Pavia (PAVIA) reports current state of affairs ahead of rebranding
The first and perhaps the largest Cardano blockchain-based Metaverse is about to undergo a major update. We are talking about the Pavia project, which announced changes to the virtual world map, as well as the launch of a new version of the project’s website.
Our team are currently testing our brand new website and map UI ahead of our exciting rebrand! In fact, this will be the last time we tweet the https://t.co/fwayJSxbA8 in this style. Are you a Pavia map OG? #Cardano #Metaverse #OGMap pic.twitter.com/O50EH8ycdU
— Pavia.io (@Pavia_io) July 27, 2022
Pavia was launched in 2021, at the peak of the hype around this crypto market segment. Just as in another famous project, Sandbox, players here can buy land and in-game items that are NFTs or CNFTs, paying for them with PAVIA or ADA tokens. Since its launch, nearly 18,000 people have become owners of the virtual lands of the Pavia Metaverse, with a total turnover of more than 28 million ADA, according to the JPG Store.
Metaverse hype is far from over
It seemed that with the prolonged fall of the crypto market, the first thing investors would rush to get rid of would be the most profitable — that is, high-risk assets. As it turned out, the most affected sectors were NFTs and Metaverses. The prospects of these markets have not gone anywhere, and those crypto gaming projects that are still afloat are likely to receive a generous share from such a promising market in the future.
In turn, according to a recent analysis report from Technavio, the Metaverse real estate market alone is able to grow by more than $5 billion over the next 3.5 years, and the main growth factor will be the popularity of mixed reality and crypto.
At the same time, the inability to objectively assess the real value of properties in Metaverses is considered the main obstacle for the market. This makes sense because the largest Metaverses are built based on Ethereum, where even gas fees significantly emptied investors’ pockets and, therefore, the market tends to inflate. Add to that the crazy hype and greed of market participants, and you have the perfect bubble.
Cardano at least does not have problems with fees and pricing, so who knows, maybe the projects on this particular blockchain will have an advantage in the next few years.