Foundation NFT marketplace

Introduction to Foundation NFT Marketplace

Foundation Review

The foundation has been active since 2020 and is based in the US.

If you're looking for cheap NFTs from unknown artists, you might find them here as well, but most of the NFTs minted and sold here are produced by more well-known NFT creators. The long list of creators with NFTs sold on this marketplace includes names like * Chris *, Pak, Kevin Roose, pplpleasr, Jack Butcher, etc.

What is an NFT Marketplace？

An NFT Marketplace is a marketplace for NFTs. So far so good. But what is an NFT？

NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.

Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectibles like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).

Key features of NFT marketplaces include:

Minting Tools: Many NFT marketplaces offer user-friendly tools and interfaces for creators to mint their own NFTs. These tools often allow creators to upload their digital files, set metadata (such as title, description, and royalty rates), and choose between different blockchain networks for minting.

Discoverability: NFT marketplaces provide users with various ways to discover and explore NFTs, including search filters, categories, trending listings, and curated collections. This helps users find NFTs that align with their interests and preferences.

Buying and Selling: Users can easily buy and sell NFTs on these marketplaces using cryptocurrency. Transactions are conducted securely on the blockchain, with smart contracts facilitating the transfer of ownership between parties.

Auctions and Bidding: Many NFT marketplaces support auction-style listings, where sellers can set a starting bid and buyers can place bids on the NFT until the auction ends. This dynamic bidding process often adds excitement and competitiveness to the marketplace.

Community and Engagement: NFT marketplaces foster a sense of community among creators, collectors, and enthusiasts through features such as comments, likes, shares, and social media integration. Users can engage with each other, provide feedback, and support their favorite creators.

Foundation Focus

The key focus of Foundation is exclusive digital art. The platform is built on the Ethereum network, and to use it you need to connect a wallet (such as MetaMask).

Layout of Foundation

Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else.

Foundation Fees

When you buy an NFT somewhere, it is customary for the relevant NFT Marketplace to charge a fee for enabling the sale. This fee is typically a percentage of the NFT's sale price and is normally paid by the buyer. This can be compared with how regular art galleries normally take a share of the sale of any paintings etc. hanging in the gallery when a sale is executed.

At Foundation, you will have to pay 15.00% in service fees. We do not know of any other NFT Marketplace charging higher fees than this, but there are a few charging exactly that (15.00%). These fees are excluding the Ethereum gas fees that the Ethereum network requires in order to process transactions.

While 15.00% is on the highest end among NFT Marketplaces, it would be considered a very competitive fee compared to an ordinary physical art gallery (where 30-50% in gallery fees is not entirely uncommon).

Accordingly, if you purchase an NFT at Foundation and you have to pay USD 1,000 for it, be advised that USD 150 of this is not paid for the actual NFT but to cover fees in addition to the actual value of the NFT.

Foundation Payment Methods

A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal-deposits and withdrawals.

The foundation is not one of them, as it doesnt allow withdrawals or deposits through credit/debit cards or PayPal. Accordingly, you need to have a previous holding of ETH to be able to interact with this particular marketplace.

OpenSea

vs. Foundation

Non-fungible tokens (NFTs) have become very popular as more people look to buy digital collectibles such as art, music, videos, and other online media. NFTs are one-of-a-kind assets that exist on a blockchain network. OpenSea and Foundation are two of the largest NFT marketplaces where you can buy and sell NFTs.

OpenSea vs. Foundation: Fees

OpenSea takes 2.5% of every NFT transaction. Users and partners can create NFTs for free at any time. Creators on OpenSea can set a royalty of up to 10%. This means they can earn revenue every time their NFT is sold using OpenSea.

Gas fees are fees paid to miners on Ethereum to successfully carry out a blockchain transaction. OpenSea does not control or receive these fees. For gas fees, the payment only guarantees your transaction will be processed. Users pay ETH gas fees on OpenSea regularly for certain activities such as buying an NFT or accepting an offer and on a one-time basis for contract approvals.

Foundation takes 5% of all sales on the primary and secondary market. NFTs minted on Foundation receive a 10% royalty, any time a piece is resold. The royalty is directly sent to the wallet that minted the NFT. The Foundation has an agreement with OpenSea that all secondary market sales will receive a 10% royalty if the work is resold on OpenSea.

Users will have to pay a gas fee on the Foundation. Gas prices are determined by two things: how quickly users want the transaction to be completed and how busy the network is at the time of the transaction. If gas prices are too high at a certain time, users can wait until they go down in price. Users can also submit their ideal price and wait until the network processes it.

