Illuvium Announces Date for First Round of NFT Land Sale

Illuvium (ILV) aims to distribute only a small part of its token supply for in-game earnings.
  • Land plot owners to gain in the long term, by lending the plots for fuel mining.
  • ILV once again close to $500 after market recovery.
  • Illuvium still holds off news of game launch, expected later in 2022.

Illuvium, one of the upcoming games for 2022, is moving on with a metaverse land plot sale. The long-awaited event now has a set date – June 2, for the mint of digital land. 

https://twitter.com/illuviumio/status/1522155719809650688

Despite Illuvium and ILV being currently based on Ethereum, the land mint will use Immutable X, a platform specifically built to scale NFT mints on Ethereum with no gas fees. The approach of Illuvium allows for the mint to happen without the unexpected rise in gas prices, or a rush that will prevent some users from minting.

The land will have similar utility to plots on NFT Worlds – it will produce passive income as a percentage of in-game revenue. The sale will create competition to snag land plots at the best price in the Dutch auction.

The digital land will be the only source of Fuel in the future game, hence benefitting land owners. Illuvium’s team has decided on a long-duration Dutch auction with limits to bidding, to avoid a gas war.

How the ILV Earning Model will Work

Illuvium is now busy building its visuals for upcoming playable Illuvials. But the game is also thinking about its P2E model. 

Illuvium has positioned itself as a GameFi project, where decentralized finance is a big component of earnings. The game iself may match the play-and-earn model where the game’s chief goal is fun, and there is only a small reserve set aside as a reward. 

The game will focus on passive income for holding ILV, but avoid the P2E equation where players will compete to dump the asset. ILV is a high-priced token with only around 650K in circulation and a total supply of 10M tokens. The goal is to lock as many as possible in smart contracts for staking, thus preserving the value. 

ILV traded at $487.65, up from a recent dip to $465. The asset peaked above $1,844, one of the most high-priced P2E assets to rally even without a live game. ILV, however, had the advantage of arriving at a key moment during the P2E trend, and gaining Binance exchange listings.

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