Social virtual reality (VR) platform Somnium Space has been developing its immersive world for several years now, building upon a crypto and blockchain backbone where users can buy land parcels to build whatever they want. Lately, though, Somnium Space has been ramping up its metaverse efforts announcing some pretty grand plans which include new investments, auctions and more. The most recent of these has been to introduce NFTs into its ecosystem, partnering with Admix on banner billboards that can earn users money through advertising.
NFTs (Non-Fungible Tokens) have become a major part of crypto investments of late, with pieces of art selling for millions online and in auction houses. Somnium Space’s partnership with Admix combines both NFTs and In-Play advertising into one seamless package, where users can bid for Small, Medium, and Extra Large billboards that can then be added to their land parcel. In turn, users will: “get up to 90% of the revenue that the NFTs generate paid in $CUBE monthly,” says an Admix blog post, all based on the NFT they select.
The Admix platform will then dynamically insert ads into those billboards to generate revenue, with the first official advertising partner being Cloud.gg, an esports organization. “Over the next few months, as these billboards get installed, we’ll be bringing more and more brands into the metaverse and into your parcels,” Admix notes.
Those NFT billboards launched last week, with 15 to be sold in total, dropped in bundles of three. You’ll find the Admix x Somnium NFTs on OpenSea with bidding currently underway for the next small billboard. How much will one of these cost you? Well, last week’s auction prices have been revealed and you’ll need plenty of Ethereum if you want to take part. That first small billboard went for 2.8 ETH ($13,000 USD), whilst the medium one sold for 6 ETH (almost $26k). As for the XL billboard, which managed a whopping 15.75 ETH ($69,500).
It’s likely that the next few billboards sold will go even higher as availability becomes rarer. The exclusive NFT drop will run until 18th December 2021.
This isn’t the first time Somnium Space and Admix have worked together, continuing a long-term collaboration. A couple of years ago the pair partnered up for AWE EU 2019 to showcase monetization solutions for creators. This is only the start of initiatives like this as companies continue to develop their metaverse visions. Inevitably that’ll mean encouraging users to free platforms that’ll feature advertising of this nature to build revenue streams. For the latest updates on this topic, keep reading VRFocus.
Disclosure: Admix is the parent company of VRFocus. VRFocus retains its editorial independence.