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Illuvium Completes $72M NFT Land Sale

Posted June 9, 2022 6:13 pm
2 min
By Deep In The Sesh

Illuvium (ILV) recently completed a three-day land sale of 20,000 NFT land plots for a total of $72M or 40,417 ETH. Here’s what happened:

What is Illuviam?

Illuvium is an NFT collection and autobattler game built on the Ethereum Blockchain, due to be released on PC and Mac later this year. Players can earn crypto in ILV tokens as in-game rewards through completing player-vs-environment (PVE) quests, performing special achievements, and winning prizes in tournaments and events. Land is just one aspect of the game which produces more NFTs and tokens that you can own and play with. This applies to Illuvium: Zero, which is the mobile and desktop companion game where you develop and manage your land plots and build a digital industrial complex. Landowners generate a residual income that rewards them for their time and gameplay.

More on the Land Sale

There were five tiers of Illuvium Land in the sale. Higher tiers of land represent increased rarity and higher resource generation. Tier 1–5 Land are connected to the economy, allowing players to extract fuel from them to later sell for ETH. Fuel is the game’s token currency in all future Illuvium game releases.

The sale covered the first 20,000 plots of a total of 100,000 meant for sale. All land plots in the sale sold out. A total of 4,018 ETH from the sale will be to purchase ILV and distribute them to stakers. Additionally, the remaining proceeds will be burned to reduce the total supply of ILV by 2.39%.

Many found the land sale as a great success. The low gas fees and lack of congestion on the network made for a smooth minting process. This happened for the following reasons: most of the land was sold via a Dutch Auction which helped address volatility from hype and botting, and the minting part of the sale occurred on Immutable X Layer 2, which had no gas fees.

This is one of the largest NFT land sales of the year and a significant milestone for the game. Mark Wall, Illuvium’s Head of Marketing attributed the success to their marketing team, developers and the Illuvium community.  

Before You Go…

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