Illuvium raised $72 million in virtual land sales
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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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