In 2021, the gaming industry generated $188 billion in revenue. And in 2022, this industry generated around $214.2 billion in revenue. However, a huge amount of this revenue is distributed among multiple participants whereas the developers receive only a small chunk. At the same time, the players can only enjoy playing the games but they can’t generate any money from it. In this article, know what is Illuvium ILV, the first AAA game from Ethereum, and all the specific details about it.
A huge number of players stop playing games once they’ve reached a certain age bracket. The blockchain industry is trying to keep that spark alive by allowing players to earn money while enjoying their favorite games. These platforms eliminate the middlemen allowing the developers to directly engage with the players.
Thus, the developers get to earn a lot more than what they earn traditionally. As a result, they can distribute the earnings among players in the form of rewards. Illuvium (ILV) is one such platform that provides earning opportunities for game players.
Key Takeaways: –
- Illuvium is a graphically stunning game available in the blockchain gaming space.
- The game is built on Ethereum and allows participants to collect a range of NFTs by engaging in certain activities.
- Illuvium uses zero-knowledge rollups (zk rollups) for fast transactions and zero gas fees.
What is Illuvium ILV?
Illuvium is a blockchain-based, play-to-earn game that offers rewards for certain activities. It’s not the only blockchain-based game there are other contenders like Sandbox and Axie Infinity. But Illuvium offers a deep and rewarding progression system compared to others. Similarly, it’s a graphically stunning game available in the blockchain gaming space.
The best part is that the players can enter the multi-player mode to engage in battles with other players. This role-playing game (RPG) is built on Ethereum and allows participants to collect a range of NFTs by engaging in certain activities. The players can then trade these NFTs in-game or on platforms like OpenSea. The NFTs represent collectibles, skins, emotes, battle items, and more.
Illuvium was introduced by Aaron Warwick, Kieran Warwick, and Grant Warwick in 2020. The team carried out a seed round in collaboration with Framework Ventures and raised around $5 million in 2021. Similarly, the team raised around $90 million through a public sale on Balancer in 2021.
Blockchain and gaming industry leaders like Galaxy Digital, Framework Ventures, and Animoca Brands have funded this project. It shows that Illuvium has significant potential in the blockchain gaming space. The platform has already generated a lot of excitement among gamers and investors. So, it can truly revolutionize the blockchain gaming space over time.
Zero Gas Fees and Fast Transactions – Illuvium is a layer-2 blockchain platform that uses zero-knowledge rollups (zk rollups) for fast transactions and zero gas fees. The platform prevents malicious actors from accessing the users’ private keys by incorporating zero-knowledge Proof cryptography.
Non-fungible Tokens – The platform introduces a set of NFTs that can improve a user’s performance in the game. The users can browse these NFTs on the official website of Illuvium and purchase them on OpenSea. The NFTs are minted by Illuvium DAO and they’re available in several formats. Like Sandbox and Mana, Illuvium also offers virtual land in the form of NFT tokens that users can trade and earn in the game.
Incentivized Staking – The platform allows users to earn passive income by staking their tokens. The users can lock their tokens in two different kinds of pools.
- Core Pools: The core pools are further divided into two categories including ILV pool and ILV/ETH pool. The ILV pool only accepts the ILV tokens whereas ILV/ETH pool allows users to stake ILV or ETH tokens. The users receive Sushi Liquidity Provider (SLP) tokens in exchange for the tokens they’ve locked. They can use the SLP tokens for staking.
- Flash Pools: Illuvium has partnered with different projects to provide a better service to users. The participants of the partner projects can stake their tokens to earn rewards. The participants have the option to receive rewards in the form of ILV or sILV tokens. sILV tokens appear to be a more reasonable choice because users can use these tokens to purchase NFTs and other game items while the ILV rewards are subject to a 12-month lock-up period.
Illuvium offers a free-to-play and subscription mode for players. The players need to collect NFT Illuvials by playing the game. Each Illuvial has a specific class and affinity. The players can partner with other players who have Illuvials of the same class and affinity. Thus, they can earn additional rewards by winning the battle.
After reaching a certain level, the users can create new Illuvials by merging the existing ones. Thus, they can build a more powerful character. The Illuvials are stored in the shards where they can restore their power if they’re injured. The users can speed up the recovery process by using several items or paying a fee.
Illuvium Classes – Illuvium offers five different classes such as Guardian, Rogue, Fighter, Psion, and Empath. The players need to team up with the other players of the same class. They can create a new Illuvial with improved skills by combining two Illuvials of the same class.
Illuvium Affinities – There are five different affinities including Earth, Fire, Air, Water, and Nature. The damage capacity of the Illuvial is determined based on its affinity. The players can combine the two affinities to improve their damage capacity.
ILV is the native token of Illuvium that can be used to trade in-game items. The users can also stake these tokens to earn passive income. The ILV tokens also provide governance rights to token holders. With a circulating supply of 3.4 million tokens, ILV has a market cap of $150 million. It rams among the 200 best cryptocurrencies in terms of market cap.
Illuvium is a blockchain-based, play-to-earn game that is still in development. However, it has already generated a lot of excitement among gamers and investors. The game is a graphically stunning RPG that allows players to collect a range of NFTs by engaging in certain activities. The players can then trade these NFTs in-game or on platforms like OpenSea.