Daily Newsletter by NFT Newspaper

Ethereum NFT Illuvium Game Sells $72M+ in Digital Land Plots

Illuvium, an Ethereum NFT game, sells more than $72 million of NFT digital land plots. In a sale (that started on Thursday and ended on Sunday), around 20,000 digital land plots were sold to prospective players and investors. 

Illuvium’s digital land works on Immutable X, a next-generation protocol for trading NFTs. They offer quick, reasonable, and energy-efficient transactions. 

Illuvium Sells 19,969 plots, 239,388 sILV2 Token To Be Burned.

Illuvium price

NFT, also called Non-fungible tokens, are cryptographic assets that represent any collectibles or artworks, including music, videos, and in-game items (land, Avatar, apparel, weapon, etc.).

Illuvium’s game world will have 100,000 land plots where buyers will get various benefits such as extracting fuel and selling to other players for profit. The game will also launch on Windows and MAC by this year. 

From the total 20,000 plots offered, 29 of them were retained by the developers for future giveaways. Similarly, 2 of the additional Tier 5 plots (the most valuable plot in the game) were retained for auctioning through the standard auction format.

Illuvium sold 19,969 plots using a Dutch auction format, where the price of the plot kept decreasing during each batch of plots put up for sale. For Tier 1 plots, the cost was 2 ETH ($3,700). Likewise, for Tier 2, Tier 3, and Tier 4, the cost was 6 ETH ($11,100), 20 ETH ($37,000), and 80 ETH ($148,000), respectively. On the other hand, 239,388 of the game’s sILV2 tokens will be burned to decrease the total supply. 

The sale of digital land plots has generated several hundreds of million dollars for blockchain Metaverse games like Decentraland and The Sandbox. Around $501 million worth of digital land was sold in 2021, with another $85 million being sold in 2022 January.

Besides Illuvium, another Ethereum-based game called Ember Sword made $203 million worth of sales in July 2021. But, Illuvium’s sale is more notable for the current bear market for NFTs that suffered together with crypto markets.

OpenSea, one of the largest marketplace for NFTs, saw daily trading volumes in the $25 million to $40 million range and a record-breaking single day of $476 million (May 1). Bored Ape Yacht Club, on the other hand, saw a sinking valuation. 

#nft #nftnews #nftnewspaper #illuvium #NFTdigitalland #ethereuml #crypto #nftcollector #nftcommunity #blockchain