- Summary:
- Cardano Network’s AdaSwap has launched an NFT marketplace that introduces community voting to enhance curation. What is it about?
Cardano Network’s AdaSwap has launched an NFT marketplace that promises to disrupt the NFT market. Dubbed “ADANFT”, the marketplace will implement a voting system and a tier structure. These will create more value for NFT artists and buyers. Additionally, the move will likely direct more traffic to the ADANFT marketplace as a result of the resultant value created.
Essentially, ADANFT seeks to address the quality concerns and market inefficiencies in the NFT segment. For instance, many NFT minting sites and marketplaces suffer from poor curation. Consequently, the ADANFT Voting system will allow users to vote on only their favourite NFT pieces. Thereafter, moderators selected by the community will decide on the items that will proceed to a collection drop based on the votes received. That will ensure that only the highest quality and original pieces proceed to feature in drops.
On the other hand, the tiered structure will create a value staircase for items sold on ADANFT marketplace. The most exclusive high-quality NFTs will be at the pinnacle of this tier system. There will be three tiers, Silver, Gold and Platinum. Each tier will be determined by the number of $ASW tokens held by a user. Furthermore, the tier system will incorporate voting, user activity, and other qualification criteria in the near future.
AdaSwap CEO Lennon Qualmann said, “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”. Considering that the $ASW token will power the ADANFT marketplace, the token is likely to get greater exposure and increased demand. Consequently, this could propel its value higher.
About AdaSwap
AdaSwap is a decentralized ecosystem builder operating on the Cardano ecosystem. It aims to build Cardano’s first DEX, which will support trading in Cardano-native tokens support swapping liquidity pool creation and staking.