Foundation has been active since 2020 and is based in the USA. If you are looking for cheap NFTs from unknown artists, you might find them here too, but most of the NFTs minted and sold here are made by better known NFT creators. Foundation is a specialized platform designed to bring together digital creators, crypto-natives, and collectors to advance culture. It calls itself the new creative economy. Their primary focus is digital art.
In the first blog post on their website in August 2020, they announced an open call for creators to experiment with crypto and play with the concept of value. They invited creators to “hack, subvert, and manipulate the value of creative work.” Whenever an NFT is traded on Foundation, the artist makes 10% on that secondary transaction, meaning an artist receives 10% of the sale value every time a collector resells their work to someone else at a higher price.
The main focus of Foundation is exclusive digital art. The platform is built on the Ethereum network. To use it, you need to connect a wallet (like MetaMask). Different NFT marketplaces present their NFTs, last bid and time left in an auction, etc. in different ways. What you can best see and use is up to you and no one else. The image below is a print image from the browse section of Foundation. The default sort order is that the auction that ends in the shortest amount of time is displayed first. If you hook into one of the specific NFTs, in this case the NFT called Point of No Return created by artist @levelbevel, the page layout looks like this. As you can see in the image below, the layout primarily contains information about how much time is left of the auction, that the current bid is in ETH (and what it equals in USD), how rare it is, and a brief description.
Fees on Foundation
NFT is an acronym for “Non-Fungible Tokens.” Something that is fungible is replaceable. For example, a kilo of 24-karat gold is – at least in theory – replaceable by any other kilo of 24-karat gold. If something is not fungible, it means that it is unique and cannot be replaced by any other item out there. When you buy an NFT somewhere, it is common for the relevant NFT marketplace to charge a fee for facilitating the sale. This fee is typically a percentage of the sale price of the NFT and is usually paid by the buyer. This is similar to how normal art galleries take a percentage of the sale price of the paintings, etc. hanging in the gallery when a sale is made.
At Foundation, you have to pay 15.00% in service fees. We are not aware of any other NFT marketplace that charges higher fees than this, but there are some that charge just that (15.00%). These fees are excluding the Ethereum Gas fees that the Ethereum network needs to process transactions.
While 15.00% is at the highest end among NFT marketplaces, it would be considered a very competitive fee compared to a regular physical art gallery (where 30-50% in gallery fees is not entirely uncommon). So if you buy an NFT from Foundation and have to pay $1,000 USD for it, keep in mind that $150 USD of that is not paid for the actual NFT, but to cover fees in addition to the actual value of the NFT.
Some of the NFT marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal deposits and withdrawals. Foundation is not one of them, as it does not allow withdrawals or deposits via credit/debit cards or PayPal. Accordingly, you need to have a prior possession of ETH to interact on this particular marketplace.