Apparently, This Project Makes Cardano (ADA) Crypto Prices Skyrocketed During Market Corrections

JAKARTA – The increase in the price of Cardano (ADA) when the crypto market experienced a correction made ADA the center of attention. Data from Coingecko reports that ADA prices jumped 39.2 percent in the past week.

On the other hand, the increase was driven by a number of factors including the launch of the NFT project and the Pavia metaverse. Both projects succeeded in pushing ADA prices even higher. In the last 24 hours, Cardano managed to rise 3.0 percent.

Reporting from Bitcoin.com News, Cardano is a network of smart contracts similar to Ethereum, and over the past 12 months, the crypto asset has increased in value by 336.5 percent. However, Cardano has been criticized in recent months for the number of uses of its smart contract project and the fact that decentralized financial assets (defi) and non-fungible tokens (NFT) based on ADA are almost non-existent.

Recently, the criticism of ADA began to fade. The defillam.com metrics show approximately $3 million total locked-in value (TVL). In addition, Cardano has also entered the NFT space and the metaverse with a number of projects namely Clay Mates, Yummi Universe, Spacebudz, Pavia, and Cardano Kidz.

On January 15, 2022, the NFT and metaverse project called Pavia.io was officially launched and ADA supporters believe it will become a competitor to blockchain metaverse protocols like The Sandbox and Decentraland.

"Create, explore and trade in the first user-owned virtual world of Cardano," Pavia wrote on its official website.

In addition, Pavia also announced that 100,000 virtual land parcels had been minted as non-fungible tokens (NFT). Cardano's metaverse, Pavia, is named after the Italian mathematician Gerolamo Cardano's birthplace.

“In total Pavia.io has around 100,000 plots of land, each one printed as a unique NFT with coordinates. At the time of writing this project has sold approximately 60 percent of this plot of land from October to November 2021. Finals are scheduled for Q1 2022,” reads Cardano's metaverse project announcement.

At the time of writing, data from Coingecko reveals that the ADA cryptocurrency is trading at the level of IDR 22,440. Meanwhile, the all-time highest price (ATH) for Cardano is at the level of Rp. 44,039 which was recorded on September 2, 2021.