Founded in February 2021 by Kayvon Tehranian and Matthew Vernon, Foundation is an application that eases live auctions for NFTs. By using ETH, users can bid on digital artwork of their choice. This is followed by storing the tokens in a MetaMask wallet and reselling them on other marketplaces.
Created on Ethereum, the Foundation aims to offer both creators and artists a decentralized as well as a non-fungible way to not only build beneficial artwork but also monetize it upon sharing it with potential collectors.
What differentiates Foundation from other platforms is its ease of use, since the platform is quite simple in terms of bidding on digital art.
How does Foundation app work?
Initially, fifty artists were invited to the platform followed by providing every artist two additional invitations to be distributed to other users with an intention of creating the website by the community. The community team chooses artworks, which are then featured on the site, on social platforms, and in newsletters.
All in all, the platform is a home for artists who believe in experimenting with new and creative techniques and innovating in the digital art space.
The Foundation community
The Foundation app’s community has certain rules that act as the backbone of the community.
For example, creators are not allowed to list the work of someone else or make Non-Fungible Token NFT copies of it despite owning the legal rights to their work, which include copyrights and trademarks, besides having the ability to replicate, create, exhibit, and distribute derivative works that are based on it.
As far as collectors are concerned, non-fungible tokens owned by them turn into their property. Moreover, they can feature, resell, trade, or share them on any platform. However, they don’t have rights to the IP of any token they buy. Also, they neither utilize it for commercial purposes nor make changes to the artwork.
Foundation for creators
Previously, an artist’s work was listed on the app only if they were invited to mint NFTs on the Foundation platform. However, the concept has changed now, and anyone can be a creator. After minting the NFTs, the artist can list them on the marketplace and allow users to access them.
From the makers, Foundation takes over 15% commission of the selling price owing to which a creator receives 85% of the revenue from sale. Additionally, the Foundation is known for paying royalties too.
Foundation for collectors
Anyone can be a collector, provided they have a crypto wallet with sufficient ETH to transact and buy non-fungible tokens.
After acquiring an NFT, it is added to the wallet of the user, where it can be stored, displayed in a virtual gallery, resold on the secondary market, or shared via social media platforms.
3D NFTs and Foundation
3D NFTs were first introduced by the Foundation platform on its marketplace. These non-fungible tokens can be seen in three dimensions, as their name says. The artwork in such NFTs can be projected via augmented reality in physical space and can be scaled by collectors on mobile devices or computers.
The purpose behind 3D NFTs was to outgrow the horizon and move towards a whole new category of artwork.
Creating a Collection on Foundation
A Collection refers to a smart contract that includes a creator’s NFT. A creator owns the ownership as well as control of the non-fungible tokens that are minted for their smart contract.
Before starting the process of creating a Collection and minting a non-fungible token art, connecting the wallet is a must.
The non-fungible tokens in a Collection are kept together. Any number of NFTs can be minted to a Collection. To create a Collection, go to the “Create” page.
Create a Collection
In the upper right corner, click “Create,” followed by clicking “Collections” in the sidebar.
To deploy the collection’s smart contract, there are two crucial elements: Collection Name and Collection Symbol.
Deploy the smart contract
An exclusive on-chain record is created when the smart contract is deployed. Click “Deploy your smart contract” and sign the transaction in the wallet, followed by paying the gas fee.
With this, the smart contract is deployed.
Customize the Collection page
After the contract has been deployed, it is possible to go to the Collection page and customize it. To do so, on the collection page, click “Edit Collection.”
Minting an NFT on Foundation
Visit the Collection page and click “+ Mint NFT” to land on the asset upload page to upload the NFT file.
It is also possible to go to the Create modal and begin from there.
Now is the time to upload the NFT asset and add its title and description. While the title should be less than 50 characters, the description can be up to 1,000 characters.
It is important to check carefully that everything is correct and that the details are recorded on the blockchain and are impossible to be changed later. If any mistake is made, nothing else is possible but burning the NFT and beginning the mint process all over again.
Mint the NFT
Review the NFT and mint it on the blockchain by following the below steps.
- To open a preview of the NFT, click “Preview.” Review the assets and information of the NFT carefully, as they can’t be changed or edited after minting.
- Click “Mint NFT” followed by signing the transaction.
- Complete the transaction by paying the gas fees.
- Allow the NFT to be minted.
- Once the minting ends, it means that the minting transaction has been settled on the blockchain and that non-fungible token is minted.
Navigate to the NFT page and add tags to let collectors find your work. Up to 10 tags can be added and can be edited at any time.
