3Space Art (PACE) Price

In its 2023 migration announcement, 3space Art stated that PACE was first issued on Ethereum in 2021 and was later wrapped onto Klaytn for use in rewards and voting. The project’s 2023 Art Pool announcement also stated that PACE could be used to vote on NFT candidate works deposited in the pool. PACE should therefore be understood as a token associated with the rewards, voting, and Art Pool exhibition-selection mechanisms described in 3space Art’s announcements, rather than as proof of ownership of a particular NFT. Holding PACE itself does not mean owning a work, qualifying for an exhibition, or receiving project revenue; NFT deposits and voting rules in Art Pool are a separate set of conditions.

According to the 2023 Art Pool announcement, PACE voting was used to select exhibition works from NFTs already deposited in the pool. The earlier part of the announcement stated that whitelisted NFTs or NFTs minted through 3space drops could become candidates if deposited one week before an exhibition; after a work entered the Art Pool, the community could vote with PACE, and the works with the most votes would receive an opportunity to be exhibited. However, the operating guide in the same announcement also stated that “currently, only NFTs collected on 3space drops are supported.” This leaves an unresolved difference in wording as to whether whitelisted NFTs could likewise be deposited and enter the selection process in that period’s actual operation, so neither eligibility category should be treated as unconditional, confirmed operational eligibility. The guide also specified that a single vote could use at most 10,000 PACE; all staked NFTs could receive participation rewards, and works receiving the highest votes and being selected could receive the PACE voted for other staked works. NFTs could be unstaked only after the exhibition ended. These were all arrangements described in the 2023 announcement and do not establish that the same conditions still apply to current activities.

The PACE total issuance listed by the project in its 2023 migration-completion announcement was 100,000,000 tokens. Total issuance represents the total-token basis used in that announcement; it is not the same as the circulating amount tradable on the market or already in users’ wallets at a given point in time. To assess tradable supply, it is also necessary to distinguish whether tokens have been allocated, remain in project or contract addresses, or are affected by lockups or migration status. Those states cannot be determined merely from “a total issuance of 100 million tokens.” Therefore, the total issuance in the announcement cannot by itself be used to determine current circulating supply, much less draw a price conclusion on its own.

oPACE was the earlier version used by the project on the Klaytn side, whereas PACE was the version used on Ethereum after the project’s migration. The project’s 2023 migration plan stated that early PACE had been wrapped onto Klaytn through Orbit Chain because Ethereum transfer fees were high, for use in rewards and voting. The project subsequently planned to exchange oPACE holders’ tokens back into PACE on Ethereum and move subsequent reward, voting, and liquidity arrangements to Ethereum. The plan specified a 1:1 exchange between oPACE and PACE. In May 2023, the project announced completion of the migration from Klaytn oPACE to Ethereum PACE and closed the web bridge entry point. The announcement explicitly stated that oPACE previously wrapped through Orbit Chain would be difficult to have automatically participate in PACE 2.0 through that mechanism again. This event changed the token version and the network on which it resided; it did not make the two tokens the same on-chain asset that could substitute for each other without confirmation. Therefore, for old holdings, transfers, or wallet displays, the key is first to confirm the token name, network, and the version corresponding to the contract. Directly transferring or operating oPACE on Klaytn as Ethereum PACE may fail to achieve the expected result because of a network or asset-version mismatch.