Virtual land prices are surging in Pavia, the first Cardano-powered metaverse project.
Pavia, named after the city where Italian mathematician Gerolamo Cardano was born, kicked off land sales in late 2021. There are a total of 100,000 lots in the whole Pavia metaverse, and more than 60,000 have already been sold. They are available for anyone except US and UK residents due to “regulatory uncertainty.”
Land parcels can be bought in Pavia using ADA, Cardano’s native token. At the time of writing, the cheapest plots of land can be purchased for around 800 ADA, or about $1,144. However, the most expensive parcel in Pavia is currently priced at 58,425 ADA, or about $83,547.
A complete list of Pavia’s land can be viewed on the Cardano NFT marketplace CNFT.
The parcels in Pavia currently have no content, and are empty plots of land that investors appear to be speculating on based on the virtual world’s first-mover advantage on the Cardano network.
The native token in Pavia is PAVIA, of which 25% was airdropped to Pavia NFT holders after the blockchain snapshot in December 2021, the project explained in a blog post.
“In an ecosystem before DeFi and fully functioning Decentralised Exchanges (DEXs) the tokens along with a small number of other native assets are being actively traded on mueseliswap.com which operates a basic, yet functional, order matching system.”
Cardano has enjoyed a much needed boost in activity in its ecosystem. Along with Pavia, Sundae Swap, the first Cardano-powered decentralizaed exchange (DEX), announced its planned launch for the 18th.
The DEX features yield farming, and 500,000 SUNDAE will be allocated each day over the first six months of operation to farmers participating in the liquidity pools.
During the flurry of catalysts in the Cardano ecosystem, ADA defied crypto markets rallying from the $1.10 mark all the above $1.60 in less than two weeks while most other large cap coins traded downward or sideways.