The smart contract token cardano has surged in value during the last 24 hours after a metaverse project called Pavia launched. Seven-day statistics indicate that cardano’s price has spiked 30.9% over the week and took over the fifth-largest crypto market cap position on Sunday evening (EST).
NFT and Metaverse Project Pavia Pushes Cardano’s Price Higher
Cardano (ADA) has seen a price increase during the last seven days and 24-hour stats show ADA has jumped 9.5% against the U.S. dollar. Cardano is a smart contract network, similar to Ethereum, and during the last 12 months the crypto asset has risen in value by 336.5%. However, Cardano has been criticized in recent months over the project’s smart contract capability and the fact that ADA-based decentralized finance (defi) and non-fungible token (NFT) assets were nearly non-existent.
) chart on January 17, 2022.
In recent times, that has changed and today, defillama.com metrics indicate that there is close to $3 million total value locked in Cardano-based defi protocols. Furthermore, Cardano-based NFTs are now entering the NFT space with projects like Clay Mates, Yummi Universe, Spacebudz, Pavia, and Cardano Kidz.
On January 15, 2022, the NFT and metaverse project called Pavia.io officially launched and ADA supporters believe it will be a competitor to blockchain metaverse protocols like The Sandbox and Decentraland. Pavia’s website says:
Create, explore and trade in the first-ever Cardano virtual world owned by its users.