What is Illuvium and How Will it Fare?
Illuvium is a pioneer in the innovative blockchain gaming sector. The project is a blockchain-powered decentralised role-playing game (RPG) using non-fungible coins (NFTs).
The open digital environment of Illuvium allows players to search for in-game objects and animals (Illuvials) in the form of NFTs that users may utilise for battle, gathering, and trade. Illuvium uses Illuvial NFTs to represent combat items, skins, collectables, emotes, and other goods. These NFTs may be purchased and exchanged on sites like OpenSea, in-game, or the IlluvDEX, the linked decentralised marketplace.
The ILV token is an Ethereum-compliant ERC-20 governance token used to control Illuvium's decentralised autonomous organisation (DAO). The coin also earns money through in-game purchases on IlluviDEX to incentivise token liquidity; ILV tokens are also used as an incentive for locking liquidity within collaborating decentralised finance (DeFi) systems.
How the crypto gaming ecosystem works
Traditional RPGs place players in a universe where they manage a group of characters and are accountable for gaming decisions that affect future events. The more a character is utilised, the faster they may grow and gain new abilities and talents.
In Illuvium, players (known as Hunters) catch deity-like entities known as Illuvials, which can be kept on Shards. Illuvials are classified (Fighter, Guardian, Rogue, Psion, and Empath) and have affinities (Water, Fire, Earth, Air, and Nature), each with unique abilities. NFTs placed in the player's digital wallet symbolise Illuvials.
If a user catches many Illuvial types, they can be fused to become more powerful via a burning mechanism that shreds the present NFT to mint a more powerful form.
The blockchain-based game also employs a play-to-earn system in which users may earn in-game incentives through ILV tokens by competing or completing tasks. Users may also catch Illuvials and gather materials to purchase and sell on Illuvidex, the in-game marketplace.
Illuvium also has a multiplayer combat arena mode where gamers compete for ILV awards and a better rank.
Features of Illuvium
Through the Illuvium website, users may browse non-fungible tokens and purchase them on the OpenSea collectable marketplace. The Illuvium DAO mints these blockchain gaming objects in various formats, including Cosplay and Genesis Promo.
In addition to typical NFTs, Illuvium's system offers "lands," which are marketable and earnable in-game. The land is divided into five grades based on scarcity and quality.
Immutable X is a project created primarily to boost transaction throughput for usage with Ethereum blockchain gaming systems and NFTs. Illuvium leverages Immutable X's powerful Layer-2 scalability capabilities to offer rapid transactions and zero gas fees, accomplished through Zero-Knowledge Rollups (zk-Rollups), a type of privacy-focused Layer-2 scaling. Furthermore, to ensure the Illuvium platform's robust security, the system employs Zero-Knowledge Proof cryptography to prevent bad actors from obtaining users' private keys.
Staking is made feasible for gamers because smart contracts reward users. The staking method employs core and flash pools and the standard (ILV) and synthetic (sILV) versions of the ILV token. The ILV pool and the ILV/ETH pool are the two major core pool types that allow users to stake their ILV. Users may only stake ILV in the ILV token pool, but users can offer liquidity to the ILV/ETH pool (through ILV or ETH) in return for Sushi Liquidity Provider (SLP) Tokens, which users subsequently stake.
XYZ NFT protocol's XYZ token are two examples. In contrast, flash pools hold tokens from partner projects: the Axie Infinity Shards (AXS) token and the Universe. After staking their tokens, users have the choice of receiving their tokens in ILV or sILV. Those who opt to receive their prizes in ILV face a 12-month lock-up period. Those who prefer to receive their tokens in sILV can spend them instantly within the game to purchase NFTs and other blockchain game products.
Illuvium has relationships with numerous DEXs, including SushiSwap and 1Inch, with more to come. Once completed, IlluviDEX will allow players to trade in-game NFTs and ultimately have other capabilities.
The protocol is governed and maintained by ILV holders through the Illuvinati Council. ILV token holders vote to elect council members. Illuvium Configuration Change Proposals (ICCPs) and Illuvium Improvement Proposals (IIPs) allow council members to submit changes to the ecosystem (IIPs).
Price Prediction 2023
In 2022, Bitcoin's price was greatly influenced by high inflation and an exceedingly dangerous macroeconomic environment. When considering the internal crypto difficulties of major firms such as FTX, Celsius, Voyager, and Luna, 2023 seems to be better for the bulls. We're likely to witness a lot of dull sideways price activity, with a tendency to fall lower with each tiny market quake.
A month-by-month analysis of the final months of 2022 and 2023 is shown below:
Illuvium: Is it a good investment?
Illuvium, like all other cryptocurrencies, is a high-risk investment. It might hit $39.50 in the near future. In the long run (eight to ten years), it might reach $423.53 or more. Due to the compelling use case, well-designed tokenomics, active community, and a solid team behind it, it has a better possibility of going up than down.
What can cause Illuvium to fail?
For a variety of reasons, cryptocurrency ventures fail. Some of the most common are: a team goes rogue and abandons the project, regulators declare it illegal and press exchanges to delist it, a lack of media attention, more successful competitors, a lack of a well-designed marketing strategy, a loss of community support, a potential vulnerability in the protocol, failing to achieve the expected minimum development activity on the protocol, and failing to attract new developers to build on their platform.
Illuvium: The current price
The current price of Illuvium is $59.31, with a 24-hour trading volume of $14,097,003. In the last 24 hours, Illuvium has been down 8.18%. It now ranks #185, with a live market cap of $119,940,101. There are 2,022,096 ILV coins in circulation, with a maximum supply of 10,000,000 ILV coins.
If users are wondering where to buy Illuvium, the leading cryptocurrency exchanges for trading Illuvium stock are Binance, BTCEX, Bybit, BingX, and OKX.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.