Meet NFT marketplace Foundation (FND) – maybe the biggest in the industry when it comes to crypto art. The semi-selective platform does a great job of putting artists and its community of collectors front and center. To be sure, this makes it one of the most popular NFT marketplaces out there, particularly when it comes to 1-of-1 crypto art. Accordingly, Foundation.app is selective and hard to get into as a new artist.
So, how do you get accepted in foundation? And why would you want to buy NFTs on this marketplace anyway? Let’s dive into Foundation, who it’s for, and how to use it.
Foundation is a premium NFT marketplace catering to digital artists. Credit: Foundation
What is Foundation?
To sum up, Foundation is an Ethereum NFT marketplace focused on creating a strong community of NFT creators and collectors. The crypto art platform first announced itself in May 2020, going on to launch in February 2021. Since then the marketplace has amassed over 260,000 users, with over 180,000 NFTs on the marketplace.
Not to mention that creators on the platform have earned a combined 54,992 ETH – about $155 million at the time of writing.
How to get started on Foundation.app
Firstly, anyone with a MetaMask wallet and ETH can create a profile and collect NFTs on FND. All you’ll need is a MetaMask wallet and ETH.
How To Buy An NFT on Foundation Marketplace
Buying on the primary market involves bidding on art auctions (more on that below). If you place the winning auction bid you can then claim your NFT. After claiming, you’ll receive the NFT in your wallet and it will show up on your Foundation.app profile.
Can I sell NFTs on Foundation?
After that you have bought an NFT, you can display it in your virtual gallery. Or you could sell it on the secondary market. If you want to resell an NFT from Foundation on a different NFT marketplace, you can always transfer it out and then sell it.
How To Find New NFTs on Foundation.app
The Foundation marketplace has a clean and simple layout, making it easy to browse through NFTs. Its homepage contains both the top trending auctions, as well as curated sections of featured collections, NFTs, and creators. Users can also search through the hundreds of thousands of NFTs on the marketplace by media type, primary or secondary sale, and by price.
At a sale price of 2,224 ETH, Stay Free (Edward Snowden, 2021) is the most expensive NFT sale ever on FND. Credit: Foundation.app
How To Get Listed on Foundation: A Guide to Invites
High content volume on an NFT marketplace can create a sea of noise that makes it hard for NFT creators to stand out, and for collectors to find quality crypto art. One way that Foundation addresses this issue is the use of invitations.
To explain, in order to sell NFTs on the platform, a current artist must invite you. Then, FND creators must sell at least one NFT on the marketplace before they can send out invites.
Given that this system requires hopeful creators to know someone who is already on the platform, Foundation invites are in high demand. So much so that there were instances of artists selling invites on eBay! Even so, forming relationships with creators in the community is the best start for those looking for an invite. As a last resort, follow their social media channels. The marketplace occasionally rewards active members of its Discord.
How To Mint NFTs On Foundation Marketplace
Luckily for NFT creators, minting NFTs on FND is very easy to do. Indeed it can all be done at the click of a button – no coding or technical knowledge required! What’s more, Foundation actually made a crucial update to its NFT marketplace recently.
In short, the update allows NFT creators to sell their crypto art on the Foundation marketplace using their own smart contracts. This was a welcome upgrade from the default option of minting to the “Foundation Collection” shared smart contract. As with most platforms, creators will need ETH in their wallets to pay the gas fees needed to mint their crypto art NFTs.
Another key point is that Foundation has a 50 MB limit for file sizes. However, the stores do get uploaded to the IPFS system as opposed to on Foundation’s servers. This is nice because IFPS is a decentralized location for file storage.
Primary sales on Foundation take place via auction. Credit: Foundation
How do Auctions Work On FND?
Unlike some other NFT marketplaces, primary sales on Foundation take place via auction. The way this starts is that artists list their NFTs for auction at a reserve price. Then, a 24-hour auction starts as soon as someone places the first bid, which must meet the reserve. After that, each new bid must be at least 10% higher than the last.
Significantly, if a bid comes in in the last 15 minutes of an auction, the auction extends for 15 minutes and continues until a final bid stays in place for 15 minutes.
How do Foundation Fees Work?
Creators get 85% of the final sale price of an auction on Foundation.app. In addition, creators get a 10% royalty on all secondary sales forever. It’s important to note the NFT marketplace’s 15% fee also applies to secondary sales as well.
In conclusion, it’s clear why Foundation.app has such a status in crypto art. With their curation, comes pure talent and the community only let in those they deem talented. Not only that, but it is a great destination for NFT collectors looking to expand their collections beyond the pfp avatars that so often dominate the space. If you’re looking to create or collect NFT art, make sure to check out the FND website.