OpenSea vs. Foundation: Type of NFTs available

OpenSea states that it is the world's first and largest digital marketplace for NFTs and crypto collectibles. OpenSea was founded in 2017 and currently has over 42 million items that can be bought, sold, or traded in its marketplace. There are over 1.8 million registered users on OpenSea. According to the OpenSea founders, the platform was the first open marketplace for any NFT on the Ethereum blockchain. This integrated marketplace allows consumers to trade their digital items freely and allows creators to launch new digital works.

The foundation was launched in February 2021 and currently has over 400,000 NFTs in its marketplace. The foundation was founded to provide a platform where creators can use the Ethereum blockchain to value their work and build stronger connections with their supporters. Anyone can purchase NFTs on the Foundation, but creators can only join the Foundation if invited.

From February 2021 until May 2022, OpenSea sold close to $31.4 billion worth of NFTs with 16.8 million transactions. The average sale per NFT on OpenSea is about $1,870. In comparison, the Foundation sold over $180.8 million worth of NFTs with 80,785 transactions. This comes out to $2,238 per sale on Foundation.

While OpenSea is more than 100 times larger than Foundation, the average sale price per NFT on Foundation is 20% higher than OpenSea. OpenSea has a broad audience and is best suited for those new to NFTs. There is more competition on the platform. The foundation has a smaller audience geared primarily towards art collectors and less competition for creators.

OpenSea vs. Foundation: Wallet support

Your crypto wallet holds all of your NFTs and cryptocurrency. Just as there are many banks and credit cards to choose from, there are also many different crypto wallet providers out there. Although they each serve the same purpose, each one takes a different approach and has different trade-offs. Users need to connect their wallets to OpenSea and Foundation to use these platforms. There is no need to sign up for an account to buy NFTs.

OpenSea

Here is the full list of wallets supported by OpenSea.

MetaMask: A browser extension and a mobile app. MetaMask is Web3's most popular wallet and one of the oldest players in the industry.

Coinbase Wallet: The Coinbase Wallet app allows users to explore the decentralized web with a dApp browser. You do not need a Coinbase account to use the Coinbase Wallet app.

TrustWallet: A non-custodial mobile wallet that stores your private key locally with an additional layer of security.

Portis: Connect to dApps with an email address and password, from almost any web browser, on any device -- including mobile phones.

Fortmatic/Magic: A user-friendly wallet from an innovative team that allows you to sign up with your phone number from any device.

Venly: Formerly known as Arkane, all a user needs is a PC and web browser to take advantage of this wallet.

Authereum: A usability-focused wallet with no transaction fees and a fiat currency on-ramp.

Bitski: An easy-to-use wallet that allows users to sign up with an email and password.

Dapper: A browser extension that pays gas fees for you.

Kaikas: A browser extension for Chrome that interacts with the Klaytn network.

OperaTouch: Opera Crypto Wallet works with both your Opera computer browser and your Opera Touch for iOS browser (or Opera for Android) on your mobile device.

Torus: A low-friction wallet that allows you to log in with Facebook, Google, and other OAuth providers.

WalletConnect: WalletConnect is a protocol supported by many different dApps and wallets. You can install any mobile wallets that support WalletConnect protocol.

WalletLink: WalletLink is an open protocol that lets you connect your mobile wallet to dApps running on any browser like Coinbase Wallet.

Phantom: Phantom is a popular non-custodial crypto wallet designed for Solana that lets you do more than just deposit and send cryptocurrency.

Glow: Glow is a fast, easy-to-use wallet for Solana.

Foundation

Here is the full list of wallets supported by the Foundation. Unlike OpenSea, it only supports a few crypto wallets.

Coinbase Wallet: The Coinbase Wallet app allows users to explore the decentralized web with a dApp browser. You do not need a Coinbase account to use the Coinbase Wallet app.

MetaMask: A browser extension and mobile app. MetaMask is Web3's most popular wallet and one of the oldest players in the industry.

WalletConnect: WalletConnect is a protocol supported by many different dApps and wallets. You can install any mobile wallet supporting the WalletConnect protocol.

OpenSea vs. Foundation: Payment methods

The core currencies on OpenSea are Ethereum (ETH/WETH), Solana (SOL), USD Coin (USDC), and Dai (DAI). OpenSea supports a few other payment tokens. Using non-crypto currencies like the USD and the Euro on the OpenSea platform is not currently possible. People will have to buy crypto using their local currency on crypto exchanges and then send the crypto to their OpenSea account.

To buy and sell on OpenSea, users will need Wrapped Ethereum (WETH). WETH is a currency that allows users to make pre-authorized bids. ETH and WETH are worth the same amount and can be exchanged directly on an OpenSea profile.

