The virtual land sales organized by Illuvium brought in a staggering $72 million.
Illuvium The project sold 20,000 digital plots for $72 million, facilitating the auction through Immutable X – a layer-2 Ethereum solution known for its cost-effective transactions. Remarkably, this led to only a minimal average transaction fee of $20. The Dutch auction began at a high price point and gradually decreased by 2.5% every minute until all parcels found buyers, significantly minimizing the chances of a gas war. Overall, Illuvium encompasses a total of 100,000 parcels.
Illuvium is an engaging NFT-based role-playing game and auto-battler, providing players with the opportunity to collect unique NFT creatures while earning rewards within a stunning sci-fi universe. This Metaverse is hosted on the Ethereum blockchain and is currently in a beta testing phase.
Most landowners are holders of ILV tokens, and they can expect to receive 4,018 ETH, valued at approximately $7.4 million, as part of the redistribution process. Additionally, 239,388 sILV2, worth an estimated $22 million, will be burned in a strategy to decrease supply.
Thanks to Illuvium's environmentally-friendly gas-free protocols, the transaction fees were minimal compared to the chaos experienced during the Yuga Labs Metaverse’s Otherdeed land sales, where average gas costs soared to $6,000, even when users failed to secure the land NFT. Illuvium indicated that users collectively paid about $350,000 in gas for land valued at $72 million. Otherside Metaverse In total, participants incurred over $154 million in Ethereum gas fees for acquiring 100,000 plots of digital land.
Currently, the Illuvium token (ILV) is facing pressure in the ongoing bear market alongside other gaming cryptocurrencies, standing at $274.81. Just last year, on November 30, the token had a lofty value of $1,844.
Read related posts:
- The community behind ApeCoin is currently engaging in a vote to decide whether to remain on the Ethereum blockchain.
- L’Officiel has taken a significant step into the Metaverse by acquiring land called 'Fashion Dune' within The Sandbox.
- The ‘Otherdeed for Otherside’ has quickly ascended into OpenSea’s Top 10 sales within a mere 24 hours.
Disclaimer
In line with the Trust Project guidelines Please keep in mind that the details on this page do not aim to provide and should not be construed as legal, tax, investment, financial, or any other form of guidance. It's crucial to only invest what you can afford to risk and to seek independent financial counsel if you have any uncertainties. For more insights, we recommend consulting the issuer's or advertiser's terms, conditions, help, and support pages. MetaversePost is dedicated to delivering accurate and fair reporting, however, market dynamics may shift without notice.
