Social virtual reality (VR) platform Somnium Space has been developing its immersive world for several years now and builds on a crypto and blockchain backbone where users can purchase land packages to build whatever they want. Recently, however, Somnium Space has stepped up its metaverse efforts by announcing some pretty big plans, which include new investments, auctions and more. The latest of these has been to introduce NFTs into its ecosystem, collaborating with Admix on banner billboards that can make users money through advertising.
NFTs (Non-Fungible Tokens) have become a big part of crypto investments lately, with works of art sold for millions online and in auction houses. Somnium Space’s partnership with Admix combines both NFTs and In-Play advertising in one seamless package, where users can bid on small, medium and extra large billboards that can then be added to their plot. In return, users will: “get up to 90% of the revenue generated by NFTs paid in $ CUBE monthly,” says an Admix blog post, all based on the NFT they choose.
The Admix platform will then dynamically insert ads into these billboards to generate revenue, with the first official advertising partner being Cloud.gg, a sports organization. “Over the next few months, as these billboards get installed, we’ll be bringing more and more brands into the meta-verse and into your packages,” notes Admix.
These NFT billboards, launched last week, with 15 to be sold in total, fell into bundles of three. You’ll find the Admix x Somnium NFTs on OpenSea with bidding underway for the next little billboard. How much will one of these cost you? Well, last week’s auction prices have been revealed and you’ll need lots of Ethereum to participate. The first small billboard cost 2.8 ETH ($ 13,000 USD), while the middle one sold for 6 ETH (almost 26k $). As for the XL billboard, which managed a full 15.75 ETH ($ 69,500).
It is likely that the next few sold billboards will go even higher as availability becomes less frequent. The exclusive NFT drop runs until December 18, 2021.
This is not the first time that Somnium Space and Admix are working together and continuing a long-term collaboration. A few years ago, the couple joined forces at AWE EU 2019 to showcase revenue generation solutions for creators. This is only the beginning of initiatives like this as companies continue to develop their metaverse visions. This will inevitably mean encouraging users to free platforms that will contain ads of this kind to build revenue streams. For the latest updates on this topic, keep reading VRFocus.
Information: Admix is the parent company of VRFocus. VRFocus retains its editorial independence.