Illuvium is one of the largest, open-world, role-playing games based on top of blockchain technology that is entirely built on top of the Ethereum (ETH) blockchain network.
However, Illuvium also features its own native cryptocurrencies known as the ILV token, alongside sILV, and even supports non-fungible tokens (NFTs) that can represent anything in the world, which ultimately results in play-to-earn (P2E) mechanics.
If you have ever wanted to accept cryptocurrency payments in the form of the Illuvium (ILV) cryptocurrency, today, we are going to go over everything you need to do in order to accomplish this goal.
Key Points:
- Illuvium is an open-world fantasy battle and role-playing game (RPG).
- Players can engage in the world and battle in-world creatures as well as other players and participate in quests and daily challenges, after which they can earn crypto.
- ILV is the native cryptocurrency that is used to power the game, as it is used for purchasing in-game items as well as being gained as a reward. Users can also stake the token to earn a share of the game revenue distribution and even vote on everything from tokenomics-related issues to in-game features.
- By utilizing the power of NOWPayments, anyone can, at any point in time, easily begin to accept Illuvium (ILV) payments.
What is Illuvium?
Illuvium (ILV) is a blockchain-based game that follows the role-playing game (RPG) genre and aims to build state-of-the-art characters with real-time character-focused gameplay, which will enable users a unique experience that they will not receive in other blockchain-based games.
Illuvium features a fully 3D environment and was designed by a team of artists that have had a lot of prior experience within the gaming space, ensuring that the game is appealing to look at.
Furthermore, Illuvium is secured by Ethereum (ETH) and built on top of Immutable X (IMX), which is a Layer-2 solution specifically built to help scale applications that feature non-fungible tokens (NFTs) as a functionality.
Due to the fact that it leverages the capabilities found by Immutable X, Illuvium can ensure that players are provided with the opportunity to essentially mint as well as trade their NFTs with zero-gas fees and gain instant transaction finality. They can also maintain custody of their assets whilst using IMX.
Furthermore, there’s the built-in decentralized exchange (DEX) platform named IlluviDEX, and there are Yield Farming capabilities.
Additionally, Illuvium (ILV) also takes advantage of the privacy-preserving as well as highly scalable infrastructure features found within Zero-Knowledge Rollups (zk-Rollups).
There’s also a decentralized governance structure that is built to benefit from the ecosystem’s native cryptocurrency, as well as the Illuvium decentralized autonomous organization (DAO).
Some of the key features found within the project include non-fungible tokens (NFTs), as well as zero gas- fees as well as fast transactions, alongside incentivized staking.
The aforementioned sILV token can be used to purchase in-game items and activities, including skins, enhancements, and even maps. It can be claimed straightaway and acts as the purchasing token for land sales as well. Each land also represents an NFT, which can be traded, bought, or sold with the usage of sILV.
Pros and cons of Illuvium payments
Pros:
- Illuvium features a unique yield farming reward system where users can earn ILV rewards by locking the cryptocurrencies for a period of one year before they can be withdrawn.
- ILV as a cryptocurrency is cheap and quick to transfer from one cryptocurrency wallet to another, making it ideal for payments.
- The project features a solid token release strategy.
- ILV token is an ERC-20 governance token that is built on top of the Ethereum network and can be utilized to govern Illuvium’s decentralized autonomous organization (DAO). The
Cons:
- The project is not as popular as others, and as a result, not as many people might utilize the token.
- Competing projects might feature quicker transaction times.
How to accept Illuvium payments?
If you run an online eCommerce website or business and are aiming toward allowing each and every one of your customers to essentially begin paying you in the form of the Illuvium (ILV) cryptocurrency, NOWpayments is a solution that can help your business accept Illuvium (ILV) payments with ease.
All you have to do is follow each one of these steps carefully in order to get started and accept the payment method.
- To start things off, you will need to create an account at the official NOWPayments website, which you can do so here.
- Once you have completed that step, you will now need to provide your Illuvium (ILV) cryptocurrency address.
- Afterward, you will need to generate your API key.
- Furthermore, once you manage to complete all of the aforementioned steps, you will be able to pick a tool through which you can accept the Illuvium (ILV) payments. You can check out all of the available options here.
Conclusion
Illuvium (ILV) payments will open up your business and store as a whole to a new target user base, which specializes in the usage of gaming-related or metaverse-related cryptocurrencies.
This means that you can take advantage of the numerous use-cases and capabilities found with the Illuvium (ILV) cryptocurrency and get the most out of it.
NOWPayments will assist any business in the process of accepting Illuvium (ILV) payments with ease and represents an all-in-one solution for any business needs and requirements you might have.