Foundation can be described as an NFT marketplace that is designed specifically to cater to digital art lovers which includes collectors and creators. It offers a huge range of NFTs and ensures the creators receive the royalties from each sale. It can be costly but, since it’s an art-based marketplace it doesn’t offer other types of NFTs. Take a look at the Foundation marketplace review for comprehensive analysis of the pros and cons.
Full Foundation marketplace review
This marketplace for NFTs is an ideal fit with: Digital art enthusiasts who wish to collect NFTs or design and sell their own.
What exactly is Foundation market?
The Foundation Marketplace is an platform based using the Ethereum blockchain. It has NFT artwork listings. Customers can purchase digital art , mint or sell their NFTs they have created themselves. There are many selling options available on Foundation:
- Purchase Now This NFT is now available at this price.
- Offerings The seller can accept offers from users.
- Reserve Auctions A NFT auction that has a reserve price that is the price at which that the seller will pay.
- Private Sales Sellers are able to send sale offers in the event that they have a certain purchaser in mind to purchase the piece.
Top perks
Sell and buy NFTs of art
If you’re searching for art-related non-financial transactions, Foundation can be one of your most effective choices. Because it’s focused on digital art it attracts hundreds of. You can browse and buy a range of original videos, images as well as 3D art. The focus on art also creates Foundation an ideal platform for artists to get buyers for their art.
See the top picks: Best NFT Marketplaces
Simple to utilize
Like you would imagine from an online art gallery design is among Foundation’s strengths. It’s simple and doesn’t overwhelm users with options. Even if this is your first time on this platform, it’s simple to search for collections, browse the most popular creators and pieces, search the marketplace and purchase NFTs you enjoy.
Great for minting NFTs
Foundation’s structure and setting up could be advantageous to artists. Original creators get 95% of the initial sales as well as Foundation receiving an 5% market fee. Original creators also earn 10% of every second sale. If someone purchases your NFT and then sells it to another person you’ll earn 10 percent of the amount you paid for.
If you believe that an NFT was part of a team collaboration, Foundation allows you to split the royalties. You can make the term “Split” when making NFTs and also include wallet addresses for at least four people and the proportion each one will receive.
What can be improved?
High-priced charges
The market fee for Foundation is five percent that is more costly than the 2.5 percent that some other competitors charge. If you’re selling an NFT you purchased it, you’ll also get the 10% royalty due to the creator of the original that means you’ll get 85 percent of the sales amount.
One payment option is available.
You’ll need Ethereum to buy items through the Foundation NFT marketplace. The good thing is Ethereum is easy to purchase because it’s readily available in almost all most popular crypto apps. But, there exist NFT marketplaces that accept different kinds of cryptocurrency as well as card transactions making the buying procedure more convenient.
Other options to be considered
If you’re looking to purchase different kinds of NFTs Mintable provides a vast selection of NFTs from various categories that include music, collectibles, games items and online real estate. Mintable is a one-stop-shop for those who collect for a small amount of everything.
If you’re looking to cut costs: OpenSea offers low charges for its customers, since it charges only an amount of 2.5 percent per transaction. Furthermore the easy-to-use NFT marketplace offers one of the most extensive options you’ll see.
Platform features
Foundation claims its goal is to create a new, creative economyin which creators can benefit from the Ethereum blockchain to build stronger connections to their community of supporters. This is a comprehensive guide to its capabilities.
Services
You have two options you can use Foundation’s Foundation platform -as a collector or as creator. As an individual collector, you are able to browse and buy digital art NFTs. As an artist, you are able to create and offer NFTs for sale.
Blockchains
Foundation is based upon the Ethereum blockchain which is the most used blockchain for NFTs.
Supported wallets
Foundation allows wallets to be set up via Metamask and WalletConnect. Through WalletConnect you can access more than 100 distinct Blockchain wallets that you can utilize with Foundation which include Trust Wallet, Alpha Wallet as well as Ledger wallets.
Related: Best NFT Wallets
Payment methods
Ethereum is the preferred method of payment employed by the Foundation. As it is one of the largest currencies, you can buy Ethereum at the majority of major exchanges and transfer it to your account.
Fees
Foundation has a market fee of 5 percent of NFT sales. For second sales there’s an additional 10% charge that is that is paid to the original author of the NFT. The way this works is:
- If you create an NFT and then sell it, that’s considered an “initial sale and you’ll receive 95% of the amount sold. Foundation pays 5% as its market fee.
- If you are selling an NFT that was created for someone else it’s classified as a secondary sale and you’ll receive 85percent of the cost of the sale. Foundation receives its 5% market fee while the creator is paid 10 percent.
