What is Foundation.app?
Foundation.app (or known simply in short as Foundation) is a platform built on the Ethereum blockchain that allows users like creators and buyers to connect and trade. This is where artists, creators and collectors can be facilitated in the trading of NFTs (non-fungible tokens).
What is the background of Foundation?
The company was established in February 2021. Since then, it has been growing rapidly where creators on Foundation have earned more than 30,000 ETHs amounting to over US$100,000,000.
Who does Foundation help?
Foundation has been used by parties in various areas. This includes digital artwork creators, collectors, investors and developers of NFTs and blockchain technology.
How do I sell my NFT on Foundation?
To do this, you will have to:
- Receive an invite from Foundation to be a creator and sell on the platform. This comes with an invite code that needs to be activated when you set up your account.
- Set up a MetaMask crypto wallet with Ethereum. This will be the main medium for any transactions that take place on your profile.
- After that, you will have to create your artist profile and then mint an NFT that can be viewed and traded on Foundation. This is where you will upload the digital file of your work to the IPFS (InterPlanetary File System). the IPFS is typically a decentralized peer-to-peer storage platform that is secure.
- Once you have done that, the piece becomes an NFT and it can be put up for auction through Foundation’s platform.
What can I sell on Foundation?
NFTs auctioned and sold on Foundation are mostly digital artwork pieces. However, do take note that you will need to be invited in order to be a Creator on Foundation and be able to sell your NFTs on the platform.
What are the charges to sell my NFT on Foundation?
As a Creator, you will receive 85% of the final sale price which means 15% goes to Foundation. On top of that, a 10% royalty fee is also imposed. This means that you will receive an additional 10% of the sale price if the NFT is resold in the future.