Cardano Metaverse Pavia Land Prices Surge

A total of 60 percent of the 100,000 virtual land plots have been sold since the start of Pavia. The remaining 40 percent will go under the hammer later this quarter.

Pavia, a gaming application for the Cardano blockchain, launched this past week. Becoming the world’s first metaverse project on the blockchain.

There were some 100,000 parcels of land on Pavia. Each parcel was minted as a non-fungible token (NFT) with individual ‘coordinates’. More than 60% of these parcels are expected to be sold by the first quarter of 2022 after presales occurred in October and November 2021.

NFTs are electronic representations of intangible or tangible objects built using blockchain technology. It is generally understood that metaverses are digital worlds where people are able to interact just like they do in the real world.

Pavia building a presence

Pavia land prices surge

As an in-game currency, Pavia’s native token functions as an in-game currency. 25% of which have been airdropped to NFT landholders since the December 2021 blockchain snapshot. Data from Muesliswap, a Cardano-based exchange, shows Pavia tokens are currently selling for just over 20 cents apiece. And have a market capitalization of over $107 million.

Over 8,300 plots are now owned on Pavia, according to data. But once assets have been deployed, users can’t deploy assets on their plots. In documents from Pavia, the company warns that at this stage in the development, you cannot deploy any content on your land parcel.

As virtual land plots are being sold for millions of dollars on virtual ecosystems like Ethereum. The project comes at a time when blockchain-based land plots are being sold for millions of dollars. At the time of writing, the plots on Pavia were advertised on the Cardano NFT marketplace for as much as 30,000 cardano (*$45,600 at the time).

Businesses have recently flocked to the metaverse in an attempt to establish a presence. The list includes crypto exchange Binance.US, which is building a presence on Portals, a Solana-based metaverse project. Global electronics maker Samsung, which earlier this month opened a virtual version of its flagship store in New York City on Decentraland.

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