Foundation is one of the largest NFT marketplaces on the web. This fact is evident by the total earning of its creators, which stands at 48,148 ETH (around $155 Million). What makes the Foundation NFT market distinctive is that the artists get invited on the platform – rather than allowing everyone. But the collectors can bid and buy without restrictions.
Foundation is built on the Ethereum blockchain, and it works on ERC20 standards and smart contracts to keep the NFTs safe on Ethereum.
Foundation is an Ethereum-based marketplace, launched in Feb 2021 by Kayvon Tehranian. He is a serial entrepreneur from San Francisco, CA. According to Tehranian, Foundation NFT aims to build a new creative economy. The difference between other marketplaces like OpenSea and Foundation NFT is that they allow anyone on their platform. Whereas, Foundation has an invite-based system for creators and artists.
Most memorable Non-Fungible Tokens sold on the platform include Edward Snowden’s Stay Free (2,224 ETH) and the popular Nyan Cat (300 ETH) animation.
As discussed, a creator can only join Foundation if some other artist or creator invites him on the marketplace. However, the creator must have sold an NFT to be eligible to invite a fellow artist.
On the other hand, there are no restrictions for collectors. Before buying a Foundation NFT, you will have to connect your MetaMask crypto wallet with the marketplace. Also, you will need ETH in your wallet to bid in an auction.
Artists can sell their digital art NFTs for the first time in the primary market. But when a buyer lists them again, they will have to sell them on the secondary market. Moreover, all transactions happen on the decentralized blockchain network. Foundation NFT uses ERC20 token to protect the ownership of each unique piece.
Apart from being a seller or a collector, you can be part of the Foundation community. Check out their profile on Twitter and Instagram and take part in exciting events.
After receiving the invite, you can mint your unique Non-Fungible Tokens on the Foundation NFT marketplace. However, you will need to connect your wallet with it. You will need ETH in your wallet since all transactions use this crypto on this platform.
To connect your wallet, head to Foundation.app. After this, your creator profile will be activated. To make it look professional and personalized, you can connect your social profiles with it. Once this is done, click ‘Create’ in the upper-right corner. Foundation allows you to upload your digital image in four formats: JPG, GIF, SVG, and PNG. Moreover, you can upload a video in MP4 format or a 3D work in GLFT or GLB format.
The only thing to remember here is that Foundation NFT keeps a close view of the creators’ work. So, make sure that you upload unique content on the market. After selecting a unique piece, you can click on the ‘Mint NFT’ button. Lastly, the platform will ask you to sign the NFT. It is similar to the sign an artist does on his physical work to prove the content’s authenticity and ownership. Make sure your MetaMask crypto wallet has enough crypto to cover the gas fees. This price is not taken by Foundation, it covers the transactions you perform on the blockchain.
Also, when you upload your art or any digital work on a blockchain, such as Ethereum, you cannot tamper it after minting it.
An artist can sell their Non-Fungible Token in open auctions or a private sale. When listing the NFT for sale, the artist mentions a base ‘reserve price’ in ETH. The first bidder has to match this price to start the auction. As soon as a buyer places the first bid, the auction starts for 24 hours. If the NFT is not sold at the designated time, the auction ends automatically. However, if there is a bid in the last 15 minutes, the time is increased by 15 minutes.
If the artist sells NFT art in the primary market, they get 85% of the price. Whereas if the NFT piece is sold in the secondary market, the artist receives a 10% royalty.
To make the whole process tamper-proof, the decentralized blockchain technology uses the escrow method. It utilizes ERC20 token and smart contracts to make sure the art and crypto transfer smoothly. As soon as someone makes a bid, the gas fee is put into escrow from their crypto wallet. If they win the auction, the NFT transfers to their MetaMask wallet. And it also appears under their profile.
Moreover, you can also view the artist’s NFTs on their profile.
Foundation NFT is one of the best marketplaces to buy quality NFTs. The distinguishing part of this platform is that it only allows established creators. By doing this, they keep the quality of the content under a balanced check. If you are a buyer, there are no restrictions for you on this decentralized Foundation.app market. If you are a seller, you will need an invitation to create your NFTs. The only thing common for sellers and buyers is that Foundation uses ETH for transactions. And it actively tries to build a vibrant community. Head over to their site to take a look at their hottest NFTs.