Foundation is a NFT marketplace on the blockchain Ethereum. Previously, it was not available to most people. It was ерconsidered semi-exclusive. Why? To release your work, it was not enough just to register and connect a wallet. You needed an invite from an artist who has already published here before. Previously, this feature only drew attention to the exchange. But recently, the team has canceled rule. Now registering is much easier. With this, the NFTMetria team begins the review of the Foundation marketplace.
- Recently, the site changed the registration rules. Previously, artists needed an invitation from previously registered users to register. This system has now been abolished.
- According to the authors, Foundation is not just an NFT This is an operating system for Web 3. They presented platform in June 2022.
- Tokens are sold only through auctions, whereby the team makes bets on collectors.
- The platform is built on the Ethereum network.
- Authors receive a 10% royalty on all secondary sales indefinitely after the initial sale.
- The Foundation does not store any of its clients’ assets, so IPFS is used as an image hosting site.
Marketplace Foundation in numbers
Data are as of the date of publication of the article.
- according to DappRadar, the exchange is ranked 14th among all NFT marketplaces in terms of trading volume and 13th among ETH marketplaces;
- all-time sales of $168.37 million;
- market cap $4.01 million;
- traders 35 913;
- sales 55 552;
- NFT 674556;
- profiles 1,345,888
History of the marketplace
The marketplace was registered as a legal entity in 2020 in San Francisco, California, USA. The founder of the project is Kayvon Tegranian, currently holds the position of CEO. Co-founded by Matt Vernon, who owns the Neue project Goods is a clothing brand designed by people from the NFT industry.
Foundation interface review
Foundation is a minimalist platform. On the start page, you see several sections:
This is an overview of popular collection authors. You, as the author, can create your own feed. But for this you need to subscribe to 5 authors.
- If you select Trending, you will see all collections, NFTs and authors as ratings. You can set filters and sorting for easy information retrieval.
- If you select Browse, you will see all collections, NFTs, and authors in a grid. Here you can also set filters for convenience.
How to start working on Foundation?
As with most marketplaces, here you only need to connect your crypto wallet to register. To do this, in the upper right corner, click Connect Wallet. There are only three wallets available here: MetaMask, WalletConnect and CoinBase Wallet. In our article, we previously reviewed crypto wallets.
Once you have connected the wallet, the Connect button wallet will change to a Create button.
To do this, you need to verify your identity through one of the community’s social networks. It’s either Twitter or Instagram. Follow the instructions on the exchange, everything is very simple there.
Previously, the system was many times more complicated. To get the status of the author, you had to get an invite from any participant who had already sold at least one of his works. To do this, I had to look for connections on Discord or Twitter, loudly declare myself. Due to this, becoming an author was a great success. Or you must already have a big name in the community. Rule has now been abolished.
How to create NFT on Foundation?
Have you been authenticated? Congratulations! Now you are the author of the Foundation NFT site.
Coin minting is only available to approved creators who have an ETH wallet to hold NFTs and accept payments when they are sold. The Foundation does not control the created tokens, their holder is the owner of the wallet on which they are located.
Interesting! AT Foundation collections are smart contracts that can store NFTs. When you add an NFT to a collection, the smart contract acts like a container that keeps all the work in one place. Having their own smart contract gives creators full control over their work.
- Click the Create Next, you set a name and symbol for your smart contract. It is important to make sure that data is correct and does not contain errors, because once you submit your smart contract to the blockchain, you will not be able to make any changes to it.
- Next, you create your own smart contract. At the time of confirmation, you need to pay for gas on the network.
- Only after creating a smart contract, you can start creating and hosting your collection. You need to fill in the usual NFT attributes: title, description, media file.
- Next, you need to mint your NFT and pay for gas on the network again.
- After that, wait for your NFT to be minted.
- At the end, you can add tags to your NFT. They will reflect additionally the essence of your subject.
How to buy NFT on Foundation?
Perhaps this is one of the main questions in the review of the Foundation marketplace. Go to the Explore tab. This, in fact, is the NFT marketplace, where you can make purchases or resell previously purchased NFTs.
To purchase, just select the NFT you like and go to its page.
Here you can read the description, explore the author’s page and his collection. Recall that all sales are in the form of auctions. There are active auctions, as in the example above. The author himself sets the period of time to complete the auction. After each new bid, you have a certain amount of time to raise the price. If you want to buy NFT, then click on the «I understand, continue».
You can also offer the seller your price. There is a Place bid button for this. Within 24 hours, the seller will either accept or reject your bid. Sets the minimum price for the auction.
Marketplace and blockchain fees
And this is one of the main questions in our Foundation review. The platform itself charges a 15% commission on every sale of NFTs. Of these, you as the author will always receive a royalty of 10% from each resale.
How much exactly do you need to pay for the gas commission? Gas in the blockchain Ethereum is a very volatile value. Therefore, we advise you to use the gas price tracking service. For example, here you can even see the cost of each step directly on the Foundation at a given time. Also on the link you can see similar information on the OpenSea and Rarible marketplaces.
The review showed that marketplace Foundation has already established itself in the market as one of the largest players among NFT marketplaces. For such platforms, one of the main factors in determining the future is the relationship with the participants in the system. And the project team understands this, so they have a blog on their own website that talks about artists whose work can be bought on Foundation , and new developments being introduced to improve the quality of service. They are also developing systems of the future in Web 3, which allows us to consider project promising.
The popularity of the marketplace also makes it possible to provide both parties with sufficient supply and demand for works of art. The author of the work is also assigned the right to receive 10% of the amount of all further sales, even if these are alternative NFT platforms.