In a press release, Cardano-based Decentralized Exchange (DEX) AdaSwap made the announcement on its NFT Marketplace, ADANFT, the rumor of which was reported by FXEmpire earlier this month.
One of the highlights of the market will be the lowering of gas tariffs which ADANFT will use to attract traders and also to encourage the minting of NFT on the network.
How ADANFT will be different
AdaSwap indicated that the NFT market was designed to address a significant problem of “poor care”, which other markets such as Opensea, Magic Eden, Rarible, etc. suffer from.
They will do this by including their community in the selection process. Individuals who own AdaSwap's native ASW token will also have the benefit of voting on which NFT collections are listed.
The community will vote for their favorite NFTs of the week, and only the most popular collections based on that vote will be added to ADANFT's offerings.
In this way, ADANFT will make sure that only NFTs are listed on the market, which have real sales potential.
But while ADANFT promotes its community-centric approach, it will also introduce tier-based categorization where holders with the most ASW tokens will have access to the most valuable and exclusive NFTs, as well as other benefits.
This might be unfortunate as other marketplaces offer all merchants the same opportunity to get their hands on rare and valuable NFTs.
However, this appears to be a calculated approach on AdaSwap's part, as its CEO Lennon Qualmann was noted saying:
"We aim to change the way NFTs interact with traditional financial protocols and change the way NFTs are exchanged, bringing forward new and exciting ideas."
The past and the future of AdaSwap
As previously mentioned, FXEmpire had reported the $ 2,6 million funding that AdaSwap had managed to raise from various Investors, including Gal Gadot.
This funding played a huge role in ADANFT's launch and will continue to support the plans AdsSwap has for its future.
AdaSwap will soon bring the Automated Market Maker (AMM) interface for the AdaSwap DEX, Stake & Forget protocols, as well as bridges with the Ethereum, BSC and Casper chains within the next year.
And the launch of this NFT market has really come at the best of times, as Cardano is finally seeing its long due rally with the 56% rally from this month, which would play a massive role in attracting investors to ADANFT.