The team behind the role-playing NFT game Illuvium, focused on monster battles, has closed the round selling virtual land plots worth about $72.2 million.
The Illuvium Land Sale is officially over!
🥳🥳🥳💥 All Land Plots Sold Out
💥 $72M+ in Total Sales
💥 239,388 sILV2 to be burned
💥 4,018 ETH to be redistributed
💥 NO GAS WARSMASSIVE thank you to all participants and partners that helped make this a historic success ♊️ pic.twitter.com/adMTq6PpKe
— Illuvium (@illuviumio) June 5, 2022
During the Dutch auctions on 2-5 June, the project sold 19,969 of the 20,000 plots on sale. The plots could be bought with ETH or sILV2 — the asset that yields staking rewards for the ILV governance token.
In total, the sale yielded 4,018 ETH and 239,388 sILV2.
The plots offer players the ability to catch monsters, which are then used in battles, and provide game resources. Owners will also receive 5% of land revenues.
In total, the game will feature 100 000 virtual plots, divided into four tiers according to rarity and capabilities.
Illuvium noted that the sale did not feature “gas wars” — when fees on the Ethereum network rise as users seek transaction priority.
The team attributed this to the use of Immutable X, a scaling solution from blockchain startup Immutable. According to Illuvium founder Kiran Warwick, Immutable X can reduce transaction fees by about 60%.
“Almost all NFT sales on Ethereum lead to wasteful bidding that rewards miners and are costly for buyers. Gas wars should be a thing of the past,” he said.
The game is in beta, with a full launch scheduled for the third quarter of 2022. Two \”stadium\” fifth-level land plots, used for player tournaments, will be sold at separate auctions.
As reported in November 2021, a user purchased a virtual plot in the NFT game Axie Infinity for 550 ETH — about $2.46 million at the time.