/Cardano Backed Metaverse Project Pavia’s Land Price Skyrockets

Cardano Backed Metaverse Project Pavia’s Land Price Skyrockets

Last week, Cardano network launched Pavia, a gaming application on the Metaverse. This stands as the first metaverse project operated on the Cardano blockchain.

The use of non-fungible tokens (NFTs), which operate with the same blockchain technology as cryptocurrencies, is increasing. They enable investors to get tokenized assets of their favorite art items, idols, places, etc. NFTs create representations of both tangible and non-tangible items.

According to its design, Pavia has about 100,000 land parcels issued. Each land parcel’s minting is a non-fungible token, NFT, that possesses individual coordinates.

Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think?

The pre-selling of the parcels kick-off since 2021 with more than 60% done between October and November. Also, there is a rush for the remaining portions which will be on sale within the first quarter of 2022.

The functionality of Pavia’s native token is as an in-game asset. An airdrop of Pavia’s native token was made to NFT landholders. This was after the blockchain’s snapshot in December 2021.

According to data from MuesliSwap, a Cardano-based exchange, Pavia tokens are selling around 20 cents per coin at the press time. Also, it has a market cap of more than $107 million.

Cardano
ADA shows a 6% decline on daily chart | Source: ADA/USD on TradingView.com

Furthermore, Pavia landowners are more than 8,300. The data has it that the users were unable to deploy assets over their land on Monday. Caution documents from Pavia have warned customers that they can neither visit nor deploy content to the plots. This was due to the development stage of the land parcels.

More Craving For Metaverse Projects On Cardano

The emergence of Pavia on Cardano is during the period of incredible carvings for virtual parcels of land. Presently, the sale of virtual plots of land runs into millions of dollars on several blockchains such as Ethereum.

The value for land plats on Pavia runs as huge as 30,000 Cardano on CNFT, the Cardano NFT marketplace. This amount is equivalent to about $45,600 at the press time.

The Metaverse is recently getting more attention. It is a virtual world that provides people with unrestricted interactions like the real world.

This distinguishing factor is its digitalization of operations. The functionality of the Metaverse is attracting several firms as they intend to create their appearance on the platform.

One of the companies interested in the Metaverse includes Binance.US, developing on Portals, an office. Portals is a Solana-based metaverse project.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

Also, Samsung, a global electronics maker, launched a metaverse brand of its New York City flagship store. This launching took place this January on Decentraland.

Featured Image From Britannica and chart from TradingView.Com