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

Aaryamann Shrivastava
Updated: Mar 30, 2022, 19:07 UTC

The motive behind the new NFT marketplace will be to bring more users onto the ecosystem and also create higher incentives to hold the native token ASW.

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

Key Insights:

  • AdaSwap launched its NFT marketplace ADANFT today.
  • ADANFT will be tackling a major issue of ‘poor curation’ observed on other marketplaces.
  • Through the marketplace, AdaSwap will be promoting its token ASW.

In a press release, the Cardano-based Decentralised Exchange (DEX) AdaSwap made the announcement about its NFT Marketplace, ADANFT, the inkling of which was reported by FXEmpire earlier this month.

One of the highlights of the marketplace will be the lower gas fees which ADANFT will be using to lure in traders and also encourage NFT minting on the network.

How ADANFT Will be ‘Different’

AdaSwap indicated that the NFT marketplace had been designed to tackle a significant issue of “poor curation,” which other marketplaces such as Opensea, Magic Eden, Rarible, etc., suffer through. 

They will be achieving this by including their community in the selection procedure. Individuals that hold AdaSwap’s native token ASW will also have the advantage of voting on which NFT collections are listed.

The community will vote on their favorite NFTs of the week, and only the most popular collections based on that voting will be added to ADANFT’s offerings. 

This way, ADANFT will ensure only those NFTs are listed on the marketplace, which has an actual potential of selling. 

But while ADANFT promotes its community-centric approach, it will also be bringing in a tier-based categorization where the holders with the most ASW tokens will be given access to the most valuable and exclusive NFTs as well as other benefits.

This could be their unbecoming since other marketplaces offer all traders equal opportunity to get their hands on rare and valuable NFTs.

However, this seems to be a calculated approach on AdaSwap’s end since its CEO Lennon Qualmann was noted saying,

“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.”

The Past and the Future of AdaSwap

As mentioned above, FXEmpire had reported on the $2.6 million funding that AdaSwap had managed to raise from various investors, including Gal Gadot.

This funding played a huge role in the launch of ADANFT and will continue to support the plans AdsSwap holds for its future. 

AdaSwap will soon be bringing AMM (Automated Market Maker) interface for AdaSwap DEX, Stake & Forget protocols, as well as bridges with Ethereum, BSC, and Casper chains by this time next year.

And the launch of this NFT marketplace indeed came at the best time since Cardano is finally observing its long due bullishness with the 56% rally from this month, which would play a massive role in attracting investors towards ADANFT.

Cardano is up by 55.93% this month

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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