Quick take:
- AdaSwap has announced the launch of its exclusive NFT marketplace, ADANFT.
- The decentralised exchange ecosystem is built on Cardano’s L1 blockchain network.
- ADANFT will bring a revolutionary voting system to NFT art curation.
Cardano’s largest decentralised exchange ecosystem AdaSwap has announced the launch of ADANFT. In the announcement, AdaSwap described ADANFT as an exclusive non-fungible token (NFT) marketplace featuring a revolutionary voting system powered by the ecosystem’s native token $ASW.
The platform will use the voting system to curate NFT art, allowing holders to participate in vetting collections before they are listed on the ADANFT marketplace.
AdaSwap’s goal of building one of the first DeFi protocols on Cardano has drawn backing from leading venture capital and blockchain firms including Shima Capital, iAngels, Pluto Digital, GBV, Market Across, Efficient Frontier, GATE.IO, Onchain Capital, Stardust and Gal Gadot.
The ecosystem is committed to bringing innovation to the Layer 1 blockchain platform, subsequently onboarding millions to its growing platform, whilst also popularising NFTs on the Cardano blockchain.
ADANFT could play a crucial role in boosting the value of the $ASW token, tradable on GATE.io. The marketplace plans to achieve this by creating more incentives like the voting system, as well as, introducing a meticulously designed tier structure for users.
As a result, the marketplace thinks these protocols will help it overcome some of the biggest challenges facing leading NFT marketplaces. With a voting system created to aid the curation of NFT art, the platform could avert issues like copycats impersonating famous NFT collections such as the Bored Ape Yacht Club and Cryptopunks.
The platform will also benefit from Cardano’s proof-of-stake blockchain platform, helping to process transactions without charging high gas fees.
ADANFT users will be able to vote for their favourite NFTs each week, thus creating an ecosystem that lists only the most unique and interesting works. The tiered user system will be used to generate rare and ultra-rare NFT exclusivity, with some users having gold or silver access, while others will have platinum access, all based on their $ASW token holdings.
Commenting on the ADANFT launch, AdaSwap CEO Lennon Qualmann said “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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