Illuvium raised $72 million in virtual land sales
Illuvium sold 20,000 plots of land for $72 million by holding a Dutch auction through Immutable X, a layer-2 scaling solution on Ethereum that allows more efficient and cheaper transactions. This led to only an average of $20 in transaction fees. The Dutch auction had a high starting price and was decreasing by 2.5% per minute until all the land parcels were sold, which lowered the chance of a gas war. In total, there are 100,000 Illuvium plots.
Illuvium is a collectible NFT role-playing game and auto-battler. It allows users to collect NFT creatures and earn rewards in a graphical sci-fi environment. The Metaverse world is built on the Ethereum blockchain and is currently in a beta version.
Most land owners are holders of ILV tokens and will receive 4,018 ETH (currently around $7.4 million) in redistribution. While 239,388 sILV2, worth around $22 million, will be burned to reduce the supply.
Thanks to Illuvium’s gas-free protocols, the fees were a fraction compared to the disaster of Yuga Labs Metaverse’s Otherdeed land sales, where users paid an average of $6,000 in gas, even when they were unable to acquire the land NFT. Illuvium reported that users spent $350,000 in gas on land worth $72 million. With Otherside Metaverse, users paid over $154 million in Ethereum gas fees for 100,000 plots of land.
The Illuvium token (ILV) is currently suffering in the bear market along with other gaming cryptocurrencies and currently costs $274.81. Last year, on November 30, the token was priced at $1,844.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
