Cardano (ADA) Metaverse Launches With Thousands Investing in Its Digital Real Estate

Play-to-earn gaming and non-fungible token (NFT) project Pavia is premiering on the Cardano (ADA) network months after the fifth-largest blockchain by market cap rolled out smart contract features.

In a press release, Pavia says that it is the “first Cardano metaverse,” a virtual reality space that allows real-world activities and forms to be replicated digitally.

While the Cardano network is named after the Italian mathematician Gerolamo Cardano, the Pavia metaverse project is named in honor of the mathematician’s birthplace – Pavia, Northern Italy.

The metaverse project says that it has approximately 100,000 NFT land parcels and 60% have already sold out. Pavia says that 29,000 land parcels were sold during the first phase and 31,000 land parcels during the second phase of the virtual land sales.

The digital land sales occurred between October and November of 2021 and there are now more than 8,300 virtual landowners in the Pavia ecosystem. Pavia also says that the NFT landholders received its in-game token, PAVIA, as an airdrop following a December of 2021 blockchain snapshot.

According to Pavia, buyers from the US and the UK were restricted from participating in the land sales “due to regulatory uncertainty.” The metaverse project says the final land sales will occur in the first quarter of 2022.

The Pavia land parcels are currently selling for as low as 750 ADA, approximately $1,110, and as high as 850,000 ADA, about $1.26 million, on the Cardano NFT marketplace CNFT.

ADA is trading at $1.48 at time of writing.

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Featured Image: Shutterstock/3Dsculptor