The metaverse of blockchain gaming offers companies a rare new take on promoting themselves online. Somnium, the virtual ecosystem, has proven this with its recent sale of on-platform billboards – with two of them selling for $109,500.
As a small component of the digital experience, players that own one of these billboards will be able to place it within their in-platform land and benefit from its placement. The hefty price tags associated with these introductory three is proof of a strong utility.
“The large billboard listing price was ~$4,500 (1ETH) but a bidding war blew its price up to $69,500. The Medium and Small size also sold for a total of $40,000”.
In a recent unprecedented bidding war by interested parties, Admix Founder Sam Huber shared the details of the billboard sales. While only three were sold thus far, they shed light on how advertising is woven into the Somnium economy.
At the core of this value is the fact that the game operates as a virtual reality experience for players. As a result, participants are immersed in a fully 3d world that is highly customisable. With that said, there are clear benefits to getting on a billboard (again):
Advertisers: they follow the audience. As Somnium sees more users enter its platform, advertisers will be able to have immutable access to them; capturing the attention of an audience that actively buys into the platform.
Meanwhile, for players, there’s a financial incentive associated with the billboards. The more interested in the attraction on their virtual land, the more users that will see and possibly buy products on it. Meaning they can profit from the exchange.
With the first 3 going for such high prices, it raises a few questions. If this utility is proven wholly true – how hot will these auctions go?
Somnium on OpenSea
Of course, these aren’t the only billboards that the team have taken to market. According to its OpenSea page, there are currently 6 billboards up for auction – with a small and medium set going for 2.8 and 5.25 ETH respectively.