AdaSwap, an ecosystem builder that will establish one of the first DeFi protocols on the Cardano network, today announced the launch of an exclusive NFT marketplace that promises to create more value for artists, buyers and $ASW token holders alike.
AdaSwap, which is backed by Shima Capital, iAngels, Pluto Digital, GBV, Market Across, Efficient Frontier, GATE.IO, Onchain Capital, Stardust and Gal Gadot, is aiming to become the biggest innovator within the Cardano ecosystem, and the launch of ADANFT is a key step in that plan. Not only will it grow Cardano’s relevance in the NFT space, but it will also bring more users into AdaSwap’s ecosystem and generate greater value for the $ASW tokens that are tradeable on GATE.IO by creating more incentives to hold the tokens.
ADANFT by AdaSwap will ensure this by leveraging two revolutionary new protocols that have never been implemented in the space, including a unique voting system and a carefully designed tier structure for users. Through these protocols, ADANFT will avert some of the most common issues that plague today’s most popular NFT marketplaces.
Many NFT platforms suffer from poor curation, with hundreds of copycats impersonationg famous NFT collections such as the Bored Ape Yacht Club.This can be misleading and cause confusion for users. Add to that, most NFT marketplaces today are boasting high gas fees from the Etheruem Chain while ADANFT enjoyes very low gas fees from the Cardano chain. There’s also a lack of decentralization on existing NFT marketplaces, meaning that their users have no control over which collections are listed.
The ADANFT Voting System will ensure that only the highest quality artwork and collections are curated. It provides a mechanism for users to vote for their favorite NFT art each week. Based on the results of each weekly vote, community-selected moderators will process the top artworks and give a green light to new collection drops, ensuring that only the most unique and interesting art will grace ADANFT, with no inauthentic rip-offs of renowned NFT collections.
ADANFT will also generate rare and ultra-rare NFT exclusivity through its novel Tier System. At launch, there will be three tiers for ADANFT users, based on their $ASW token holdings – Silver, Gold and Platinum. The system is designed to create more value for the most exclusive NFTs sold on ADANFT as only users with higher tiers will be able to purchase them. Over time, the Tier System will evolve to implement user activity, voting participation and other metrics, providing a strong incentive for the community to increase their engagement with the platform.
“In the pursuit of gamifying the AdaSwap DEX we looked towards the new frontier of blockchain technology and changing trends, the NFT realm fit perfectly,” AdaSwap CEO Lennon Qualmann said in a statement. “We are aiming to change the way NFTs interact with traditional finance protocols as well as changing the way NFTs are traded by bringing forward new and exciting ideas”