What is Illuvium (ILV) How it Works & Where To Buy It?

Illuvium is a crypto-based online game and the only one currently on the Ethereum blockchain that holds an AAA title. An AAA title is given to any video game that’s had a massive amount of money thrown at it for development and promotion. Illuvium, therefore, is currently at the forefront of high-grade crypto and blockchain-based games.

Illuvium is also classed as an MMORPG NFT game (Massively Multiplayer Online Role-Playing Game). The basic game is free, but those who want to play the full version of Illuvium will have to invest in ILV- the game’s own cryptocurrency.

With this crypto, players can invest in NFTs (non-fungible tokens) in the game. The available NFTs in the game are armor and weapons, amongst other things. The gameplay itself takes place in a fantasy world where players can engage in battles to capture Illuvials, which are the deity beasts that roam the lands.

 

How Illuvium (ILV) Works

To play Illuvium, you are first required to first create an account and register on illuvium.io. From here, it’s easy to download the software onto your desktop. Once you’ve logged into the program, you can choose between playing Illuvium for free or using ILV to play the premium version.

Once set up, you can enter the 3D world of the Illuvium game. You can pick what your avatar wears and what weapons they use and buy more of each using ILV tokens. The object of the game is to travel around the 3D world, engage in battles in the battle arena with other players, and capture Illuvials. Each Illuvial represents a unique NFT.

When you capture an Illuvial, the character is likely in poor health, so it becomes part of your mission to nurse the animal back to health. Once you have done so, you can use the Illuvial in battle with other players. The more Illuvium NFTs you collect, the stronger your chances at winning battles are.

Whenever you lose a battle, you lose some of your assets, which could be in the form of your collected NFTs or even the ILV tokens you’ve invested in the game. Not only can ILV crypto be spent on clothing, weapons, and battles, but you can also spectate other players’ battles and bet on who you believe will win.

This ILV token is an ERC-20 and comes in two forms: ILV and sILV. Both of these tokens are required to play the full version of the game. Both also keep the Illuvium ecosystem running smoothly.

The ILV token is designed to allow players to take part in yield farming and also provides them with governance powers over the Illuvium DAO.

The Illuvium game itself is developed on Unreal Engine 4.

 

What Illuvium (ILV) is Used for (Use Cases)

Illuvium has the following use cases:

Yield farming and staking rewards

ILV token holders can stake their crypto to win ILV rewards. Being a decentralized platform, 100% of the revenues made from in-game play go back to those who stake their ILV. If you decide to stake ILV, your tokens will need to be locked away for a period of one-year minimum.

To stake your ILV, you’ll need a crypto wallet, specifically one that is compatible with Ethereum.

In-game rewards

You can win ILV tokens by successfully attaining in-game rewards.

If a player chooses to receive their rewards in ILV as opposed to sILV, then their rewards will be locked away for one year. This is done to ensure a high lucidity between trading pairs. It effectively means you’re staking your ILV winnings during the first year of owning them.

The benefit of choosing an ILV token is that you can use the coin for in-game purchases as well as other purposes. For example, exchanging ILV on a crypto exchange site.

If you instead choose to receive your rewards in the form of sILV, you will be able to use them immediately. The key difference between sILV and ILV is that sILV can only be used for in-game purposes, i.e., buying new weapons; sILV tokens cannot be used for staking.

Casual gamers may prefer to choose sILV if they just want to get on with the gameplay, while ILV may be the better option for those looking to invest in the Illuvium ecosystem.

DAO governance

Those who play Illuvium and invest in the Illuvium token gain some degree of governance over the future of the website. ILV holders can vote on the future of the game protocols, changes to the gameplay, and council members.

Council members can be voted into the Illuvinati Council. If you’re an ILV holder you get to pick a player to fill the council seat.

The Illuvium game is a decentralized autonomous organization (DAO) meaning that it aims to give as much control to its players and investors as possible, which is why Illuvium DAO offers voting rights.

