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.
Explaining the ADANFT 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.”
AdaSwap’s Roadmap Ahead
Earlier this month, Adaswap raised $2.6 million in a private investment led by nine crypto-focused VCs, including Shima Capital, iAngels, Pluto Digital, and the Hollywood actress Gal Gadot, who starred in box office hits like “Wonder Woman” and “Red Notice.”
AdaSwap is planning to release a Cardano-based launchpad in Q3, 2022, as indicated on its roadmap, and create a token bridge that connects Cardano-based tokens to Ethereum, Casper, and BSC-based assets in Q1, 2023.