Illuvium Secures $12M Investment to Advance NFT Interoperability in Ethereum | Coinspeaker

Illuvium Secures $12 Million Series A Funding for Gaming Expansion and Enhanced User Experience

New York City, March 26, 2024 – Illuvium, the Ethereum-based interoperable blockchain gaming platform, has closed a $12 million Series A funding round led by four prominent venture capital firms: King River Capital, Arrington Capital, Animoca Brands, and The Spartan Group. Notable investors participating in the round include P2 Ventures, Nomura's Laser Digital, 32-Bit, and Seven Capital.

Strategic Investment for Gaming Growth and User Experience

This latest capital injection brings Illuvium's total funding to $60 million. Unlike previous fundraising efforts, the company plans to allocate the funds towards expanding its gaming offerings and enhancing the user experience.

Illuvium aims to develop a series of interconnected games within its ecosystem. The first title, Illuvium Arena, is slated for release in the second quarter of 2024 and promises an immersive experience akin to the popular Pokemon Go game. Players will engage in monster battles, explore open-world adventures in Illuvium Overworld, and build bases in Illuvium Zero, with the unique feature of transferring NFTs seamlessly across all games.

By leveraging the Ethereum network and Immutable X for accelerated transactions, Illuvium strives to create a cohesive and engaging gaming experience, allowing users to interact with shared assets in multiple titles. The platform has garnered a significant user base of over a million registered players eagerly anticipating its launch.

Innovative Profit-Sharing Model

Complementing the upcoming game releases, Illuvium has introduced a novel profit-sharing system that enables staked investors holding the platform's native token, ILV, to receive 100% of all in-game revenues generated through the use of the digital asset. This initiative aligns with Illuvium's vision of creating a sustainable ecosystem that incentivizes players to participate and invest.

"Redirecting all in-game revenues to staked investors is a significant attraction for ILV and resonates deeply with our community," said Kieran Warwick, CEO of Illuvium.

Airdrop Distribution Anticipated

In addition, Illuvium Labs, the development team behind the platform, has hinted at the possibility of an airdrop distribution to players. The company anticipates distributing ILV tokens, currently valued at over $150 apiece, as rewards for contributions to the community. The total value of the airdrop is estimated to be $25 million.

"Whispers circulate within the game's community regarding a sizable airdrop worth more than $25 million," Illuvium Labs stated.