Social virtual reality (VR) platform Somnium Space’s exclusive NFT billboards, aimed at helping brands enter the metaverse, has fetched over $100,000! Furthermore, for the platform’s creators, the billboards have opened up a new revenue stream. How exactly? Users can purchase a billboard, add it to their LAND parcel, and earn a percentage of the revenue the NFT generates through ads!
Somnium Space launched the NFTs in partnership with Admix, which offers in-game monetization solutions for games and metaverses. The duo will drop a total of 15 NFTs in bundles of three from November 14 to December 18. At the time of going to press, the billboard NFTs had already amassed over 29.4 ETH (or $124,000) in trade volume on OpenSea.
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The Somnium Space NFT billboards are available in three sizes: Small, Medium, and Extra Large. Users can bid on the NFTs on OpenSea and then place the NFTs on their parcels. This way, they can “get up to 90% of the revenue that the NFTs generate paid in $CUBE monthly, based on the NFT” they selected.
Moreover, Admix and Somnium Space have already got their first advertising partner! Cloud.gg, a leading esports organisation, is the first brand to display its logo on the billboards.
“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 wrote in a blog post. “Brand experiences will be popping up everywhere, and more brands in the space means more revenue for creators, who are always in control of the ad experience.”
With Facebook and Microsoft’s Metaverse move, an increasing number of brands are dipping their toes in the virtual world. It’s amid this buzz that Somnium Space announced its strategic move to help brands as well as users. The bids for the NFT billboards indicate that the move is already a success!
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