Smart contract token Cardano has surged in value over the past 24 hours following the launch of a metaverse project called Pavia. Seven-day stats show Cardano’s price is up 30.9% over the week to take the fifth-largest crypto market cap position as of Sunday night (EST).
NFT and Metaverse Project Pavia increase the price of Cardano
Cardano (ADA) has seen its price surge over the past seven days and 24-hour stats show ADA is up 9.5% against the US Dollar. Cardano is a smart contract network, similar to Ethereum, and over the past 12 months, the value of the crypto asset has increased by 336.5%. However, Cardano has been criticized in recent months for the project’s smart contract capability and the fact that ADA-based decentralized financial assets (Defi) and non-fungible token (NFT) assets were almost non-existent.
Cardano (ADA) chart on Jan 17, 2022.
Recently that has changed, and today defillama.com metrics show that a total value of almost $3 million is locked in Cardano-based Defi protocols. Additionally, Cardano-based NFTs are now entering the NFT space with projects such as Clay Mates, Yummi Universe, Spacebudz, Pavia, and Cardano Kidz.
On January 15, 2022, the NFT and Metaverse project called Pavia.io was officially launched and ADA supporters believe that it will be a competitor to blockchain metaverse protocols like The Sandbox and Decentraland. Pavia’s website states:
Create, explore and trade in the first-ever Cardano virtual world owned by its users.
Pavia’s card has a total of 100,000 virtual packs, Cardano’s price is still 50% lower than the all-time high
The Pavia announcement notes that 100,000 properties have been minted as non-fungible token (NFT) assets. According to the website, US and UK citizens have been banned from the land sale that took place in late 2021. Land sale 1 sold 29,000 parcels, while land sale 2 sold 31,000 parcels. Additionally, in December, the project took a wallet snapshot to dump 25% of the project’s PAVIA utility tokens to Cardano-created Metaverse patrons.
The name Pavia comes from the Italian birthplace of the renowned mathematician Gerolamo Cardano. “In total, Pavia.io has about 100,000 land packs, each coined as a unique NFT with coordinates. At the time of writing, the project has sold approximately 60% of these lots from October to November 2021. A finale is planned for the first quarter of 2022,” said the announcement of the start of the project.
Today, while the global cryptocurrency market economy is down 1.3% to $2.17 trillion in the last 24 hours, ADA managed to stave off the losses. ADA today has a global trading volume of $3.3 billion and a market valuation of around $48.9 billion. While ADA has been on an increase lately, at $3.09 per unit it is still more than 50% below its all-time high (ATH) five months ago on September 2, 2021.
tags in this story
ada, ADA Gains, ADA Metaverse, ADA Surges, Cardano, cardano (ADA), Cardano Metaverse, Cryptocurrencies, DeFi, Defi TVL, defillama.com, Gains, Markets, Metaverse, Metrics, nft, NFTs, Percent Gains, Prices, Smart Contracts, statistics, trading volume
What do you think of Cardano’s Metaverse push and the price surge following the launch of Pavia’s Metaverse project? Let us know what you think about this topic in the comment section below.
Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.
Image credits: Shutterstock, Pixabay, Wiki Commons, Pavia.io, Tradingview,
Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More Popular News
In case you missed it
Near Foundation raises $150 million to boost Web3 adoption
On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors including Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital and Circle Ventures. Following the announcement, Near Protocol’s native crypto asset surged more than 7%…read more.