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After Raising $2.6M, Gal Gadot Backed DEX Launches NFT Marketplace

Cory Russell

Mar 31, 2022 11:06

The goal of the new NFT marketplace is to attract more users to the ecosystem while also increasing the value of the native token ASW.

Key Takeaways:


Today, AdaSwap launched ADANFT, its NFT marketplace.


ADANFT will address a fundamental problem with 'poor curation' noted on other marketplaces.


AdaSwap will promote its token ASW through the marketplace.


The Cardano-based Decentralised Exchange (DEX) AdaSwap announced its NFT Marketplace, ADANFT, in a press release, first hinted at by FXEmpire earlier this month.


Lower gas fees will be one of the marketplace's attractions, which ADANFT will use to entice traders and encourage NFT minting on the network.


How Be Will ADANFT 'Different'?


According to AdaSwap, the NFT marketplace was created to address a significant issue of "poor curation," which other marketplaces like Opensea, Magic Eden, Raible, and others face.


They plan to do so by involving their community in the selection process. Individuals who own AdaSwap's native token, ASW, will be able to vote on which NFT collections should be included.


The community will vote on their favorite NFTs of the week, and only the most popular collections will be added to ADANFT's offers due to the voting.


As a result, ADANFT will ensure that only those NFTs are put on the marketplace with a realistic chance of selling.


While ADANFT emphasizes its community-centric approach, it will also implement a tier-based classification system, with holders of the most ASW tokens receiving access to the most valuable and unique NFTs and other perks.


This may be their undoing, as competing marketplaces provide all dealers with an equal opportunity to obtain uncommon and valuable NFTs.


However, AdaSwap's CEO Lennon Qualmann said, "This appears to be a planned move on AdaSwap's part."


"By bringing forward new and innovative concepts, we hope to transform the way NFTs interact with traditional financial protocols and the way NFTs are traded."


AdaSwap's History and Prospects


As previously indicated, FXEmpire reported on AdaSwap's $2.6 million investment from various investors, including Gal Gadot.


This money was necessary for the launch of ADANFT and will continue to support AdsSwap's future objectives.


AdaSwap will have an AMM (Automated Market Maker) interface for its DEX, Stake & Forget protocols and bridges with Ethereum, BSC, and Casper chains.


Moreover, the introduction of this NFT marketplace could not have come at a better moment, as Cardano is now showing signs of its long-awaited bullishness, with a 56 percent gain this month, which will play a significant role in drawing investors to ADANFT.

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