As Non-Fungible Tokens (NFTs) explode onto the Cardano blockchain, the Metaverse officially arrives in the form of the pavia.io project, which is somewhat similar in style to Decentraland but build on proof of stake blockchain technology.
In the same way the Cardano blockchain took inspiration from the famous mathematician Gerolamo Cardano, this metaverse project takes its name from his 1501 Italian birthplace, Pavia.
As art-based NFT sales boom on Cardano, thanks largely to the CNFT.IO trading platform with its pre-smart contract launch in the summer of 2021 and low network transaction fees, early adopters now appear to be turning their attention to NFTs which offer more utility than a social media profile picture ‘flex’.
In total pavia.io has some 100,000 Land parcels, each being minted as a unique NFT with coordinates. At the time of writing the project has sold some 60% of these Land parcels from October thru November 2021. A final is scheduled for Q1 2022.
As with all metaverse projects Pavia has an in-game currency, $PAVIA, of which 25% was airdrop to Pavia NFT land holders following a blockchain snapshot in December 2021. 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.
The pandemic saw a surge in developments towards an overall Metaverse and predictions reveal a potential valuation of circa $800 Billion by 2024. With projects launching on multiple blockchains, it appears that Pavia with its first mover advantage may well be the peoples choice of the Cardano chain.