In the 24 hours since Pavia’s metaverse project launched, smart contract token cardano saw a surge in its value. Seven-day statistics indicate that cardano’s price has spiked 30.9% over the week and took over the fifth-largest crypto market cap position on Sunday evening (EST).
NFT and Metaverse Project Pavia Pushes Cardano’s Price Higher
Cardano (ADA), has experienced a price rise in the past seven days. 24-hour statistics show that ADA has risen 9.5% against the U.S. Dollar. Cardano, a smart contract network similar to Ethereum has seen a 336.5% increase in its value over the past 12 months. However, Cardano has been criticized in recent months over the project’s smart contract capability and the fact that ADA-based decentralized finance (defi) and non-fungible token (NFT) assets were nearly non-existent.
This has all changed in recent years. Today, defillama.com data indicate that Cardano-based NFTs have close to $3million total value. Cardano-based NFTs have also entered the NFT market with NFTs such as Clay Mates and Yummi Universe.
The official launch of Pavia.io, a NFT/metaverse project that was created on January 15, 2022 by ADA supporters. ADA believes it will compete with other blockchain metaverse protocols such as Decentraland and The Sandbox. Pavia’s website says:
Cardano’s virtual world is now available for users to explore, trade and create.
Pavia’s Map Has a Total of 100,000 Virtual Parcels, Cardano’s Price Still 50% Lower Than All-Time High
Pavia announced that 100,000 plots were minted in non-fungible token assets (NFT). The website states that U.S. citizens were exempted from land sales at the close of 2021. The first land sale sold 29,000 parcels, and the second saw 31,000 parcels being sold. Additionally, the project took a wallet snapshot in December to airdrop 25% of the project’s PAVIA utility tokens to the Cardano-crafted metaverse patrons.
Pavia’s name stems from the Italian birthplace of the renowned mathematician Gerolamo Cardano. “In total Pavia.io has some 100,000 Land parcels, each being minted as a unique NFT with coordinates. The project sold 60% of the Land parcels between October and November 2021 at the time this article was written. A final is scheduled for Q1 2022,” the project’s launch announcement details.
ADA managed to prevent the cryptocurrency market’s decline of 1.3% to $2.17 trillion in 24 hours. ADA currently has $3.3 Billion in worldwide trade volume and a market value of approximately $48.9B. ADA’s recent growth has been more than half that of its historic high (ATH), which was $3.09/unit on September 2, 2021.
What do you think about Cardano’s metaverse push and the rise in price after Pavia’s metaverse project launched? Comment below and let us know how you feel about the subject.
Image credit: Shutterstock, Pixabay, Wiki Commons, Pavia.io, Tradingview,
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