Foundation
review and rating
USA, San Francisco
Foundation
review and rating
USA, San Francisco
About Foundation
Foundation is an NFT marketplace designed for creators to engage in the buying and selling of NFT art through auctions lasting 24 hours from the initiation of a minimum bid. Established in 2020, the platform distinguishes itself by curating exclusive digital art in a format reminiscent of an art gallery. Renowned NFT artists like Kevin Roose, Pak, Jack Butcher, and others have showcased their digital assets on Foundation. In the midst of the burgeoning creative economy, numerous marketplaces have become inundated with new mints, prompting prospective buyers to sift through a multitude of GIFs and memes. Foundation addresses this by streamlining its product offerings, ensuring a simplified experience for buyers seeking potentially valuable art.
Pros:
- User-Friendly Interface: Foundation boasts a streamlined and user-friendly interface, offering a visually appealing and easy-to-navigate platform. The inclusion of filters enables users to refine their choices and conveniently track their bids.
- Royalty System: Creators benefit from a robust royalty system, earning a 10% share on all secondary sales perpetually after the initial transaction. This provides a continuous stream of income for creators as their art circulates in the secondary market.
- Popularity of Auctions: Auctions, being a focal point on Foundation, naturally generate significant excitement and a Fear of Missing Out (FOMO) effect. This heightened interest often results in creators earning more than their initial expectations.
- Limited NFTs: Foundation maintains a selective approach in collaborating with creators, resulting in a curated marketplace with a limited number of NFTs. This exclusivity enhances the visibility of creators' work, making it easier for them to attract attention within the platform.
Cons:
- Accepted Cryptocurrency: Foundation exclusively supports purchases of NFTs with ether (ETH). Transactions cannot be conducted using alternative cryptocurrencies like bitcoin or traditional fiat currency.
- Commission Structure: Artists are subject to a commission fee of 15% on the initial sale of their artwork. While this fee may seem significant, it aligns with the commission rates observed in other marketplaces that operate similarly to art galleries.
5-15%
Marketplace fee
739.4K
Monthly visitors
200K+
Total NFTs
About Foundation
Foundation is an NFT marketplace designed for creators to engage in the buying and selling of NFT art through auctions lasting 24 hours from the initiation of a minimum bid. Established in 2020, the platform distinguishes itself by curating exclusive digital art in a format reminiscent of an art gallery. Renowned NFT artists like Kevin Roose, Pak, Jack Butcher, and others have showcased their digital assets on Foundation. In the midst of the burgeoning creative economy, numerous marketplaces have become inundated with new mints, prompting prospective buyers to sift through a multitude of GIFs and memes. Foundation addresses this by streamlining its product offerings, ensuring a simplified experience for buyers seeking potentially valuable art.
Pros:
- User-Friendly Interface: Foundation boasts a streamlined and user-friendly interface, offering a visually appealing and easy-to-navigate platform. The inclusion of filters enables users to refine their choices and conveniently track their bids.
- Royalty System: Creators benefit from a robust royalty system, earning a 10% share on all secondary sales perpetually after the initial transaction. This provides a continuous stream of income for creators as their art circulates in the secondary market.
- Popularity of Auctions: Auctions, being a focal point on Foundation, naturally generate significant excitement and a Fear of Missing Out (FOMO) effect. This heightened interest often results in creators earning more than their initial expectations.
- Limited NFTs: Foundation maintains a selective approach in collaborating with creators, resulting in a curated marketplace with a limited number of NFTs. This exclusivity enhances the visibility of creators' work, making it easier for them to attract attention within the platform.
Cons:
- Accepted Cryptocurrency: Foundation exclusively supports purchases of NFTs with ether (ETH). Transactions cannot be conducted using alternative cryptocurrencies like bitcoin or traditional fiat currency.
- Commission Structure: Artists are subject to a commission fee of 15% on the initial sale of their artwork. While this fee may seem significant, it aligns with the commission rates observed in other marketplaces that operate similarly to art galleries.
5-15%
Marketplace fee
739.4K
Monthly visitors
200K+
Total NFTs
How does Foundation work?
Similar to other prominent NFT marketplaces like OpenSea and Rarible, Foundation operates as a decentralized finance (DeFi) platform built on the Ethereum blockchain, facilitating the trading of unique digital artwork. However, gaining the privilege to sell on Foundation can be challenging, as it requires an invitation from an existing artist on the platform. When artists list their crypto art for sale, they establish a "reserved" price that must be reached to initiate the auction. Once a bidder places a qualifying bid, a 24-hour auction commences. In case a bid occurs within the final 15 minutes, the timer extends indefinitely, resetting to 15 minutes with each subsequent bid. Following the conclusion of the auction, both parties complete the transaction. Foundation generates revenue by charging a 15% commission on primary sales, a model akin to other exclusive platforms like SuperRare. At the point of transaction, art creators pay a 15% fee to the platform, while retaining a 10% royalty on all future sales of their non-fungible tokens in perpetuity.
What types of NFTs can you buy on Foundation?
As a purchaser, you can explore various NFT categories on Foundation, including:
- 3D Art: Interactive pieces that allow you to view the NFT from different angles by holding, clicking, and moving your mouse.
- Image: Whether it's a photograph or a digital artwork, still images represent a widely popular form of non-fungible tokens.
- Video: Video assets, which may include films or animations, often come with accompanying music.
The platform has future plans to enable creators to release audio uploads.
What currencies can you use on Foundation?
Foundation.app exclusively accepts Ether (ETH) as the cryptocurrency for transactions. Other forms of payment, including bitcoin (BTC), credit cards, and fiat currencies like USD, GBP, AUD, etc., are not supported. To engage with the platform, users are required to link a web3 wallet, such as MetaMask, operating on the Ethereum network.
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