Illuvium Secures Additional $10M Funding From Framework Ventures

Quick take:

• Illuvium has received an additional $10 million investment from Framework Ventures.
• Framework previously invested $5 million in Illuvium’s seed round announced in March 2021.
• The latest round brings Illuvium’s total fundraisings to $15 million.

Illuvium has raised $10 million in additional funding from Framework Ventures. The AAA blockchain games developer previously raised $5 million in a seed round backed by Framework.

The company said it will use the fresh funding to accelerate the development of its upcoming AAA game as it moves closer to the open beta. Illuvium has also received financial backing from Delphi Digital and YGG.

Framework previously invested in a $5 million seed round for Illuvium in March 2021. The Metaverse gaming company has now raised a total of $15 million.

The latest investment is part of a $200 million web3 gaming fund announced by Framework when the company raised $400 million for a new crypto fund.

Illuvium’s web3 gaming journey began to take shape in September last year when co-founder, Kieran Warwick unveiled plans for its interoperable blockchain gaming model.

The company will introduce three interconnected inter-operable AAA games: Illuvium: Zero, Illuvium: Overworld, and Illuvium: Arena when it launches in open beta.

Illuvium will use the Immutable X network to power what it calls the world’s first interoperable blockchain game universe. 

In June 2022, Illuvium generated more than $72 million in NFT land sales. The company sold 19,969 out of 20,000 plots, with the remaining 31 plots held for giveaways.

Although web3 funding has slowed over the past 12 months, blockchain games have continued to attract investors, and are seen as a viable option to onboarding masses onto web3.

According to DappRadar, blockchain gaming activity continues to dominate on-chain transactions. According to data collected during April, blockchain games accounted for about 38% of all crypto transactions, despite witnessing a decline of 10% in daily active wallets.

Last month, Immutable X and Polygon collaborated to launch the Immutable zkEVM platform. The platform offers game developers infinite scalability whilst also giving them access to a wide community of gamers from the two ecosystems.

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