Foundation is an NFT Marketplace platform where you can buy, sell or trade NFTs, it uses Ethereum blockchain and smart contracts.
Foundation was founded in February 2021. Since then, it has grown rapidly. according to statistics creators on Foundation have earned more than 30,000 ETH in total over $100,000,000.
To sell NFTs on Foundation, you must be invited by a current creator or get invited by joining Community Upvote.
NFT (Non-fungible token) is a digital token (a type of cryptocurrency) but unlike a regular coin in blockchain, an NFT is unique and can not be exchanged, which is why we called it the non-fungible token.
What makes NFT valuable is the extra information stored in them. That extra information links ownership to unique digital objects, such as artwork, music or videos.
Because NFT has value, they can be traded just like any other type of physical art and represent a digital proof of ownership of a particular commodity.
NFTs are securely registered on a blockchain (the same technology behind cryptocurrencies) that ensures that access is unique.
As a creator, you get 85% of the final sales price, which means that 15% goes to the Foundation. In addition, a royalty fee of 10% is charged. This means that you will receive an additional 10% of the sale price if NFT is resold in the future.
There is also a gas fee cost for both creators (artists) and collectors (buyers) which we explain more in the next section
Because Foundation uses the Ethereum blockchain, there are therefore fees for processing and verifying transactions, called gas fee or gas price.
On Foundation, you pay gas fees for Minting (the process that links your art to the Ethereum blockchain), Listing, Changing price, Bidding, Burning and Claiming an NFT art.