What is Foundation NFT? Explained!

What is Foundation NFT - Explained - Logo - NFT-Digital-Art-co

Foundation is an Ethereum-based NFT marketplace. It is one of the most popular invitation-only NFT platforms, and as such, it is not easily accessible to everyone, which makes it more appealing to new artists. One of its unique attributes is that it is creating a network of mutual assistance between artists and collectors as the goal of the Foundation.

Foundation supports the future where artists can utilize the Ethereum blockchain to value their work in totally new ways and develop greater ties with their fans. Showcasing over 100,000 NFTs for sale is for sure helping in that respect.

It has a community of approximately 260,000 members (as of May 2022) and new creators who want to enter the platform need an invite from the members of the community, especially if they want to mint an NFT. To receive an invite it is necessary to set up an Ethereum wallet before you can build an artist profile, launch a smart contract, or mint an NFT.

Why is foundation NFT popular?

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The invitation method has been very effective in raising the popularity of the Foundation, since it only permits prominent artists to become members of the community as creators, hence maintaining the overall platform quality. Contrary to Opeasea or Rarible, where anybody may register and list works, including spammers and non-artist commercial marketers, Foundation is a shelter for fascinating creative collections that are not available anywhere else. Consequently, it can be concluded that the invitation system serves as a quality filter.

How do I get a foundation NFT invite?

How do I get a foundation NFT invite - NFT-Digital-Art-com

The Foundation has chosen this methodology to ensure the uniqueness and high quality of the artworks that are created on its platform. Invitations can only be issued by creators who are already registered with the Foundation and have sold their work there. The most effective way to get an invitation is through community upvotes.

To be invited, you must establish a connection with one of them and appeal through your creativity so that they feel comfortable inviting and accepting you as a new member of the Foundation community. Ideally, you should explore the Foundation platform and connect with members on different social media networks, such as Twitter, Discord, and so on, to receive invitations from current Foundation members. If you accept an invitation from a member, you can continue to mint and sell as many NFTs.

How much are the Foundation NFT fees?

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Foundation NFT Fees

There is no fee on the foundation to set up an account. When you purchase an NFT, the Marketplace often charges a fee for facilitating the transaction. The buyer often pays this charge as a proportion of the NFT’s selling price. This is similar to how real art galleries generally take a cut of any sales. You will be charged a service fee of 15% at Foundation. These rates do not include the Ethereum gas expenses required to perform transactions.

Creators earn 95% of the total sale price of an Initial Sale, while the Foundation receives 5% of the total sales cost of an Initial Sale. On the secondary sale of the NFT the seller receives 85 %, the original creator receives 10% and the foundation receives 5%. In the case of non-foundation artwork secondary sales, the platform receives 5%.

As a result, if you buy an NFT from Foundation and have to pay USD 1,000 for it, be aware that USD 150 of that is not paid for the NFT itself, but for fees in addition to the NFT’s true worth. While 15% is the highest price among NFT Marketplaces, it is still quite low compared to a conventional art gallery where 30%-50% is very common.

An overview of the fees can be found here https://foundation.app/terms

What are the Foundation NFT payment methods?

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Unlike other NFT markets, Foundation does not allow withdrawals or deposits made with credit/debit cards or PayPal. This implies that to engage in this marketplace, it is necessary to have Ethereum. (The only cryptocurrency accepted by Foundation) To utilize the platform, you must first connect a web3 wallet that runs on the Ethereum network, such as MetaMask or WalletConnect.

What are Foundation NFT royalties?

Another unique and appealing attribute for artists and sellers is the feature to receive 10% royalty if their piece is being sold again. That royalty is paid to the wallet that created the NFT.

Foundation also utilizes NFTs to promote charitable purposes and decentralization. Foundation artworks are now accessible on Opensea, the biggest NFT marketplace.

How does Foundation NFT compare to other NFT marketplaces?

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Foundation, OpenSea, Rarible, and several other platforms compete for NFT markets, but they vary in terms of fees, royalties, and NFT collections. OpenSea, for example, is a bigger and more established marketplace that provides the same royalty rate (10%) as Foundation. Furthermore, although OpenSea, as well as Rarible both charge a 2.5% marketplace fee, Foundation charges a 5% fee. However, the foundation’s invitation-only process offers the user a one-of-a-kind and safer environment. It keeps scammers and fraudsters away from the marketplace, leaving only genuine talent to discover. In contrast to Opensea or Rarible, where anybody, including spammers & non-artist commercial marketers, could register and list works.

Is Foundation NFT good?

The blockchain on which Foundation is developed is Ethereum, the most extensively utilized smart contract for most NFTs. While the gas fees can be higher at times it is a trustworthy, safe and reliable network to use.

Both the digital artwork (NFT) and the money (ETH to buy the NFT) in the current bid are placed in a smart-contract escrow until the auction concludes. At that moment, the buyer and seller will finalize the transaction.

Based on our research we came to the conclusion that Foundation is a good platform to buy and sell NFTs. But only if you are one of the lucky ones that have received a Foundation invite…

When using direct connections to Foundation, make sure you’re on the official Foundation website before purchasing or selling. Scammers may often imitate a website to steal your information or your valuable cryptocurrency.

Foundation’s official website https://foundation.app/

Foundation’s official Twitter Account https://twitter.com/foundation

Foundation’s official Instagram Account https://www.instagram.com/withfoundation/