NFTs have developed into a critical component of the crypto realm. Additionally, NFTs were named as one of the top revenue generators for cryptocurrency in 2021. Thus, AdaSwap’s aim to enter the NFT space demonstrates tremendous ambition.
AdaSwap, a Cardano-based decentralized exchange, has revealed its intention to enter the NFT industry. The platform will create an exclusive NFT marketplace, generating revenue for artists, purchasers, and holders of the $ASW token. You’ll learn how this NFT marketplace is implementing a new voting mechanism for art curation in this article.
Additionally, AdaSwap has been under development for over a year and has established a number of collaborations. Shima Capital, Stardust, iAngels, Onchain Capital, and Pluto Digital are among the companies represented. The primary objective is to establish an innovative firm within the Cardano ecosystem. As such, launching the ADANFT is a significant step toward achieving that goal.
ADANFT Introduces a New Art Curation Voting System
AdaNFT will avoid several of the most egregious issues found in the majority of popular NFT marketplaces. While the NFT space is profitable, it is not without flaws. The majority of musicians complain about imitation. Numerous NFT platforms are infested with hundreds of imposters posing as popular NFT collections such as the Bored Ape Yacht Club. As a result of such false conditions, users become dissatisfied.
Seeing no originality off late? 🙈🙉🙊
We have got your back! 😎#ADANFT is launching soon with our curated collection of exclusive #NFTS 💥🚀💯
No Knockoffs! No fakes!
Tag 3 #NFT enthusiast to let them know#cryptocurrency #cryptotrading #CardanoADA #CardanoNFTs pic.twitter.com/PYjwLoxmNY
— AdaSwap – The next-gen Cardano DEX! (@adaswapapp) March 25, 2022
AdaNFT will utilize a novel voting method and a painstakingly built user tier structure.
AdaSwap CEO Lennon Qualmann commented on the new launch, “In pursuit of gamifying the AdaSwap DEX, we turned to the future frontier of blockchain technology and evolving trends, and the NFT sector matched nicely.” “By bringing forward new and innovative concepts, we hope to transform the way NFTs interact with traditional financial protocols, as well as the way NFTs are traded,” he added.
Additionally, AdaNFT’s voting mechanism would allow users to verify that only the very finest artworks and collections are selected. Users would be able to vote weekly for their favorite NFTs, rather than through a random procedure. Additionally, moderators chosen by the community will judge the best artworks.
Additionally, they will authorize the introduction of new collections based on the results of each weekly vote. This system would ensure that only the most distinctive and engaging works of art are featured on ADANFT, thus eliminating instances of mimicry.
AdaNFT Will Increase the Value of More Exotic NFTs
Additionally, AdaNFT will leverage its original tier structure to create one-of-a-kind and extremely uncommon NFT exclusivity. At debut, the platform will segment its users into three categories. AdaNFT will classify users into Silver, Gold, and Platinum tiers depending on their $ASW token holdings.
Additionally, AdaNFT will increase the value of exclusive NFTs. This is because they can be purchased by people with higher tiers. Additionally, the tier system will evolve over time to integrate indicators such as user activity, vote participation, and other factors. This provides a compelling motive for users to participate and remain active on the site.
Are you ready ? 😎 pic.twitter.com/KruJKAnFAI
— ADANFT (@adanftapp) January 8, 2022
Additional Information About ADANFT Marketplace
AdaNFT addresses the issue of high gas fees that plague the majority of NFT marketplaces connected to the Ethereum blockchain. Due to the fact that AdaNFT is built on Cardano, it benefits from the platform’s low cost. Additionally, individuals have no influence over the collections that are posted on the majority of existing markets. AdaNFT, on the other hand, addresses this lack of decentralization.
Cardano’s foothold in the NFT market would be bolstered by the launch of AdaNFT. Additionally, it would attract new users to the AdaSwap ecosystem and boost the value of the $ASW tokens through increased rewards.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.