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Gal Gadot-Backed DEX On Cardano Launches NFT Marketplace
After raising $2.6 million earlier this month, the Cardano-based DEX has announced plans to launch its own NFT marketplace.
Harshvardhan
4:17 30th Mar, 2022
NFTs

AdaSwap, a Cardano-based DeFi protocol, is ready to launch an NFT Marketplace on March 30th. A voting mechanism incorporated with a tier-based categorization of its users will be implemented to gamify the new marketplace.

AdaSwap, one of the earliest DeFi protocols built on the Cardano network, is launching an NFT marketplace. This is a key step, according to the press release shared with CryptoPotato, that will “bring more users into AdaSwap’s ecosystem” and generate greater value and incentive to hold ASW, the native token that is available on GATE.IO.

ADANFT, backed by AdaSwap, is designed to tackle the issue of “poor curation” identified in other NFT marketplaces. It also wants to provide lower gas fees for minting and trading NFTs, and make the marketplace more decentralized in the way that users get to decide which collections are being listed.

To achieve these goals, ADANFT adopts two distinctive features as follows:

Users holding ASW get to vote on their favorite NFTs of the week, and “community-selected” moderators will put up the most popular collections on the marketplace. Through this “filtering” process, only the interesting and unique arts will be exhibited on ADANFT.

ADANFT users will be categorized into three tiers based on how many ASW tokens they hold as Silver, Gold, and Platinum. The most exclusive and valuable NFTs will only be available to higher-tiers users, and the tiers will reward loyal fans of AdaSwap with exclusive airdrops and staking returns. As mentioned in its promotional video, the AdaSwap team has collaborated with NFT celebrities for some “very limited NFT collections.”

AdaSwap CEO Lennon Qualmann laid out his plans regarding the upcoming NFT marketplace in the statement:

“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.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.”

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