Users can only use Ethereum (ETH) to buy and sell NFTs on Foundation. Users will need to connect their wallet to the Foundation to participate in the marketplace. They then need to buy ETH from a cryptocurrency exchange like Coinbase or buy directly from MetaMask using Wyre or Transak. After connecting their wallet, they can then buy NFTs.

OpenSea vs. Foundation: Security

OpenSea recently came under fire due to issues with stolen and plagiarized NFTs. As a result, OpenSea launched a new feature that automatically hides suspicious NFT transfers from view on the platform. This will help protect users from scammers and ensure that only legitimate transactions are visible. Frequent thefts and scams on OpenSea have investors dissatisfied with the platform's efforts to combat theft.

The foundation uses the Ethereum public blockchain, which increases the Foundation's transparency and, as a result, its security. Foundation states that it employs several technical, organizational, and physical safeguards designed to protect user's personal information. Both OpenSea and Foundation do not take custody of the NFTs. Users connect their secure wallets to the platform. The platforms are merely intermediaries for users to buy, sell, and trade NFTs.

Both NFT marketplaces are popular and among the best-known in the industry. OpenSea is the largest NFT marketplace and the best choice for beginners looking to get started with this technology. OpenSea also has a wide variety of NFTs and creators. The platform has 100 times more NFTs for sale and also a wider audience. Its transaction fees are half of what the Foundation charges.

The foundation has a smaller user base but is more akin to an art gallery. Creators can only sell NFTs on the Foundation if invited, so generally, only the top creators have a presence on the Foundation. Their market share is smaller, but art collectors are willing to pay more for NFTs on Foundation. Prices are on average 20% higher, and their fees are 5%, double that of OpenSea. Foundation may be best for those looking for exclusive art from select creators.

FAQ

1.How to sell NFTs on Foundation

There are currently eight ways to sell NFTs on Foundation: Reserve Auction, Buy Now, Offers, Drops, Editions, Galleries, Exhibitions, and Batch Listing.

A live auction begins on NFTs with a Reserve Auction when a bid is received. The auction could last up to 7 days, depending on the seller's selected duration.

NFTs with a Buy Now price can be instantly sold.

An Offer can be made on any NFT on Foundation - you can choose whether to accept an offer or let it expire.

Drops are NFT collections with fixed collection sizes and Fixed or Dynamic NFT Pricing that can be minted blind by collectors - the NFT assets are then revealed at a later date of your choosing.

Editions are single NFTs that can be minted unlimitedly for up to 7 days for Timed Editions. Or until the max token supply is reached for Limited Editions.

A Generative Series imported from Highlight. These can be Fixed or Dutch Auctions. These collections can be minted by individual collectors. When minting a token from a generative collection, data from the blockchain will be passed to the artists code, resulting in an original piece of art.

Galleries allow you to create a place for your exhibitions to live.

Exhibitions allow you to set a reserve auction price or buy-now price on your NFT with a curator who will share a portion of the final sale price and exist within a gallery.

Batch Listing allows you to list a collection, in one single transaction.

You can use the Buy Now, Offer, and Reserve Auction features in parallel — meaning any NFT can be simultaneously listed as a Reserve Auction, have a Buy Now price, and receive Offers on Foundation. While an auction is active, other selling methods arent available.

2.How do royalties work on Foundation？

If an NFT you created is listed on another marketplace and sells, that is what is referred to as a “secondary sale”.

Foundation pays creators 10% royalties for all secondary sales, when possible.

It is important to note that royalties are not managed on-chain (on the blockchain), and for this reason can not be guaranteed, depending on where a secondary sale is made. Some marketplaces are explicitly choosing not to honor royalty payments, and in these cases, unable to pay out royalties.

3.What happens to my funds and NFTs while on the Foundation Marketplace？

Foundation stores as much data as possible on the blockchain to ensure a secure and verifiable record of your assets. Whether you have an NFT listed with a Buy Now price, or youve just placed a bid on an NFT — we use the Foundation Marketplace smart contract to keep your funds and NFTs safe as they move through transaction states.

The web3 integrity we stand for is shown in the way Foundation handles NFT transactions. Unlike other marketplaces, every NFT transaction that is made on Foundation is stored publicly on, and is securely backed by, the Ethereum blockchain.

4.Can I update or change a split after I minted the NFT？

No, a Split can't be changed or updated once a work is minted or sold. If you would like to update a split, you'll need to burn the NFT, mint the piece again, and set new percentages.

5.Can I create a new split when I put a work in my collection on the secondary market？

No, you cannot create a split for a secondary market listing. You can only create a Split during the minting process.

6.Why can I only split with 3 other people？

At this time, we limit the number of recipients you can add to a Split because the cost of gas to mint and claim an NFT goes up as you add more wallet addresses.