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Illuvium sells over $72M in digital land plots: should you buy ILV?

By:
on Jun 7, 2022
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  • Ethereum-based game Illuvium has sold over $72 million in NFT digital plots of land.
  • These plots of land provide various benefits throughout the upcoming PC and macOS game.
  • This could lead to an increase in the value of the ILV cryptocurrency.

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Illuvium ILV/USD is a blockchain game that features a play-to-earn (P2E) structure where users can essentially earn in-game rewards in ILV tokens through engaging in the various activities of the game. 

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The token is used to reward players for their in-game achievements, entitles them to a share of the Illuvium Vault, and is used for participation in the governance of the game through the Illuvium DAO.

The $72 million gained from the sales of land plots as a catalyst for growth

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According to an official announcement from the Illuvium Twitter page, the sale saw nearly 20,000 digital land plots sold to investors and prospective players.

All of the Illuvium non-fungible token (NFT) lands run on Immutable X, which is a layer-2 scaling solution for Ethereum which enables cheaper, faster, and a lot more energy-efficient transactions.

An NFT fills the role of proving ownership of a digital asset, such as an artwork or a collectible, and is used in the game world as a land, a player avatar, and for apparel and weapons. Illuvium will feature 100,000 total land plots.

The holders of these land plots can receive access to various in-game benefits, such as extracting fuel which can be sold to other players for a potential profit.

Should you buy Illuvium (ILV)?

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On June 7, 2022, Illuvium (ILV) had a value of $270.24.

In order for us to get a better perspective as to what this price point represents for ILV, we will go over its all-time high as well as its performance throughout the previous month.

The all-time high of Illuvium (ILV) was on November 30, 2021, when the token reached a value of $1,911.26.

When we go over the performance of the token throughout the previous month, Illuvium (ILV) had its highest point of value on May 5 at $503.36.

Its lowest point of value was on May 26 at $255.52. Here, we can see that the token decreased in value by $247.84 or by 49%.

However, from May 26 to June 7,  Illuvium (ILV) increased in value by $14.72 or by 5%.

With this in mind, ILV is a solid buy as it can reach $320 by the end of June 2022.

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