Decentralized NFT gaming platform Illuvium raises $5M
Illuvium, a decentralized gaming platform that harnesses the power of non-fungible-tokens (NFTs), announced today a $5 million raise, with funding led DeFi venture capital fund, Framework Ventures.
The investment positions Illuvium to become the premier gaming platform in the crypto ecosystem ahead of its Balancer Smartpool Launchpad that is scheduled for launch on March 30th.
Founded last year by Kieran and Aaron Warwick, Illuvium melds the highest-quality gaming interface with an interactive experience that rewards players with the opportunity to explore and capture NFT’s, known as Illuvials, within battle gameplay. As a self-sustainable game that uniquely aims to incentivize its players with a true stake in the project, the Illuvium network allows for the fees incurred within the game to be paid out to staked token holders as ongoing rewards.
“We’re thrilled to fuse the incredible possibilities of crypto with gaming worldwide to transform the industry into an even more entertaining experience that features the added value of monetizing good play with rewards,” said Kieran Warwick, Co-Founder Illuvium. “Our endgame is cross-chain interoperability among other games. It’s not about winning our own battle but rather coming together as one to expand the ecosystem of decentralized, transparent, and community-governed gaming.”
In a decentralized ecosystem, Illuvium players will be able to immerse themselves in an explorable world that features high-quality NFT collectible creatures, or Illuvials, which will debut with the first-ever four-dimensional-shading holographic NFT design.
During gameplay, Illuvials can be captured to gain power for ascending higher levels in the game or earn crypto income by selling them on an exchange for ETH. Moreover, Illuvium is planning to create a world that can support a variety of titles in multiple genres with the option to open the world to other developers.
The ecosystem spearheaded by Illuvium aims to unleash not only immense creativity in the gaming space but also value in which crypto assets gain such wide use that they will soon reach mainstream adoption.
“The Illuvium team has set out to educate and move traditional gamers into the world of decentralized and community-run gaming,” said Michael Anderson, co-founder of Framework Ventures. “The impeccable design and gameplay of Illuvium is only one puzzle piece of this project. More broadly for the crypto industry and beyond, Illuvium’s foundation is based on DeFi staking mechanisms and tokenonmics that provide a gateway for players into truly open and permissionless financial systems.”
Illuvium is a decentralized autonomous organization, or DAO, which allows the community to gain ownership of the project and, in turn, engender a financially self-sustainable gaming platform. Revenue is generated from in-game fees collected and purchases of Illuvials on the IlluviDEX exchange.
DeFi staking mechanisms convert in-game profits from ETH to synthetic Illuvium ($sILV) and distribute the tokens fairly to staked ILV token holders. Integrated with a hyper-scalable Layer 2 solution, and built on the Ethereum Network, Illuvium offers players the unique opportunity to engage in gameplay with access to zero gas fees for minting or exchanging.
To learn more about Illuvium and its upcoming public launchpad, where investors and players alike can purchase $ILV tokens with Ethereum, visit illuvium.medium.com. A further medium article will be released in the coming weeks detailing how to participate in the Balancer Launchpad on March 30th. The game will be available to Windows and Mac users, built on Unreal Engine 4, at the end of Q3 2021.