income. It’s a tried and tested method used for centuries, with many old-money dynasties founded on land ownership. Why is this important to know? Well, the digital realm is growing at a rapid rate and in the world of virtual reality (VR) one of the focus points is expansive social worlds where everyone can hang out, chat and enjoy entertainment. Somnium Space is one such location which understands the importance of land ownership, hence why it’s conducting an Initial Land Offering (ILO) starting this Sunday, 6th October.

Somnium Space

Somnium Space has been freely available to download as an early access title via Steam for over a year now, building a world with its own currency and economy. As part of this, the Somnium Space team wants users to feel truly part of this world rather than some social experiment which you visit occasionally. So to do this each user can actually own a part of it, their own piece of land to do with as they so wish.

These are called ‘Land Parcels’ which were first made available through crowd-funding campaigns. These areas will be scattered across the Somnium Space world, available in different sizes and with various scenic views. The ILO will be a digital auction so there’s no set price for any of these Land Parcels, people can bid what they want to bid, using the  Ethereum blockchain network for its transactions. Just like a real piece of land, there will be areas in Somnium Space more highly prized than others, such as city-centre locations.

Once purchased then it’s yours to own and do with as you please. Set up shop and build a virtual home to invite people to, or build an actual shop to sell products in. Go down the rental route if you’ve managed to purchase a prime location, or even sell it for a higher price and make a profit, the choice is yours.

Somnium Space

It can sound exciting but also bewildering for those that don’t fully understand the tech or how to get involved in the ILO. VRFocus sat down with Somnium Space’s CEO Artur Sychov who explains in greater detail how the process works.

The Somnium Space ILO runs from 6th – 13th October 2019. Head to Opensea.io to see all the Land Parcels ahead of the auction and for further updates keep reading VRFocus.