Short
- Ethereum-based game Illuvium sold over $72 million worth of NFT digital land plots.
- Land plots offer various benefits to PC and Mac games coming out later this year.
Illuvium, an upcoming Ethereum-based role-playing game as sales of over $72 million worth of digital land plots NFT During a sale that ended on Sunday.
The sale, which began on Thursday, eventually saw around 20,000 digital land plots sold to investors and potential players. Illuvium land moves NFT immutable xOne Layer-2 Scaling Solution For Ethereum that enables cheaper, faster and more energy-efficient transactions.
NFT is a blockchain token that proves ownership of a digital asset, such as artwork or collectibles, and in the video game space which can mean lands, player avatars and costumes, or weapons.
Illuvium’s game world will eventually total 100,000 land plots, with holders having access to various in-game benefits, such as extracting fuel that can be sold to other players for potential profit. Illuvium is set to launch on Windows and Mac computers later this year.
Of the 20,000 plots initially proposed, 29 were retained by the developers for future gifts, while two additional Tier 5 plots—the most valuable in the game—will each be auctioned off using a standard auction format.
For the 19,969 plots sold, Illuvium used a Dutch auction format, which saw a gradual reduction in the price of each plot during each batch of plots put up for sale. Prices started at 2 ETH (currently $3,700) for Tier 1 plots, 6 ETH ($11,100) for Tier 2, 20 ETH ($37,000) for Tier 3, and 80 ETH ($148,000) for Tier 4.
Illuvium grossed over $72 million during the sale. According to the creators a tweet, said that some 4,018 ETH (over $7.4 million today) will be redistributed to holders of the game’s ILV tokens who have staked it. During this, The game’s 239,388 sILV2 tokens (approximately $22 million worth) will be burned or permanently destroyed, thus reducing the total supply.
“Inflation bad, deflation good,” reads an authoritative explainer about the planned burn.
The sale of virtual land has led to a blockchain-based . have generated millions of dollars for metaverse games like sandbox And Decentraland, A report by Metametric Solutions claimed that Virtual land worth some $501 million With another $85 million in January 2022 alone it was sold throughout 2021.
Illuvium’s Land Sales Not Enough Record — Companion Ethereum-Based Game amber sword Last July saw sales of $203 million – but this is notable due to the current bear market for NFTs, which is suffering with crypto markets.
Leading NFT marketplace OpenSea sees daily trading volume Late in the $25 million to $40 million rangefollowing a Record-setting single day of $476 million on May 1, while top projects like Bored Ape Yacht Club passed sinking valuations seen,
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