Cardano-centric ecosystem builder AdaSwap (ASW) launches novel digital collectibles marketplace on largest PoS network
AdaSwap (ASW), an ecosystem that makes dApps and DeFi releases on Cardano (ADA) seamless and simple, shares details of its first release in the NFT segment.
AdaSwap’s NFT initiative ADANFT addresses authenticity and cost-efficiency issues
As announced by AdaSwap’s team, its flagship new-gen marketplace for non-fungible tokens, ADANFT, is set to go live on Cardano (ADA), the largest proof-of-stake blockchain.
The ADANFT ecosystem will be supercharged with two cutting-edge technologies to solve the most dangerous problems in the NFT segment. In particular, ADANFT users will be protected against purchasing plagiarized articles and paying exorbitant fees.
As the space is flooded with dozens of copycats impersonationg famous NFT collections such as Azuki, RTFKT, Bored Ape Yacht Club, Mutant Ape Yacht Clubs and so on, ADANFT implements a community-driven moderation module. Community-selected moderators will greenlight the top artwork and approve new releases.
Next, a new technical mechanism based on Cardano will ensure that ADANFT users will be charged negligible fees, much lower than Ethereum (ETH) and other crypto heavyweights.
AdaSwap CEO Lennon Qualmann states that his product launches to push the barriers of decentralization and resource-efficiency in NFT trading and the digital art markets:
In pursuit of the gamification of the AdaSwap DEX, we turned to the new frontier of blockchain technology and changing trends, the NFT domain fits in perfectly. We aim to change the way NFTs interact with traditional financial protocols as well as change the way NFTs are traded by delivering new and exciting ideas.
Bringing additional utility to ASW tokens
ASW, a core native utility and governance asset of AdaSwap ecosystem, will be a building block of ADANFT’s tokenomic design. Three tiers will be opened for ADANFT users—Silver, Gold and Platinum—according to the sizes of their ASW bags.
Rare and Ultra-Rare NFTs will be available to Elite Tier holders. This creates an additional catalyst for increasing ASW value and interest in buying tokens.
In upcoming releases, an ASW-based system will be able to measure user activity, voting participation and other crucial metrics within the ADANFT ecosystem.
As covered by U.Today previously, AdaSwap has signed a partnership with COTI Network regarding the integration of Djed, Cardano’s algorithmic stablecoin. In addition, its funding round allowed the participation of famous actress Gal Gadot.