Selling an NFT on Foundation
There are multiple ways to sell an NFT on Foundation, such as: Buy Now, Offers and Auction.
The option allows you to set a fixed price for an NFT. When the potential buyer approaches, the sale happens instantly, and ETH is earned immediately. To set a Buy Now price:
- Pick the NFT to be sold.
- Click “Sell NFT.”
- Enter the price you desire to sell the NFT for.
- After confirming the transaction, pay the gas fee.
After setting the Buy Now price, the NFT remains safe on the marketplace contract until it is sold.
Offers have a duration of 24 hours and expire after that. Therefore, they must be accepted within this duration.
To accept an offer:
- Click “Accept Offer.”
- Now confirm the transaction.
- The NFT will be sent to the buyer and you will get the ETH.
If you do not wish to accept an offer, wait until the 24-hour window runs out.
Fix a reserve price, which is the minimum amount of ETH you want for an NFT. All bids must either meet or go beyond this amount.
To list an NFT by setting a reserve price, follow these steps:
- Find the NFT to be listed for auction.
- Click “Sell NFT.”
- Enter the minimum amount you wish to accept for the NFT.
- Approve the auction contract.
After listing the NFT for auction, it will be secure on the Foundation contract until the auction settles.
Impressive features of Foundation
Take a look at some amazing features you must know about Foundation.
The Foundation supports artists when it comes to minting their NFTs.
When an NFT is listed for auction, the auction begins right after the first bid takes place. If nobody submits a bid, the auction won’t start. In such matters, it is possible for the creator to change the price of NFTs for an additional gas fee.
The profile page of every creator displays their profile photo, bidding history, social media links, and their work listed on Foundation.
It is possible to track the first buyer of each art, which leads to transparency via showing details about the real creator, the day it was created as well as previous owners.
Search and Filters
Foundation’s search feature allows browsing specific collectors and producers. The feature can also be used to view artworks one is interested in.
This is probably the best part, as the entire ecosystem is not controlled by a single server. There’s a decentralized peer-to-peer network to enhance speed, safety and efficiency besides lowering the operational expenses.
Notable NFTs on Foundation
The most valuable NFT on the platform is Edward Snowden’s first and only NFT, “Stay Free.” It was sold for 2,224 ETH at the time and is a signed picture of a US court decision that called the mass surveillance program of NSA illegal.
“Stay Free” 🌐 Edward Snowden @Snowden‘s signed NFT includes the entire landmark court decision ruling the NSA’s mass surveillance violated the law. Portrait by Platon.— Foundation (@foundation) April 16, 2021
Current bid: 200 $ETH (~$485,000 USD) by @mondoir
All proceeds to @FreedomofPress.https://t.co/Bgp9rNneca
Nyan Cat is another notable auction, which is an animation that was sold by its real creator for 300 ETH on Foundation.
“This has been a life-changing experience.” — @PRguitarman, creator of @NyanCat— Foundation (@foundation) February 19, 2021
Nyan Cat has found a new owner for 300 $ETH (~$590,000 USD). 🐈🌈
Welcome to the new creative economy. 🌐 https://t.co/gf8JHi1OEW
Yatreda, a family of artists made their way on Foundation in April 2021 with motion images showing heroes and heroines of Ethiopia’s past. Their series, Movement of the Ancestors, made 50.29 ETH.
“Movement of the Ancestors” by @yatreda swept us away this week. 🌪️— Foundation (@foundation) August 13, 2021
All 12 works in the series were collected for a total of 50.29 $ETH (~$163K USD).
Yatreda is leading the way for minting dance NFTs as a way of keeping tradition and culture alive. 🌱
↳ https://t.co/bZaLB0Ix3c pic.twitter.com/6cGIytqObl
Kevin Roose, a journalist at The New York Times, wrote an article based on the procedure of minting an NFT on Foundation, followed by minting the article. The article sold for 350 ETH.
History made for the @nytimes! ✔️🗞️— Foundation (@foundation) March 25, 2021
A digital original of @KevinRoose‘s column about NFTs was collected by @3fmusic for 350 $ETH (~$558,000 USD). 💥
All proceeds going to the Neediest Cases Fund. 💖 https://t.co/S05nvvywGs
Disaster Girl’s photo, which went viral as a funny meme, was collected for 180 ETH.
The NFT market is expanding and will continue with the rise in such digital assets. Among all the marketplaces, the Foundation app is redefining the world of NFTs by allowing creative minds to prove their talent. Moreover, since the platform doesn’t take custody of anyone’s NFTs, it is safe to use, which is one of the major reasons to trust it.