Foundation is an innovative platform that was created for digital artists to be able to sell their art as NFTs. It features live bidding for all of its artworks and integrates its characteristics in a user-friendly experience for art enthusiasts to buy and sell their pieces in decentralized auctions. All of this is done using the Ethereum blockchain, which makes it transparent and reliable.
This article is meant to explore Foundation, and the digital art bought and sold on the site. If you want to know more about how this platform works, keep reading and find out.
Foundation at a Glance
- This platform is entirely focused on digital art
- It operates in the Ethereum blockchain
- You need an invitation to gain access to the platform
- It has an easy-to-navigate layout with all of the artwork’s information
Commissions and Charges
When you use a platform for buying NFTs, you usually have to pay some commission to it, as this is the way these platforms get profit. The buyer usually pays this, and it can be compared to how art galleries charge for their spaces.
In Foundation, you have to pay a fee of 15% of the cost of the NFT, which is in the higher end seen among marketplaces. However, it is still a very competitive price.
Foundation works exclusively with ETH blockchain. It doesn’t accept payments or withdrawals through PayPal, debit, or credit card. You also need to already own ETH to interact with this site.
This platform works perfectly well for buying and selling different types of digital art. However, these two options have different ways of functioning.
If you want to buy digital art on this platform, you are going to need a wallet with ETH to place a bid on your preferred piece of art during the time that the auction remains active. Once the time ends, you can check on the bid to find out if you won the art piece or not. If you did, you’re now the happy owner of the artwork.
Although virtually anyone can buy NFTs from this platform, that’s not the case for selling them. If you want your artwork featured on this site, you must get an invite.
In order to get an invite, you must have already sold an NFT; then, you’re going to receive a code that may allow you to sell more NFTs and invite other creators like you. However, there are other ways to get invites, some of them are:
- Befriending a creator who can provide you with the code
- Publish your art on Foundation’s discord, as its creators sometimes choose artists to give them access to the platform
- Search on social media for groups where people freely invite others to the platform
- You can buy an invite from other creators, but this option isn’t as reliable, as Foundation is working to ban those who sell their invites
This is a place that’s bringing back the value of artwork of artists who struggle to live out their art. It was founded in August 2020 and is based in the US.
Foundation has opened its doors to all types of creators and digital art enthusiasts looking for a safe place to share their interest in art and freely sell their artwork. Since it launched, creators on this platform have earned over 48,000 ETH, which translates to more than $162,000,000.
This app is very simple to use for bidding on your favorite pieces of art with the Ethereum blockchain. In order to buy or sell in this simple interface, all you have to do is follow the specific directions indicated for both creators and collectors. You are going to need an ETH wallet and an invite if you want to post your digital art.
The auction starts when a creator sets the reserve price for the artwork, and collectors are free to bid. However, if the reserve price isn’t met during the auction, the artwork is going to be translated to the “reserve not met” section of the platform.
Additionally, it is possible to keep track of all the artwork’s history due to their blockchain programming, including the final amount the bidder pays every time a piece of art is sold.
Creating with Foundation
When you register as a creator on Foundation, you get a profile page that shows all of your work and bid history on each piece. You can also add a small biography and your social media links.
If you sell your artwork on the primary market, you’re going to receive 85% of its total value. However, every time your pieces are re-sold, you may receive 10% of their price.
Pros and Cons of Foundation
In summary, the pros and cons of this platform are the following:
- It has a good user experience
- The platform caters to a wide variety of creators
- The creator gets paid 10% each time their art is re-sold
- It is a popular marketplace
- It has high commissions
- The only payment method is ETH
A Few Interesting Facts about Foundation
- There is a huge and supportive community for creators on this app
- The first NFT sold on this app in February 2021 was called $HQ
- Their NFT of Nyan Cat set a precedent on how valuable memes can be
- Foundation has been featured in famous newspapers and magazines such as The New York Times and Forbes
This is a fantastic platform for creators and collectors to initiate their NFT journey. It has a beautifully made interface that is easy to use and gives you all the required features for buying and selling digital art without hassle.
If you’re looking to get into NFTs, whether to buy or sell them, you should give Foundation a try.