Foundation NFT Marketplace is a non-fungible online platform that is based on invites only. The aim of this platform is to enable creators to showcase and value their work while building strong connections with their fans and supporters. Currently, the platform has 260,000 members registered and 100,000 NFTs for sale. New creators must receive invitations from established creators who have already sold at least one NFT on the platform.
The Foundation NFT Marketplace is an Ethereum-based platform, and users must have ETH in their wallets to bid on auctions. The platform currently offers three types of NFTs which are 3D artwork, images and videos.
History of Foundation NFT Marketplace
Foundation NFT Marketplace was founded in February 2021. Since it’s launch, the marketplace has managed to earn 39,000 Ethereum, which is equivalent to $160 million from the creators who use the marketplace. This marketplace has hosted NFT auctions for Nyan Cat animation and Edward Snowden.
How to Mint NFTs on Foundation NFT Marketplace?
To get started on minting NFTs on Foundation NFT Marketplace, you must upload your artwork. The platform accepts file formats like videos, JPGs, and PNGs. When you upload your file, it is stored on InterPlanetary File System (IPFS) which is a decentralized file storage network. Ensure that your wallet has enough ETH to cover your minting and gas fees. This ETH balance will also cover transaction fees when signing up as the original creator of the NFT.
When you are listed as the original creator of the NFT, you will be entitled to royalties when the NFT changes hands in the future. The newly minted NFT is deposited into your MetaMask wallet. You earn 85% from the sale price of the NFT and 10% royalties whenever your NFT is resold on secondary markets. This means that an NFT originally minted on Foundation NFT Marketplace and resold on OpenSea or any other NFT Marketplace, will earn 10% royalties which will be credited to the creator’s wallet.
All of your minted NFTs are displayed on your profile. Moreover, you can create portfolios to sell your NFTs as collections. Foundation NFT Marketplace also allows you to link your social media accounts and share more information with your potential collectors.
How to Sell NFTs on Foundation NFT Marketplace?
Once you have received an invitation to be a new creator on the platform, you can now start minting NFTs on the platform. Your new profile will be linked to your MetaMask wallet, and you can use ETH to pay your gas fees for minting NFTs.
Moreover, ensure that you have enough ETH in your wallet for bidding. When you start bidding, your gas fee will be in the smart contract escrow and if you get outbid in the auction the gas fee will be returned to your wallet. The first NFT that sold for millions on Foundation NFT Marketplace is Edward Snowden’s “Stay Free” NFT. This NFT sold for $5 million (2,224 ETH). This NFT image is a signed declaration of the NSA’s mass surveillance program.
The other popular NFT sold on Foundation NFT Marketplace is the “Nyan Cat” which is an internet animation sold for $1.2 million (300ETH). When listing NFTs as a creator, you can set your reserve price for each NFT you list. This price is the minimum bid for the NFT. Once you place your bid and it gets confirmed, the system will start an automatic 24-hour countdown. This means that the auction will close if the NFT is not sold within 24 hours.
However, if a new collector places a bid on your NFT listing 15 minutes before the closing of the auction, the auction will be extended by 15 minutes. This means that the bid’s time limit can be extended whenever a collector places a new bid 15 minutes after the last bid.
How to Buy NFTs on Foundation NFT Marketplace?
Foundation NFT Marketplace can be joined and used by collectors without any invitation requirements. You can explore the marketplace, if you wish to buy any NFTs. The marketplace has favorable search options that allow you to narrow down your search using ETH prices, media type etc. To place a bid on your chosen NFT, you must set the minimum reserve price set by the creator. If you want to outbid another collector, your bid should be 10% more than the last bid.
If you win a bid as an NFT collector, your bought NFTs are automatically transferred to your wallet. The funds will automatically be transferred from your wallet to the creator’s account. Your NFTs will also appear below your profile. You can list and display your NFTs in your Foundation NFT Marketplace gallery and share them on social media. You can also sell these NFTs on third-party marketplaces.
There is a “Buy Now” option that allows you to instantly purchase and acquire your desired NFT:
- Search for the NFT of your choice. Click on “Buy Now”.
- Confirm your transaction from your wallet.
- Pay the gas fees to acquire the NFT instantly.
The offer option allows you to make an offer for the desired NFT:
- Browse and select the NFT you want. Click on “Place Offer”.
- Specify how you want to pay for the offer by typing in the offer amount in ETH.
- Confirm your transaction and pay the gas fees. Offers usually run for 24 hours, if the creator accepts your offer then you get the NFT.
- If the creator does not accept your offer, you wait for the time to run out for the offer to expire.
Is Foundation NFT Marketplace the Best NFT Marketplace?
Foundation NFT Marketplace is the first NFT Marketplace that introduced 3D NFTs. These 3D non-fungible tokens can be viewed in three dimensions. 3D artworks can be scaled in size to view on mobile devices and computers. This platform has offered passionate 3D creators a place to sell their unique designs and artworks.
The platform allows artists the opportunity to transfer their NFTs from the marketplace. Artists have to un-list the NFT and select the “Transfer NFT” option from the menu. To finally complete the process, artists must have an ERC-20 address and once the transaction has been confirmed, the NFT will be transferred to the desired wallet. Moreover, Foundation NFT Marketplace is embedded with Etherscan.io, which enables users to track their transfers on the platform.
Creators earn a 10% royalty fee when they mint and sell their NFTs using the platform. This is a good residual income business option for most artists. The marketplace offers auctions in the process of selling NFTs, this means that artists can earn more if they find the right bids.