The Cardano ecosystem is booming and seems on track to keep on expanding over the long term. The network registered record growth after the implementation of smart contract capabilities with the Hard Fork Combinator (HFC) event “Alonzo” with over 1,000 launching on Cardano.
Cardalonia (LONIA), a Metaverse-based decentralized application (dApp) on this network, has attracted a lot of attention. The project will allow digital landowners to create, build, trade, and provide other users with a decentralized and unique experience by leveraging the power of non-fungible tokens (NFTs).
The project announced its upcoming land NFT sales and immediately saw a positive response from the crypto community. Over 300 users staked their LONIA tokens in anticipation of this event.
The pre-sales require users to stake 7,000 LONIA tokens for an opportunity at acquiring a land NFT on the platform. Only users with this amount will be able to access the digital assets at the pre-sale price and become early investors in a sector poised to disrupt a multi-billion dollar industry.
Big tech behemoths are already making their move into the digital space trying to build their own Metaverse. From luxury brands to financial institutions like JP Morgan Chase, the Metaverse seems an inevitable part of the future.
The LONIA tokens will allow users to unlock the full potential of the Cardano-based Metaverse platform. These digital assets will enable them to purchase and trade with land and earn rewards.
Thus, why the project has generated a lot of hype, and why the trend will continue when these assets are available on crypto exchange platforms. In addition to the above, Cardalonia is the first Metaverse built on top of Cardano.
Why Cardano Is Set To Support The Future Of The Metaverse?
This blockchain is in the process of implementing upgrades via another HFC event, called “Vasil”. This will provide the network with more scalability, better performance, security, and more decentralization.
These elements make Cardano a prime candidate to consolidate a privileged position in the Metaverse and NFT sector. Cardalonia will amplify this blockchain’s capabilities by enabling users to stake their LONIA tokens with a non-custodial platform and earn a 20% annual percentage yield (APY).
Thus, granting users further utility with their assets. At the time of writing, Cardalonia has seen over 6 million LONIA tokens staked in its platform which hints at the massive potential for future growth.
The project began its pre-sale on July 5th and will continue and managed to fill 50% of the offer in just a month. The pre-sale will end in late August, according to a recent update from the team behind the project.
LONIA tokens are being sold at a 1 ADA = 12 LONIA parity. The minimum purchase to participate in the pre-sale has been set at 250 ADA.
NFTs and the Metaverse are two of the hottest trends in the crypto market. These assets and their underlying technology have pulled in millions of dollars in capital while given users a mechanism to interact with content creators and artists in a unique and innovative fashion.
In the first half of 2022, and despite the current downside trend across the industry, the NFT sector recorded billions in total trading volume, as seen below. At the same time, the Metaverse is being developed by some of the biggest companies in the world, including Meta and Microsoft.
Source a. DappRadar