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Gaming Firm Illuvium Raises $12M Funding Led by King River Capital, Arrington and Animoca

Illuvium, a Web3 gaming company, has secured $12 million in a Series A funding round, drawing support from notable investors including Australian venture capital firm King River Capital, Arrington Capital, and Animoca Ventures.

This influx of funding is earmarked for the development of fresh games within the Illuvium ecosystem, aligning with the company’s preparations for its gaming releases slated for the second quarter of 2024.

lluvium Allows Players to Earn ILV Tokens

Illuvium stands out in the gaming sphere due to its innovative investment model. The company employs a revenue-sharing mechanism, allowing stakeholders in the protocol to reap rewards from in-game revenues. Through this model, players have the opportunity to earn ILV tokens.

Kieran Warwick, the co-founder and CEO, emphasized the appeal of redirecting 100% of in-game revenues to staked investors, stating, “The concept of redirecting 100% of all in-game revenues to staked investors is a major draw for ILV, resonating strongly with our community.”

While Illuvium may present a more intricate gaming experience compared to some Web3 games, its play-to-earn ecosystem caters well to strategists and offers a network of interconnected games. Recently listed on Epic Games, this AAA game boasts graphics and gameplay that have broadened its appeal to a mainstream gaming audience. According to reports by Eric Huffman, the ecosystem comprises four games in total, with two currently undergoing early testing.

Illuvium Beyond introduces players to the exciting world of Illuvatars, unique collectible NFTs that they can compete to create.

Early access to Illuvium Arena (PVP) is now available. New players receive three pre-built decks of cards in Illuvium PVP, assembling teams of Illuvials to enter the PVP arena. As you progress through the game and level up your Illuvials, you can enhance your team with suits, weapons, and augments. Moreover, players can fuse Illuvials to create new ones or advanced forms that prove more formidable in battle.

The Illuvial ecosystem offers multiple avenues for rewarding players: capturing Illuvials to sell on the marketplace, securing a spot on the leaderboard to earn ILV, or staking ILV to earn either ILV or sILV.

$100M Gaming Fund Launched

Recently, King River Capital, Immutable (a blockchain gaming firm), and Polygon Labs revealed their collaboration to introduce a $100 million gaming fund.

Named the “Inevitable Games Fund,” this venture marks a pioneering move as an “ecosystem-agnostic fund,” aimed at identifying promising high-growth opportunities for investors. King River Capital, a VC firm, will spearhead the investment process, supported by the specialized expertise of the other two firms in sourcing and Web3 gaming.

Gaming Revenue to Grow in 2024

In 2023, it’s estimated that blockchain gaming-related funding rounds totaled $1.7 billion, with a substantial portion directed towards the 270 blockchain games currently in development on Immutable’s platform.

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