Foundation is a specialist platform that focuses on digital art trading, bringing creators, collectors, and crypto natives together. Together they form a culture-like relationship concentrated on digital art. The platform was founded in 2021, creating a community of art, design, and creative output globally.
Once an individual becomes a creator on the foundation platform, they begin minting and benefit in the process. The creator connects their wallet to Foundation and then be mint NFT following these steps:
- Confirm that the artwork file, title, description are accurate, then Mint NFT by clicking a button.
- The wallet will prompt the creator to sign the transaction for authenticity purposes. Signing links the NFT to the user’s unique Ethereum address and wallet, making it easy to receive royalty payments.
- The creator will pay a gas fee and approve their wallet before minting.
- After signing their NFT and paying the gas fee, the minting process commences.
- While the user waits for the transaction to be complete, they should avoid double minting
- Once the transaction is confirmed, the creator can see their minted NFT in their Creator Dashboard
The Foundation, an NFT Marketplace, offers creators a chance to present their NFTs on the platform. Art creators usually embed their artwork to the NFT. For the collectors to acquire any art they are interested in, they have to bid on the Foundation platform where the artworks are auctioned.
Whenever a collector acquires NFT from the Foundation marketplace, they pay a certain fee. The fee is usually a percentage of the NFTs sale prices and goes to the NFT Marketplace for facilitating the sale. At the Foundation, the buyer pays 15% as service fees, excluding the gas fees required by the Ethereum blockchain to process transactions. The cost is relatively cheaper, considering individuals in art galleries pay a service fee of 30-50%.
Here are some of the highlights you can’t miss on the website:
- Updates to collectors on the latest bids and the remaining time of an auction.
- Information about the current bidding currency and its standings against the USD
- How rare the art displayed is, and its description.
The collector can then decide whether to stake higher on the art or let it go and wait for another one. Foundation platform provides privacy such that what any user views, no one else can know.
For any artist to participate in the platform, they can only do so once invited by an existing platform member. It is so because the marketplace is private. If they do not know anyone with an invite, they can use a particular channel on Foundation’s Discord server to ask in a polite way for an invite. Foundation runs on the Ethereum blockchain. Hence it uses Ethereum for its transactions. The Foundation platform is non-custodial, i.e., they don’t hold artwork or funds in a centralized server. An IPFS, a peer-to-peer hypermedia protocol meant for sharing data in a distributed way, hosts all artwork.
Foundation allows art creators to make profits out of their artworks even after they have sold them. On any secondary transactions, the artist makes 10% of the amount paid for the art. Foundation does not accept payments or deposits conducted via a debit or credit card or even PayPal account deposits and withdrawals. Any user must have a previous connected wallet or Ethereum holding such as MetaMask to conduct transactions on the Foundation marketplace.