NFTs have influenced many celebrities. Gal Gadot is one among them. Yesterday news circulated about Gal Gadot backed DEX AdaSwap NFT marketplace. Well, what is the news, take a detailed look at it.
AdaSwap is aiming to become the first decentralized exchange on the Cardano network. It is rolling out a fully native NFT marketplace as it aims to tap into a $25 billion global market.
The Cardano-based Decentralised Exchange (DEX) AdaSwap made the announcement about its NFT Marketplace, ADANFT. 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.
We will be discussing DEX AdaSwap NFT Marketplace. What are AdaSwap and its token? We will discuss a little about AdaSwap products and how they will be different from other marketplaces. So without wasting time, let’s start.
DEX AdaSwap NFT Marketplace
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.
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What Is AdaSwap?
Before jumping on DEX AdaSwap NFT Marketplace, let’s see what is AdaSwap.
AdaSwap will be the first native exchange on Cardano to provide liquidity to projects that create native assets and a thriving ecosystem.
The platform will work as an Automated Market Maker (AMM) that provides decentralized and noncustodial market-making for liquidity providers, as well as the utility built on the Cardano blockchain infrastructure.
AdaSwap Token (ASW)
Launched to the public through two rounds of private seed sales, the AdaSwap token (ASW) is the native utility token of the AdaSwap platform that powers all the functions in the Cardano ecosystem.
The tokens are also a Cardano asset, therefore, they can easily be interchangeable with other tokens based on Cardano’s network.
The AdaSwap token will be able to create large returns for holders as well as reduce costs dramatically thanks to the utility of the Free Finance Model (FFM).
As such, the benefit of holding ASW is that users will be able to easily swap tokens on the AdaSwap DEX and take advantage of arbitrage opportunities in real-time.
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AdaSwap Products
In order to achieve its ultimate goals, AdaSwap will launch four products to start.
1. Decentralized Exchange (DEX)
The DEX will provide features including AMM DEX, token swap, staking pools, yield farming, and FFM.
As mentioned, AdaSwap is the first AMM built on the Cardano blockchain allowing users to swap cryptocurrency tokens and stake funds in liquidity pools to earn fees.
Since being powered by AMM, swapping tokens on AdaSwap DEX will be completely decentralized and non-custodial.
2. Launchpad
The AdaSwap launchpad is developed aiming to build an interoperable Defi ecosystem on the Cardano blockchain. It will solve the scam issue, prevent rug pulls, and protect the community.
The AdaSwap Launchpad will use metrics, the team behind it, use-cases, roadmap, updates, and business development, among others to examine projects.
After being checked by AdaSwap’s strict review process, the qualified projects will be listed on their platform, therefore, it can give investors the legitimacy of the listed projects.
On the other hand, with the goal to give all of the best tools possible to allow new creators to grow while giving investors and users early bird access to new innovative projects, the investors will be able to invest in legitimate projects.
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3.NFT Marketplace
AdaSwap will be one of the first NFTs marketplaces to offer an exclusive NFT collection and a dedicated NFT marketplace to promote renowned brands.
4. Stake And Forget (S&F)
S&F is a feature that has not been seen before on any DEX.
The feature will be fixed, long-term liquidity pools that users will be able to use for staking. This liquidity pool is linked to the launchpad. Non-active traders can make money by funding projects on Cardano. S&F will be a revolutionary offering that will create wealth for AdaSwap users.
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Wrapping Up
The NFT project will be launched in 2 stages including the launch of AdaSwap’s own Graffiti NFT series which will be traded on the AdaSwap App the first stage and the next is the launch of the AdaSwap NFT marketplace, allowing more people to join and trade NFTs on the Cardano network.
Keep exploring our website to know more about NFT projects.
Frequently Asked Questions
Q1. Which Marketplace Is Best For NFT?
Here is a list of the top 5 NFT marketplaces.
- OpenSea. OpenSea is the leader in NFT sales.
- Axie Marketplace. Axie Marketplace is the online shop for the video game Axie Infinity.
- Larva Labs/CryptoPunks. Larva Labs is best known for the viral CryptoPunks NFTproject.
- NBA Top Shot Marketplace.
- Rarible.
Q2. How Do I Search The NFT Marketplace?
From the landing page, select Explore. If you know what you’re looking for, you can search directly in the search bar. If you prefer a particular buying style, you can choose between Buy Now or On Auction on the left side of the page.
Q3. What Is NFT Marketplace?
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another.
