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Illuvium is a blockchain-based NFT video game built entirely on top of the Ethereum platform. With the overall growth of the NFT metaverse and blockchain-based gaming sectors, Illuvium (ILV) token has surged to new highs amid the fantasy battle game’s rising popularity.
Illuvium (ILV) Sees Increased Price Performance
Over the past two months, Illuvium’s native ILV token has seen a positive price performance. According to data from CoinGecko, ILV after hitting a low of $29.32 on June 22, jumped to a new all-time high of 1,765% at $545.26 on Aug. 13.
The token’s tremendous price increase can be attributed mostly to the introduction of multi-asset staking features on the ILV protocol including the general growth of the NFT sector which has been increasing steadily since July.
On June 30, the team behind Illuvium introduced a new staking mechanism for the ILV token with later expanding its capabilities to include other play-to-earn blockchain video games like Axie Infinity (AXS).
Holders of the ILV token could earn a 39.77% yield from flexible staking that can be withdrawn at any time. While those willing to lock their tokens on the protocol will receive almost 80%.
Meanwhile, users who provide liquidity on SushiSwap can earn a yield ranging from 283% to 566%, depending on the amount of time locked.
NFTs are Here to Stay
Another reason for ILV’s growth includes the release of new custom character development for notable crypto influencers. The strategy helped drive interest in the project, with the added benefits of winning one custom NFT from the project.
Lastly, the overall growth of the blockchain-based gaming industry helped propelled the token's price increase. For instance, as of August 2, the total year-to-date accumulated volume on OpenSea was $1.02 billion. This signifies that the volume seen during the month of August was nearly three times higher than the total volume traded between January 1 and August 2 of 2021.