Key takeaways
- AdaSwap launches a community-oriented NFT marketplace on Cardano
- The ADANFT voting system will enable users to participate in the process of curating digital art
- The AdaSwap team intends to integrate NFTs within its broader DeFi ecosystem
AdaSwap, a crypto ecosystem builder working to create the first decentralized exchange on the Cardano network, has launched ADANFT, a Cardano-native NFT marketplace.
Community-curated NFT marketplace on Cardano
AdaSwap’s NFT platform will include a unique voting system and an attentively designed tier structure for users. ADANFT will avoid some of the most common issues that trouble today’s most popular NFT marketplaces through these innovations.
Presently, the broader NFT sector suffers from the following issues. While cost and sustainability are the primary concerns, technical problems also plague the nascent space. Most NFTs are minted on the Ethereum blockchain, which has very high gas fees due to a high level of network congestion.
The AdaSwap team aims to resolve these glaring weaknesses in the NFT ecosystem. For starters, high costs associated with Ethereum are not a problem since the ADANFT marketplace resides on the much more efficient Cardano blockchain.
Secondly, the ADANFT Voting System allows users to participate in the art curation process to ensure that plagiarized or low-quality content doesn’t drop on the marketplace. In practice, this means that based on weekly voting results, community moderators will process the top artwork and give approval to new collection drops.
ADANFT Tier System
At launch, there will be three tiers for ADANFT users based on their amount of ASW holdings. The tiers will be labeled as Gold, Silver, and Platinum. In essence, the system generates more value for NFTs sold on ADANFT and makes certain NFTs available only to the higher tier users. Over time, the Tier System will reward user activity and voting participation, providing a strong incentive for the community to become more involved on the platform.
AdaSwap CEO Lennon Qualmann said in a 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.” Mr. Qualmann added, “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.”
