Cardano Backed Metaverse Project Pavia’s Land Price Skyrockets
January 21 2022 - 3:58PM
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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
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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. 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
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