Michaël van de Poppe - 03 June 2022
The Illuvium Landsales
Last year, Play-2-Earn seemed to be the talk of the town. There were a ton of crypto gaming projects raising funds and a lot were trending upwards due to positive momentum. The growth in popularity was mainly due to the success of Axie Infinity at that time. The project successfully introduced a well working Play-2-Earn model to their game which attracted millions of people to their platform. In Axie Infinity players battle each other with monsters. Those monsters are NFTs and are traded in the native AXS token. In return players could earn AXS tokens for playing and winning games.
Due to the increase in popularity the token increased, causing the earnings of existing players to increase, which had a positive effect on attracting new players. This was an extremely positive feedback loop until the markets started to downtrend. Many games with a P2E model were live with a token, but not with the game. People were speculating on them, but as the markets started to correct, those speculators left. As a consequence the whole crypto gaming sector has calmed down quite a bit.
A lot of these projects kept building and did not stop because of the poor price action. In this blogpost we dive a bit deeper into the current progress of one of the major P2E projects: Illuvium.
What is Illuvium?
Illuvium was announced in January of last year. In the first post a futuristic world was described where players battle each other in an arena-like environment. The game combines elements of RPG collection games and Auto Battler fight mechanics. ‘Fighters’ are collected as NFTs and can thus be traded.
In April Illuvium launched their token: ILV. Not only to raise funds to further finance the game, but also to give the governance over the project to the community. The sale was a huge success and even broke a record during that time.
Ever since the team has worked on building out their game, giving the community updates ever so often on Medium, Twitter, and Discord. One of the things revealed is that Illuvium is not limited to an Auto Battler-game. The team also worked on an open-world experience. As a player you will be able to walk around and interact with your surroundings. There is also an element included regarding land plots that yield resources. Those resources can be used for upgrades in the game.
You can find a trailer for the game here: https://www.youtube.com/watch?v=mzT88eN4gts&t=3s&ab_channel=Illuvium
Land sales on the 2nd of June
On the 2nd of Juna at 1pm the Illuvium landsales were entered a Dutch Auction and open for bids from the public. This means that the NFTs started at a high price and decreased over time. Users can pull the trigger whenever the price makes sense to them and get their hands on the land plots.
As you can see from the image above there are various tiers, all with their own unique benefits and corresponding price. The model of a Dutch Auction has been chosen in order to discourage gas wars. The starting price is high and gradually goes down, this also explains why you can still get your hands on land plots a day later!
This land sale marked an important event for Illuvium. It was the next step towards full game release and one of the building blocks for their final game.
Now onto the real juice. Back in November, Kieran Warwick stated that revenue from the land sales was used to buy back ILV and distribute it back to ILV stakers. In total close to 7,000 plots have already been sold with a few hundred still available. In total ILV raised over 2,000 ETH which will be used to redistribute ILV back to stakers.
Illuvium is pioneering new boundaries of what is possible in a Play-2-Earn game. With collectible NFTs, a token, productive land, they are exploring the possibilities of a complex crypto economic game based on a proven, popular gaming genre: the Auto Battler. It will be interesting to finally see the game come to fruition and how the graphics will look like. Till then it is mostly up for speculation, but so far looks really good.
Currently, the Beta version of their game is live for testers to play. For visual leaks and other information feel free to join their discord: https://discord.gg/illuvium. Or check out their site for more information: https://www.illuvium.io/.