Illuvium Raises $12M Funding for Blockchain Games

Illuvium Raises $12M Funding for Blockchain Games

Illuvium Raises $12M Funding for Blockchain Games

Illuvium, a blockchain gaming platform, secured a $12 million Series A investment led by King River Capital, Arrington Capital and others.

King River Capital, Arrington Capital, Spartan Capital, and Animoca Capital led a $12 million Series A investment for Illuvium, a blockchain gaming platform that is creating an interconnected universe where players can transport NFTs across games.

P2 Ventures and Nomura’s Laser Digital joined the round in addition to 32-Bit and Seven Capital.

We have informed the media that Illuvium has successfully raised $60 million. In May 2023, Framework Ventures spearheaded a $10 million investment round for the startup.

At the same time that they are preparing to launch their first series of interconnected games in Q2 2024—an experience similar to the popular Pokemon Go—Illuvium is also soliciting funds. 

The statement states that there are three interrelated games in the Illuvium gaming universe that are made to work together by using the same NFTs.

The company has also implemented a novel revenue-sharing mechanism in which stakers get one hundred percent of the in-game earnings paid for with the platform’s native coin, $ILV.

“The concept of redirecting 100% of all in-game revenues to staked investors is a major draw for ILV, resonating strongly with our community,” stated Kieran Warwick, co-founder and chief executive officer of Illuvium, in a statement regarding the company’s choice to employ this revenue-sharing mechanism.

This “innovating revenue distribution model will gain traction across decentralized organizations in the industry,” claims Warwick, and it might even serve as a blueprint for similar projects in the future.

Over one million people have signed up to play Illuvium, and they can’t wait for the game to be released, according to the press release. The corporation made $72 million in 2022 from the sale of parcels of land.

“Illuvium Zero,” a mobile game, adds a new dimension to the game by placing landholders in charge of producing fuel, a resource that is essential to all of the games.

“This innovative mechanic fosters a dynamic economy that is interdependent and promotes players to make strategic decisions and engage in trade as fuel becomes a crucial commodity in the gaming ecosystem,” Illuvium stated.

Read Previous

COTI Collaborates with Civic to Boost Data Privacy

Read Next

SingularityNET, Ocean Protocol, Merge Forces