Illuvium raised $72 million in virtual land sales

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Source: Illuvium

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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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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