Want to jump straight to the answer? You can buy ILV on Crypto.com today.
Most people would probably agree that 2021 brought the large-scale integration of video games and cryptocurrency. Metaverse games such as Decentraland and The Sandbox took off while others such as Axie Infinity continued to gain popularity. Illuvium is hoping to join this movement, but with its own spin on things. Illuvium is hoping to create a AAA video game based on the Ethereum blockchain.
What Is Illuvium (ILV)?
Illuvium is a project that integrates AAA video games with Ethereum. AAA video games are those created by major publishers and receive the most hype, have the best graphics and generate the most sales.
The Illuvium game functions as a role-playing game where users battle among mythical creatures. It incorporates exploration, collecting, auto-battling and science fiction to create a unique environment. Users explore and collect new beasts, or Illuvials, which they can take into battle. Battles put ILV on the line, and the winner can earn tokens.
To go beyond just a typical video game, Illuvium incorporates blockchain technology into its development. It intends to have features such as governance, staking, non-fungible tokens (NFTs) and peer-to-peer transactions.
Governance will appear once Illuvium releases, allowing users to vote on proposals that will determine the future of the project. The more of the token you own, the more votes you can cast. However, the developers often own a large portion of the token supply so the voting can be lopsided.
Users can also stake their ILV tokens. This feature is available now, before the official release of the game. Users can give some of their ILV tokens to a pool where they can be used for a variety of purposes. For this, users can earn a reward. As of right now, users can earn over 330% APY on staking. However, stakers are locked into a 1-year term, which they can end early for sILV, a token that is only usable in-game.
Finally, the use of NFTs will be a major component of the game. Illuvials, emotes and badges within the game are represented as NFTs. Perhaps the most notable part of this system is that there will not be any gas fees for peer-to-peer transactions within the game. This aspect is interesting because Ethereum gas fees have risen tremendously in the past year. Doing away with gas fees could be a major attractor for the game. This feature will be possible through its built-in decentralized exchange, the IlluviDEX, which has not yet been released.
Illuvium has minted a handful of NFTs already, and some are selling for more than $50,000. These NFTs cannot be used in the game and are just for show. Many see this move as a sign that the game will be popular upon release.
Brief History of Illuvium (ILV)
Illuvium went public in April 2021 and began trading for under $70. It stayed stagnant until the end of November when it hit an all-time high of nearly $3,000. It has since declined and is currently trading well below its all-time high price.
The project has attracted major interest from venture capital firms, such as LD Capital and Lotus Capital. These firms, along with a variety of individual investors, contributed millions of dollars for a stake in the project.
How to Buy Illuvium (ILV)
Now that you understand the basics of Illuvium, you may be considering purchasing the token. Fortunately, it is readily available for purchase on the Poloniex exchange.
Step 1: Open an online account.
The first step to purchasing ILV is to open an account on Poloniex, which is fast and requires only an email and password. You then provide basic personal information to verify your account. After this, fund your account using a bank transfer.
With your funded account, purchase either Ethereum (ETH) or Tether (USDT). You need one of these to swap for ILV. Tether is a stablecoin that is pegged to the U.S. dollar, so it is not as volatile as other tokens.
Step 2: Buy a wallet (optional).
While it is easy to store your ILV directly on an exchange, it may not be the safest. Wallets are often considered to be safer as they give users full custody over their funds.
Best Hardware Wallet: Ledger
Hardware wallets are physical devices that store the private keys needed to send crypto. Without the physical device present, crypto cannot be sent.
Ledger is a leading brand of hardware wallet that supports the Ethereum chain. It offers Nano S and Nano X models. The Nano S is simple and offers basic security while the Nano X supports ease of use with bluetooth and a larger screen.
Best Software Wallet: Coinbase Wallet
Software wallets store the physical keys online. While not as safe, it still gives users full custody over their crypto holdings. Coinbase has a custodial wallet that works seamlessly with Coinbase's suite of applications, and it's a great choice for beginners in crypto that are looking to do more with their digital assets.
Coinbase Global Inc. (NASDAQ: COIN) offers a software wallet that combines ease of use with security. It supports Ethereum-based projects as well as hundreds of other tokens. It also employs three-factor authentication and cold storage to help protect your funds.
Step 3: Make your purchase.
Once you have ETH or USDT, navigate to the ETH/ILV or USDT/ILV pair. Enter the amount of ILV you would like to purchase and execute the trade. From there, your ILV will be stored in your portfolio.
Bonus Section:
Keep an eye out for the release of the Illuvium game. Its release will almost certainly impact the price.
Trade, Sell or Convert your Illuvium (ILV)
To convert your ILV, navigate to your position and find a desirable pair. Once you have a pair you like, enter the amount and execute the trade. Your new token will be stored in your portfolio.
To sell your position, convert it back to ETH or USDT. After this, you can sell your position for fiat currency and deposit into your bank account.
Current Crypto Prices
The beginning of 2022 has not been kind to the crypto markets. Major tokens have lost over 20% of their value since the beginning of the year, and most tokens are down overall.
Some say that this is the beginning of a bear market,while others see it as a small correction. It could be either, so it is important to keep track of prices. You can do so through Benzgina’s up-to-date price table.
Is Illuvium (ILV) a Good Investment?
As of right now, Illuvium is entirely speculative. Nobody knows what the game will exactly look like or if the promised decentralized finance (DeFi) features such as its DEX will materialize. The developers have also revealed no set release date.
Conversely, the project has raised millions of dollars and grown a large following. The project has strong ideas and many have recognized its potential.
Ultimately, Illuvium’s success will come down to the release of the game. If it happens and is positively received, then the token could appreciate. If it is never released or is negatively received, then the token could depreciate. Either way, the token’s future price seems dependent on the game’s success.
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About Caden Pok
Caden has been involved with crypto since 2018, when he began investing, trading, and mining tokens. He took part in undergraduate research studying cryptoeconomics at the University of Michigan, where he will graduate Phi Beta Kappa with a bachelor’s in economics in 2025. He is experienced with DeFi technology and multiple blockchains, currently investing in Ethereum and Bitcoin.