What are further plans for Illuvium after selling its Digital Land Plots worth $72 million?

Ethereum NFT based game Illuvium has sold NFTs of digital land plots that brought a huge stockpile of capital worth $72 million for the project.

Upcoming role-playing game based on the Ethereum network, Illuvium has recently sold digital land plots’ NFTs worth $72 million during a sale. The sale of digital land began on Thursday and ultimately had seen the sale of upto 20,000 digital land plots. The sale ended on Sunday when the plots were sold in the form of NFTs to investors and potential players. Digital land NFTs of Illuvium run on a prominent layer two scaling solution of Ethereum network Immutable X. This Ethereum scaling solution enables faster, cheaper, and energy-efficient transactions. 

As far as an NFT or a nonfungible token is concerned, it’s a blockchain token that is proof of ownership that belongs to a digital asset that could be anything from artwork to collectibles. These NFTs become the land, weapons, avatars, and apparel that players use in video games. 

Illuvium is set to launch later this year on Windows and Mac computers. Ethereum-based NFT game Illuvium will have a game world that will feature about 100,000 land plots ultimately whose holders will receive so many various in-game benefits’ accessibility. These benefits include extracting in-game fuel that can be further sold to other players for a potential profit. 

There were 29 out of initially offered 20,000 plots that developers have retained for future giveaways. In comparison, additional two more plots from Tier 5, which are the most premium in the game, will be auctioned using a standard auction format. 

For selling its 19,969 plots, Illuvium used the auction format that the Dutch use, where each plot’s price decreases gradually during the sale of plots belonging to each batch. Prices of these digital land NFTs depending upon their Tier, vary accordingly where Tier 1 plots start at 2 ETH that costs approximately $3,700, Tier 2 plots for 6 ETH, which is ($11,100), and plots from Tier 3 are selling at 20 ETH, $37,000 and Tier 4 plots have been available for 80 ETH that is $148,000, as per current price of Ethereum. 

Illuvium has collected more than $72 million while selling the plots. As per the tweet by the creators, about 4,018 ETH, which equates to more than $7.4 million as per the current price, will be distributed among the ILV token holders who have staked them. 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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