AdaSwap, the ecosystem builder to establish one of the first DeFi protocols on the Cardano (ADA/USD) network, is launching an exclusive NFT marketplace, Invezz learned from a press release. It promises to create more value for buyers, sellers, and holders of the native ASW token.
AdaSwap is backed by Gal Gadot, Shima Capital, iAngels, Pluto Digital, GBV, Market Across, Efficient Frontier, GATE.IO, Onchain Capital, and Stardust and aims to be the most significant innovator within the Cardano ecosystem.
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The launch of its marketplace ADANFT is a critical element of these plans. It will increase ASW value, bring more users into the ecosystem, and augment Cardano’s relevance in the NFT space.
AdaSwap CEO Lennon Qualmann commented:
In the pursuit of gamifying the AdaSwap DEX, we looked towards the new frontier of blockchain technology and changing trends (and) the NFT realm fit perfectly. We are aiming to change the way NFTs interact with traditional finance protocols as well as the way NFTs are traded by bringing forward new and exciting ideas.
ADANFT will leverage two revolutionary new protocols: a unique voting system and a carefully designed tier structure for users. They will enable it to solve some of the most common problems today’s most popular NFT marketplaces face.
One common issue NFT marketplaces on the Ethereum Mainnet suffer from is high gas fees. ADANFT benefits from Cardano’s very low fees. It also addresses the issue with lack of decentralization on existing NFT marketplaces, giving users control over the collections they list.
The voting system will guarantee the curation of only the best artworks and collections. Users can vote for their favorite NFT art every week. When the vote results emerge, moderators chosen by the community will process the top works and greenlight new collection drops.
ADANFT will generate exclusivity through a system of three rarity tiers corresponding to ASW token holdings – Silver, Gold, and Platinum. Only the highest-tier users can buy the most exclusive NFTs sold on ADANFT.
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