Web3 gaming firm Illuvium from Sydney has raised $12 million in Series A funding. The round was led by Australian venture capital firm King River Capital, Arrington Capital, Animoca Ventures (invested in Bluwhale and peaq), and Spartan Group alongside other investors, including GoldenChain, Arca, Seliní, Laser Digital, P2 Ventures, Seven Capital, 32-Bit, and Yield Guild Games.
With this round, the total funding raised by the company accounts for $60 million. The funding will be used to develop new games within the Illuvium ecosystem as the firm gears up for its Q2 2024 gaming releases. The company is known for its efficiency in creating an immersive gaming experience using shared NFT assets.
Illuvium is on a mission to launch the first AAA-quality game in blockchain. It aims to bridge the gap between traditional gaming and the emerging crypto gaming market, setting a high standard for future titles and striving for mainstream adoption within the gaming community.
Interoperable gaming universe
Founded by lifelong gamers CEO Kieran Warwick, game designer Aaron Warwick, and art director Grant Warwick, Illuvium is all set to launch an interoperable gaming universe in the next three months. This universe is comprised of three interconnected titles, all designed to utilise the same NFTs across games seamlessly, offering a pioneering experience to players worldwide.
Its unique approach includes a revolutionary revenue-sharing mechanism, where protocol stakers benefit directly from 100% of in-game revenues.
A unique aspect of the Illuvium universe is Illuvium Zero, a mobile game in which landholders play a crucial role by producing fuel, an essential resource across Illuvium’s game titles. This novel mechanic creates an interconnected economy and encourages strategic decision-making and trade among players as fuel becomes a pivotal commodity within the gaming ecosystem.
Drawing comparisons to this year’s hit game Palworld, which grossed nearly $500 million, Illuvium is expected to captivate a similar audience with its creature capturing and battle mechanics, enhanced by the integration of NFT technology. This integration not only adds a layer of ownership for players but also complements their gaming experience with investment opportunities.
Kieran Warwick, the Co-founder and CEO, emphasises the appeal of this model said, “The concept of redirecting 100% of all in-game revenues to staked investors is a major draw for ILV, resonating strongly with our community.”
