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

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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. 

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

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)?

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

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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.

The post Illuvium sells over $72M in digital land plots: should you buy ILV? appeared first on Invezz.

from Market Analysis – Invezz

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