Foundation NFT Marketplace

NFTs or Non-fungible tokens are gaining popularity lately. Foundation NFT Marketplace is an option available where you can buy and sell digital artworks comfortably.

NFTs have opened up new vistas for creative digital artists and collectors to exhibit their talent and earn a decent income in the bargain. You can also earn passive income through royalties on every subsequent transaction on your NFT. However, you will need a marketplace for creating an NFT and putting it up for sale.

What is Foundation?

Foundation is an NFT application or marketplace built on the Ethereum platform for buying and selling digital art of NFT artists or creators using Ether. It is a decentralized NFT platform that promotes live auctions of digital artwork. Foundation is an invitation-only marketplace – you can only create an NFT when invited.

Key Features Of Foundation 

  • Foundation: It is built on the Ethereum blockchain. 
  • Easy-to-use: Foundation has a user-friendly interface. 
  • Basic Requirement: It is one of the invitation-only NFT marketplaces. 
  • Currency Used: Ether is the currency used in buying and selling NFTs in the Foundation platform.

How Does Foundation Work? How Can I Mint An NFT On Foundation?

To sell digital art on Foundation, you require a digital wallet, such as MetaMask, since it requires Ether to trade. Buying and selling of digital arts cannot be done with fiat currencies or any other currencies apart from ETH. To mint an NFT on Foundation, you will connect the digital wallet with Foundation App and find it with ETH. A transaction charge will be taken from your digital wallet when you buy, sell or mint an NFT on Foundation. You can create your NFT and put it up for sale after adding features such as name, description, and price to it.

What Currencies Can You Use On Foundation

Foundation NFT marketplace is built on the Ethereum blockchain. The payment can only be made using ETH currency.

Foundation NFTs: Types Of NFTs You Can Buy 

There are diverse types of NFTs including artworks and collectibles. Examples of these artworks are Gift of Frankincense: Kingdoms of Ethiopia, New Flower: Kingdoms of Ethiopia, King Lalibela – Rock-hewn: Kingdoms of Ethiopia, and Steam Knight #08 – Esclados.

How To Open An Account 

Before you can open an account on the Foundation NFT platform, you would be sent an invitation to become a creator.

  • It is when you are invited that you can create an NFT. 
  • The next thing to do is to set up your digital wallet (MetaMask) for making an account. 
  • Connect your wallet to the Foundation app by clicking on the “Connect Wallet” button on the top right corner of the website.
  • Go ahead to press the “Connect to MetaMask” button later to connect the wallet to the NFT platform. 
  • Select “Sign” when your wallet shows on the screen. 
  • Your Foundation account profile is now open. 
  • You can now add a profile picture, display name, and username. Also, you can now create, buy, or sell NFTs of your choice.

How To Buy An NFT? 

The Foundation NFT marketplace does not have its wallet for storing currency – Ethereum is used for trading digital artworks. You can buy NFT on foundation:

  • With digital wallet such as MetaMask
  • You also need a crypto exchange platform such as Coinbase. 
  • Fund the Coinbase with ETH and transfer it to the MetaMask platform which is connected to the Foundation app. 
  • Look for digital artwork (NFTs) you want to buy and pay for it with your ETH. 
  • You will be charged 15% of the final sale price. 

How To Sell An NFT On Foundation?

You must first have ETH in your digital wallet – MetaMask for you to be able to buy the NFT of your choice. If you don’t have Ether, download, and register on Coinbase or any other Ethereum exchange and fund it with ETH. Transfer this ETH amount to MetaMask. Look for the NFT that you want to buy and pay for it. Go back to your profile to see the purchased NFT. You are now an owner of an NFT. It is simple, all thanks to the user-friendly interface. 

What Are Foundation Fees

A 15% service fee is charged on a transaction on the Foundation platform. This fee is extremely high when compared to other NFT platforms OpenSea etc. Besides, these fees do not include the Ethereum gas fees required for the Ethereum network to process transactions. The Foundation fees are payable by the buyer of the NFT. However, when compared to the art galleries that charge anywhere between 30% to 50%, the Foundation fees are competitive.

Foundation Pros And Cons 

Following are the pros and cons of the Foundation NFT Marketplace – 

Pros

  • It is a straightforward NFT application to use to buy and sell NFTs.
  • It is a popular marketplace where NFTs are auctioned.
  • Creators receive a 10% royalty fee.
  • High-quality digital artworks.
  • It is easy to get approved on this NFT platform as an artist.

Cons

  • Has only one payment option.
  • Highly competitive transaction fee. 
  • You can only become a creator of NFTs when you sent an invitation. 

Final Words

The Foundation NFT marketplace is one of the easiest NFT platforms to trade digital arts. It supports only one payment currency – Ether. To perform any transaction on this easy-to-use app, you must have an ETH for a gas fee on a digital wallet like MetaMask. Creative artists love Foundation because it allows them to give full vent to their creativity and help build stronger connections with their supporters.

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