Foundation - Community-owned Digital Art NFT Marketplace - Market247.io
The NFT marketplace is the organization that facilitates transactions using NFTs and acts as a matchmaker between buyers and sellers. The increasing sales generated by the NFT marketplace are directly attributable to the rising demand for non-fungible tokens (NFTs).
Depending on their level of inclusivity, these marketplaces vary in the quality of the NFT art they display and the amount of autonomy they grant to artists. Continuing the series of articles about the NFT marketplace, Market247.io introduces interesting information about Foundation.
What is Foundation NFT marketplace?
This platform was founded on the Ethereum blockchain to provide artists and creators with a decentralized, non-fungible means of creating valuable artwork and monetizing it by sharing it with collectors on the platform.
Artist autonomy is elevated to an entirely new level by its novel approach to NFT trading, which economically leverages social connectivity and originality. This platform connects creators with their target audience and enables them to generate income from digital art.
How does Foundation Work?
Foundation aims to build a strong community of creators, artists, and collectors that serves as a bridge between crypto and culture after establishing itself as a highly curated, commendably stable non-fungible token (NFT) market.
On building and maintaining the platform, creators and collectors of precisely crafted Decentralized Finance (DeFi) utilities work together. If the participation requirements are met, anybody and everyone can access the NFTs.
What makes Foundation different?
Because the platform is invite-only, you must receive an invitation from another artist or from the platform itself in order to mint and sell NFTs on the Foundation. As a result, the market can offer a limited selection of NFTs while maintaining a high level of quality.
As an artist on Foundation, you will have your profile, pages, and gallery in addition to the NFT Marketplace and Social Media. You may interact with other artists, provide comments on their work, and much more. The user experience is much better than in other markets, the user interface is black and has a futuristic minimalist style.
However, the diversity of goods in the marketplace is Foundation's one flaw. Products are frequently restricted because invited artists and designers can only join the platform. On the other side, this fusion will assist the Foundation in creating and sustaining a distinctive, thematic style. The platform makes it simple for users to learn when work was made, who developed it, and the history of who has held it since then. It also provides transparency and trustlessness for the auction process. Because the artists that use the site are carefully chosen, the NFTs on it has high-quality, distinctive works.
Features of Foundation
The platform provides users with various features which facilitate and support them earn more money.
Foundation assists artists in the minting of their NFTs. The minting procedure records a digital asset or NFT on the Ethereum blockchain.
Each creator's page includes: A profile photo. Links to their social media accounts. Information about each piece's previous bids. A list of all the work they have registered with the Foundation.
The auction officially begins when the first bid is placed on an NFT that has been listed in this area. Without a bid, the auction will not start. In such cases, the creator may modify the pricing of NFTs in exchange for an additional gas charge.
Filters and Search
Foundation has a search function that lets us look through various producers and collectors. This skill can be used to look for artworks that interest us.
One of The Foundation's major USPs is its decentralization. Transparent records are kept of how the Foundation's ecology and various parts, such as the NFTs, are managed. The entire ecosystem is not under the control of a single server. It uses a decentralized peer-to-peer network, which raises productivity, quickness, and security while also bringing down expenses.
Each work of art created with the Foundation can be traced back to its initial purchaser, fostering openness by showing details about the artist who created it, when it was created, and all of its past owners.
The Foundation Team
Kayvon worked as the Chief Technology Officer at Universe, the Senior Software Engineer at Dharma Labs, and the Head of Product at Universe before creating Foundation App.
In addition to serving as the company's Head of Design, Matthew Vernon is a co-founder of Foundation App. The designer and business owner have extensive knowledge in UX/UI, brand strategy, and product design. In the past, he founded and contributed to Neue Goods and Internet World. He also worked at Dharma Labs as the Lead Product Designer.
The Foundation Community
The community of curators, collectors, and producers is made up of Foundation to build a strong ecosystem capable of simultaneously supporting all of its members. Rules serve as the community's guidelines and support its mission.
For instance, even though Creators are the sole owners of the intellectual property rights in their works, including any associated trademarks and copyrights, and even though they have the freedom to display, perform, publish, and create derivative works based on them, they are not allowed to list the works of others or make NFT copies of their creations.
The NFTs that Collectors purchase become their own, and they are free to show, share, display, exchange, or sell them again on any platform. They are not allowed to alter the artwork in any way or use it for commercial purposes, and they do not possess any rights to the intellectual property of any NFT they buy.
With this growth rate, it will be difficult to keep this sector and technology from reaching new heights.
The Foundation platform's introduction is rewriting the creative economy's story. It's building a healthy ecosystem with over 30,000 unique users trading over $150 million in value. The platform is straightforward for anyone interested in minting, purchasing, and trading NFTs while interacting with artists worldwide. If you are interested in NFTs, follow us to read our articles in the NFT marketplace section.
Questions about Foundation
What are the transaction fees on Foundation?
Furthermore, Foundation's fees are quite high; the highest service fee for a transaction on the platform is 15%. These charges do not include the Ethereum gas fees required by the Ethereum network to process transactions. Service fees depend on the buyer and seller, and if you're selling and the buyer hasn't completed the transaction, you can pay extra gas fees to expedite the transaction.
Which payment methods does the Foundation accept?
Some NFT Marketplaces accept credit or debit card deposits and payments, and some even accept PayPal deposits and withdrawals. On the other hand, Foundation is not one of them because it does not accept withdrawals or deposits via credit/debit cards or PayPal. As a result, to interact with this market, you must first hold ETH.
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