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The blockchain gaming studio plans to use its latest investment to expand its gaming offerings and build on user experience.
Ethereum-based interoperable blockchain gaming platform Illuvium has joined a growing list of Web 3.0 companies receiving investments from venture capitalists this year.
On Wednesday, March 26, the company announced the successful completion of a $12 million investment round led by four venture capital companies: King River Capital, Arrington Capital, Animoca Brands, and The Spartan Group. Other companies such as P2 Ventures, Nomura’s Laser Digital, 32-Bit, and Seven Capital also contributed to the series A funding round.
Illuvium Set to Launch New Game Titles This Year
The firm, founded by Kieran Warwick, who serves as CEO, Aaron Warwick, and Grant Warwick, has conducted a series of fundraising events in the past.
Last year, Illuvium received $10 million in an investment round in May. However, with the latest round, the company has accumulated a total of $60 million in funding.
Unlike the previous fundraisings, the blockchain gaming studio plans to use its latest investment to expand its gaming offerings and build on user experience.
🤝Series A Funding Raise Closed
🎉 We’ve successfully closed our Series A funding, raising $12M from top industry firms! This allows us to expand our game offerings and build on our player experiences.
We want to thank our investors:
– @Arrington_Cap
– @KingRiverVC
-… pic.twitter.com/UyKgKV02mJ
— Illuvium (@illuviumio) March 26, 2024
The blockchain firm will develop its first series of interconnected games within its ecosystem. The game, scheduled to launch in the second quarter of 2024, promises an experience similar to the popular Pokemon Go.
The Illuvium gaming universe features three interconnected titles: the monster-battling Illuvium Arena, the open-world adventure Illuvium Overworld, and the base-building game Illuvium Zero. These titles are designed to utilize the same NFTs seamlessly across all games.
These games are integrated into the Ethereum network and utilize Immutable X for accelerated transactions. According to the release, the move aims to create a cohesive and immersive experience for players, allowing them to interact with the same assets across different games.
Illuvium has amassed a user base of over a million registered players eagerly anticipating the game’s launch.
Illuvium Unveils New Profit-sharing System
In addition to the upcoming games, the company has introduced a new revenue-sharing system that allows staked investors who hold the platform’s native token, ILV, to receive 100% of the in-game revenues paid using the digital asset.
The move is part of the company’s strategy to incentivize players to stake their tokens, creating a sustainable ecosystem for both players and investors.
“The concept of redirecting 100% of all in-game revenues to staked investors is a major draw for ILV and resonates strongly with our community,” said Warwick.
Airdrop Distribution
Meanwhile, Illuvium Labs, the brains behind the platform’s development, also hinted about possible airdrop distribution in the release. If all goes as planned, the company said players could receive ILV, which is currently worth above $150 per token, as a reward for their contributions. The airdrop allocation is estimated to be worth $25 million.
“There are whispers of a significant airdrop planned for the game’s community rumored to be worth more than $25 million,” reads the release.
