By Lewis - Cryptocurrency Enthusiast - 01/09/2021
The industry that combines gaming and investing, GameFi, is starting to see rapid growth in popularity in recent months. Due to increased interest in blockchain and DeFi gaming, many game-based cryptocurrencies have been seeing exponential gains. One example of this is Illuvium (ILV). Illuvium is a fantasy-adventure game where players can explore the open world and collect deity creatures. Reportedly, within two months, the price to buy ILV crypto dramatically increased by an outstanding 1765%. The cost to buy Illuvium actually hit a low of $29.32 back in June, but then grew to $545.26 by August 13. So, why has ILV grown so much in a short space of time?
Reportedly, there are about three highly possible reasons as to why Illuvium had seen such a large price rise. The first is that the ILV protocol allows for multi-asset staking. The liquidity pool allows investors to stake ILV, Axie Infinity (AXS), and Synthetix (SNX). Investors that hold ILV could stand to earn 39.77% revenue, or up to 79.53% if they locked their assets for a year. The next reason is that Illuvium has been releasing updates and sneak peaks of graphics, characters, and gameplay to excite potential players. Some of the characters have been customised for influencers such as Chico Crypto and Clix. Finally, Illuvium has been stepping up on its Non-Fungible Token (NFT) game. Investors can purchase Illuvial NFT characters prior to the game’s launch to get a head start on creature collecting.