AdaSwap, which aims to become the first decentralized exchange on the Cardano network, is rolling out a fully native NFT marketplace as it aims to tap into a $25 billion global market.
AdaSwap says its exclusive initiative promises to create more value for artists, buyers and $ASW token holders alike. ADANFT by AdaSwap plans to revolutionize the Cardano space by creating a well-curated and monitored NFT platform, rather than taking an approach like CNFT, Genesis and OpenSea.
For this purpose, AdaSwap leverages a unique voting system and a tier structure for users in order to avert common issues that plague today’s NFT marketplaces. Its end-goal is to create a voting and tiering system by utilizing the $ASW tokens.
The ADANFT Voting System allows the public to vote on art of their interests on a weekly basis to ensure that only the highest quality artwork and collections are curated. To promote engagement, the protocol gives users rewards, including exclusive airdrops, tier privileges and more, for doing so.
Then, the top art of the week will be processed by selected moderators, also hand-picked by the community, who will give a green light to the collection drops. This mechanism is said to ensure that only the most unique and interesting art will grace ADANFT, with no inauthentic rip-offs of renowned NFT collections.
“Many NFT platforms suffer from poor curation, with hundreds of copycats impersonating 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 Ethereum Chain while DAFT enjoys 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,” AdaSwap explains.
AdaSwap raises decent funding
This milestone comes hot on the heels of AdaSwap raising $2.6 million in a private investment led by a clutch of reputable crypto-centric investors. Cardano-based ecosystem builder plans to use the proceeds of this financing round in accelerating the development of its gamified DEX on the Cardano network. The platform, which aims to help Cardano to become an inclusive Defi protocol, is also looking to actively hire across many functions, including engineering, design, and operations.
As part of that project, it’s also creating long-term, high-yield liquidity pools that will allow token holders to stake, buy and sell NFTs and earn interest on their investments.
“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,” AdaSwap CEO Lennon Qualmann said in a statement.