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First announced in early 2021, Illuvium promised a full release in 2023 but instead opted for an open beta, triggering raised eyebrows among early adopters and skeptics alike. Founded by the Warwick Brothers, Illuvium Studios has quickly gained financial backing, amassing $120 million in virtual land and NFT sales and additional investments of $60 million from venture capitalists during the early NFT craze. This rapid accumulation of capital came alongside hype; Illuvium’s crypto token soared to nearly $2,000 in value, only to plunge down to around $40 today—a 97% drop reflecting shifting market sentiments.