Trading at Illuvium’s NFT marketplace

Illuvium can also be used for in-game trading, where you can exchange ILV for NFT. There are zero gas fees in Illuvium’s NFT marketplace as it can only be used for peer-to-peer trading.

 

Where to Buy Illuvium (ILV)

If you’d like to purchase Illuvium to buy in-game assets, you should be able to find the crypto on all leading crypto exchange websites. This includes the following:

1. Coinbase
2. Crypto.com
3. Binance

Not only is it possible to exchange other crypto types for ILV, but you can also buy ILV for USD on the likes of Crypto.com.

 

FAQs About Illuvium (ILV) Metaverse

How long has Illuvium (ILV) existed?

Illuvium was only officially launched in 2022, but the concept has existed for quite some time. The development stage started in 2020. In that same year, the Illuvium game prototype was registered. The token smart and yield farm contracts were created in 2021, and the first of many trailers for the game was also released.

What’s controversial about Illuvium (ILV)?

Illuvium only just launched this year. So far, the platform hasn’t suffered from any major faults and the Illuvium vault remains intact. This means that there have been no major controversies surrounding this role-playing game.

How many Illuvium (ILV) tokens are there?

There is a maximum supply of 10,000,000 ILV tokens. However, only 650,861.12 are currently in circulating supply. This means that only 7% of the total is currently in circulation. However, this is to be expected from a game that only launched this year.

 

Can Illuvium (ILV) be Mined?

No, the Illuvium ILV tokens you collect yourself cannot be mined. However, the NFTs that you win throughout the gameplay cannot only be mined but they can also be harvested and even captured.

 

What is the Market Cap of Illuvium (ILV)

The market cap of Illuvium is set at $37,065,472 as of October 2022. The price is currently set at $56.95, with the promise of further growth. Over its first year of existence, the Illuvium gameplay has attracted a steady flow of gamers as well as investors, which has helped to keep the value of the game at about the same level throughout.

The fully diluted market cap currently sits at $576,082,275.

Biggest Competitors of Illuvium (ILV)

There are several crypto-based games now available, many of which could be considered competitors to Illuvium. The first ever blockchain-based game, Cryptokitties, remains popular in 2022. Having first launched in 2017, Cryptokitties was way ahead of the crypto-based gaming curve. It was an immediate success upon release but has since decreased in popularity.

Other, more recently released competitors include the likes of Axie Infinity, Alien Worlds, Splinterlands, Farmers World, and Upland.

 

What Are the Future Plans of Illuvium (ILV)

According to the Illuvium roadmap, the company still has a few major hurdles to jump. By the end of 2022, Illuvium hopes to have Illuvium: Zero launched, as well as Public Beta and Private Beta.

Throughout 2023, Illuvium hopes to develop and release a mobile version of the game. Based on the success of both the desktop and mobile versions, Illuvium may also branch into making console games.

If all goes well after that, Illuvium will begin to plan its next crypto game, which could lead to a series of Illuvium games.

Pros and Cons of Illuvium (ILV)

Below are some of the pros and cons of Illuvium.

Pros

• Excellent gameplay and a fun way to earn crypto.
• All in-game revenues are returned to those who deposit their crypto on Illuvium’s staking platform.
• Transactions are performed instantly.
• An immersive world with contemporary graphics.

Cons

• Not currently available on mobile phones.
• Illuvium staking may mean having to lock away your crypto for a year.

 

https://dappradar.com/rankings/category/games

https://coinmarketcap.com/currencies/illuvium/

https://bitcoin-trading.io/nft/play-to-earn-games/illivium#t-1630420915834

https://zipmex.com/learn/illuvium-game/

https://academy.binance.com/en/articles/what-is-illuvium-ilv

https://cointelegraph.com/metaverse-for-beginners/how-to-play-the-illuvium-ilv-game-a-beginners-guide

https://docs.illuvium.io/whitepaper/dao/

https://blockworks.co/everything-you-need-to-know-about-illuvium/