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Foundation Features and Reviews
Foundation is an Ethereum-based NFT marketplace that was created in 2021 for the creative economy.
Foundation is a decentralized platform created for people in the creative space. It is the first platform to introduce 3D NFTs. Three-dimensional NFTs are a new category of NFTs that can be viewed in three dimensions. It was designed to bring a new experience or category of artwork.
The platform is invite-only for creators. To be eligible to join the network of Creators and enjoy the benefits, intending creators must have Ethereum (ETH) to cover gas fees and get an invite code by a member of the network who has also sold a minimum of one NFT on the platform.
Getting an invite cannot be bypassed and as such, establishing a relationship with a member of the network is the only option available. Aspiring creators can visit one of the sold auction sites on the platform and send a direct message to an established member using the contact information on the platform. The platform also occasionally invites people who post on the Discord channel.
Foundation operates on invite-only for creators. Creators need to be invited by a member of the community who has at least sold an NFT. The intended creator should also have a MetaMask wallet and enough Ethereum (ETH) to cover the gas fee for minting NFTs. Their personal profile is tied to the Metamask wallet. All creators have a profile page on which the artist’s work is displayed and the bidding history of each NFT piece created. The artist also includes a short bio and links to their social media accounts. This allows creators to personalize their profiles and share information about themselves with potential collectors.
Foundation lets creators who want to mint their NFT on the platform upload their artwork on Foundation. The acceptable file formats include JPGs, PNGs, and videos. The files are however not uploaded on Foundation’s server but on InterPlanetary File System (IPFS) which is a decentralized peer-to-peer file storage network. The freshly minted NFT is deposited in the creator’s MetaMask wallet and is fully in control of the NFT token which can’t be withheld by the Foundation. In the event of a sale of an NFT, creators keep 85% of the sale price and receive 10% in royalty when the NFT is re-sold on the secondary market. This also includes situations where an NFT is re-sold on a competing NFT market such as OpenSea or Rarible.
Foundation champions emergent genres. Foundation, since its inception, has championed emergent art genres, which follows that they are the first to introduce 3D NFTs. Alongside this, it has also introduced memes, pixel art, photography, dance, generative art, and performance. The platform has also promised offerings for genres like music and digital fashion.
Foundation features two types of NFT markets it identifies as Primary and Secondary. The Primary NFT market lists NFTs that are being sold for the first time. Secondary markets, on the other hand, operate NFTs that have been sold and are being re-sold. On all sales in the marketplace, Foundation charges a 15% service fee.
Prior to the development of secondary markets, artists and creatives never got compensation for the resale of their work. Although laws protecting artists’ resale rights exist, the enforcement of such rights is expensive and convoluted and requires lengthy amounts of paperwork. With foundation, an artist’s right to secondary sale royalties is guaranteed with few simple lines of code.
Collectors, on the other hand, do not need to be invited before making a bid on an NFT. However, they have to connect a Web3 wallet such as MetaMask before they can bid on the platform.
Foundation enables copyright protection and provides transparency with the Ethereum block explorer. This ensures that adequate information such as when the piece was created, who created the piece and who has owned the piece is available during an auction process. The Etherscan block Explorer allows users to track each piece minted on the platform on the Ethereum blockchain. This feature provides adequate information on the history of the piece. Thus eliminating the inherent confidentiality of art world transactions that obscures resale figures.
Foundation enables a Search and Filter feature. This feature allows collectors and users to search for specific creators and collectors or artworks. There’s also a display of top collectors and creators that can be sorted according to different periods within the explore tab on the platform.
Foundation enables the reserve price feature. This feature enables creators to place a minimum bid price on each NFT listed. When a collector places a bid on an NFT, an automatic 24-hour countdown begins and if the NFT is not sold within 24 hours, the auction closes. Any artwork listed that fails to meet the reserve price during an auction goes to the reserve not met section of Foundation artwork’s page. Another collector can place a new bid within 15 minutes of the initial auction closing, the auction is extended by another 15 minutes. Collectors can indefinitely extend the time limit as long as the bids are placed within 15 minutes after the last bid. Users can also view the bidding history of artworks on Foundation and the final amount paid in ETH by the final bidder.
Foundation listed an Edward Snowden NFT that sold for 2,224 ETH. The first Edward Snowden NFT titled “Stay Free” was sold for 2,224 Eth. The artwork was auctioned for the Freedom of the Press Foundation which was presided over by Snowden. Foundation protects and empowers public-interest journalism in the 21st century. Their aim is to provide an unconventional type of journalism that promotes transparency and decentralization.
Foundation ensures NFTs auctioned and bought are transferred to the collector’s wallet immediately. NFTs appear under the collector’s profile, can be displayed in Foundation’s virtual gallery and shared on social media. It can also be resold on third party marketplaces such as OpenSea and Rarible.
Foundation has a simple user interface that makes NFT arts accessible and appealing. The platform aims to use NFTs for social good, promoting charitable causes and decentralization.