$ 72M Illuvium NFT Land Dutch auction saves buyers thousands in gas bills

$ 72M Illuvium NFT Land Dutch auction saves buyers thousands in gas bills – Mail Bonus

Open world blockchain game Illuvium managed to keep its average infallible symbol (NFT) trading fee at around $ 20 by holding the Dutch auction of the Illuvium X Layer-2 scale solution.

The price for hitting the NFTs was a fraction of the cost that users paid for hitting Yuga Labs’ Otherside sales. Illuvium reports that users spent only $ 350,000 in total fees to build nearly 20,000 plots worth about $ 72 million, all without reported network errors.

On the other hand, Saleside’s sales were plagued by problems. Users paid an average of $ 6,000 in gasoline fees and some up to $ 14,000. Ethereum was blocked as buyers tried to get their orders filled as quickly as possible.

The 19,969 plots were mainly sold to ILV owners in a Dutch auction format, as the unit price decreases over time compared to how many are sold before that. This allowed potential buyers to wait for the desired price range to place an order.

Illuvium co-founder Kieran Warwick said the sale was designed as an antidote to Ethereum NFT sales leading to wasteful deals that reward miners and cost the buyer.

The 4,018 ETHs raised in the sale, valued at $ 7.4 million, will be redistributed to the holder of the Illuvium native ILV symbol. However, buyers mainly used ILV tokens to make their purchases. 239,388 sILV2, a version of the cast ILV symbol will be burned.

This was a fairly impressive effort compared to the NFT bear market, which has experienced a sharp decline in volume over the past 30 days. Sales exceeded $ 137 million on May 6, down 78% to $ 31 million as of June 5, according to CryptoSlam’s NFT market operations.

Illuvium is a distributed fantasy RPG of an epic scale based on the large-scale battles of creatures called Illuvials.

Illuvium NFT Land plots are a key element of the game’s ecosystem. Land creates FUEL, which is used to capture game characters called Illuvials or sold for Ether (ETH). It will also be useful for Land in the upcoming Illuvium Zero game.

Warwick believes that Illuvium’s game design and iconography set it apart from other competitors in Game Finance. But he told the Cointelegraph that Illuvium was free to play for free players who were not yet willing to raise money. “It was not an option not to have a free version,” he said.

The game combines collection and built-in rarities. Warwick said each NFT character in the game, called Illuvial, was unique and the supply was staggering. One method of emptying the supply is to burn three others to equalize Illuvial.

Each Illuvial also comes in a kit that is only available for six months. Warwick said: “Every six months we produce a new set and you can never collect these Illuvials again.”

“So people can play for free as much as they want. Using class zero Illuvials and shards. But if they want to explore further with higher level characters, that’s when they start paying.

Illuvium will be cut back to address the current situation as the NFT gaming industry will see an 82% reduction in daily sales volume. The daily amount went to 70.3 million dollars on January 1, 2022, but amounted to only 13.7 million dollars on June 6, according to DappRadar, a distributed app (Dapp) tracker.

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