Expert Analyst & Reviewer
Updated on: Feb 8, 2022
Foundation NFT marketplace is one of the biggest NFT marketplaces on the web. It is based on Ethereum and currently, the total sale volume is over $100 million. In this article, we are doing a Foundation NFT marketplace review.
Some of the most expensive NFTs in history was sold on this marketplace, such as “Stay Free” by Edward Snowden. This particular NFT sold for $5.4 million on the Foundation.
|NUMBER OF CATEGORIES||3|
|TOTAL SALE VOLUME||$120 Million+|
|WALLETS SUPPORTED||MetaMask, WalletConnect|
High NFT quality
Multiple wallets supported with WalletConnect
Many famous artists
Only one blockhain
Only verified creators can sell NFTs
Foundation has only high-quality NFTs because each collection or NFT has to go through community voting first. That limits spammers and low-quality projects. This is both pros and cons, but we like the idea that only high-quality NFTs are available for sale.
Also, this marketplace has a super simple design of the website. You’ll navigate through it easily. We think it’s a big plus when people can navigate through an NFT marketplace easily.
As for the supported wallets, there are two, but WalletConnect supports any WEB3 wallet. More about that later on.
Foundation is a very popular NFT marketplace, some of the world-famous people such as Edward Snowden have sold their NFTs on it. His “Stay Free” NFT piece has sold for an incredible $5.4 million.
There are many other famous artists selling their art on this marketplace as well. Some of them include Kevin Roose, @Pak, @shvembldr, Paul Robertson, and more.
Overall, Foundation is a great NFT marketplace to collect cool unique art. Still, that doesn’t mean there aren’t any downsides to this marketplace. Let’s analyze them together.
Just like any other NFT marketplace, Foundation also has some downsides. The first and the obvious downside is that only the Ethereum blockchain is available. Perhaps if it was another blockchain that would be such an issue, but Ethereum has high transaction fees.
If we compare the average Ethereum transaction fee of $50 with Polygon’s average transaction fee of $0.001, you can see why supporting only Ethereum blockchain is a downside.
Average prices of NFTs on Foundation are higher than on other marketplaces, however, that still doesn’t mean the transaction fees are justified.
As we previously mentioned, only verified creators can sell NFTs. You need to get invited to become a creator. This is both a good and a bad thing.
Firstly, let’s look at it from a positive perspective. NFTs posted on Foundation will be of higher quality. That’s positive because you won’t have to filter through the bad stuff.
However, this will also prevent someone who is good at what he does to join.
The first step is getting invited to the Foundation marketplace. You can get invited by a current creator on Foundation. Another way is to join through the community upvote.
To join the community upvote you need to:
Now people can vote on your profile, and you can vote on others. If you get enough upvotes, you’ll get an invitation to join Foundation as a creator. When that happens, you’ll get an e-mail with instructions on how to mint.
Foundation NFT marketplace is working only with the Ethereum blockchain. We are not too happy about it, because of the high transaction fees. Ethereum is a great blockchain, however, it’s far from ideal for NFTs right now.
Perhaps when Ethereum 2.0 is released we can expect much lower transaction fees.
Right now it doesn’t make much sense to use Ethereum because the transaction costs are sometimes higher than the NFT itself. Projects are moving to Polygon and other blockchains so they can giveaway some NFTs if they want to.
Still, the Ethereum blockchain was the first one to have NFTs supported. That’s why the best NFT projects are still on Ethereum. Once Ethereum 2.0 is released, we’ll probably see much lower transaction costs.
However, plenty of awesome projects is available on other blockchains. We hope Foundation will add support for other blockchains in the future.
You need to pay for minting on the Foundation marketplace. There is no “lazy minting” as on some other NFT marketplaces. Each NFT requires you to pay for the transaction fees, also known as “minting fees”.
Since the Foundation is on Ethereum, these fees can get pretty high.
You only need to pay once for the minting fees. However, there are some other fees involved which we’ll talk about later on.
Foundation also charges 15% of the total sale price. This means that creators will get only 85% of the total revenue. This fee is higher than what most other marketplaces are charging right now.
If it’s a secondary sale, the Foundation will charge only 5%.
You only need to pay for the transaction costs of listing your item. Minting and listing are two separate transactions on Foundation. However, according to the Foundation website, two separate transactions will cost you the same as if it was one.
The best thing about listing NFTs on the Foundation is that you’ll be able to sell them on other marketplaces. Naturally, these marketplaces have to support Ethereum NFTs, like OpenSea for example.
The higher the complexity of the transaction on the blockchain, the higher the cost. The Foundation doesn’t charge you any additional listing fees like some other NFT marketplaces.
You only have to pay for the transaction costs and the marketplace fee after a successful sale.
In case you are wondering if the Foundation marketplace supports royalty fees, yes it does. Every time someone sells the art you originally created, you’ll get 10% of the total sale amount.
Also, if you are re-selling NFT art, you’ll get the total sale amount minus the royalty fees.
Every great NFT marketplace has to support multiple file formats. There is a variety of different file formats you can use on the Foundation, some of them are:
As you can see, the Foundation doesn’t limit you as a creator. Also, the “unlockable content” feature is no longer available on the Foundation. That means the only way to deliver something that has an unsupported file format on the foundation is to directly contact the customer after the sale.
It would be awesome if the Foundation expands its supported file formats or brings the “unlockable content” at least.
Yes, you can create and decorate your own collection on Foundation. There isn’t a limit on how many items you can include in a collection right now as far as we know.
If you take a look at the picture down below, you’ll see what the profile page of a collection on the Foundation marketplace looks like. There is a small profile picture in the top left corner and a big cover image behind the text.
Other attributes that are visible on the collection profile page are:
We love the fact that authors are able to decorate the collection profile page. It adds a different perspective and visitors can learn more about the meaning behind the collection. Also, collectors are able to value the collection based on the trading numbers.
If you select the “Connect Wallet” in the top right corner, you’ll quickly see that the Foundation NFT marketplace supports two different wallets:
WalletConnect will allow you to connect any WEB3 wallet such as TrustWallet or Coinbase Wallet to it. Basically, that means Foundation supports much more different WEB3 wallets indirectly.
We don’t like the fact that we have to download WalletConnect to be able to use a different wallet than MetaMask, but still, that’s better than not having an option at all.
Once you get a wallet that’s supported, simply select the “Connect Wallet” button while you are logged into the wallet, and that’s it. You are automatically signed in to your new account that you can modify, choose a username, or anything else.
Yes, Foundation supports auctions. Every NFT on the Foundation marketplace works through the auction system. There is no way to set a fixed amount as the sale price.
You can only set the reserve price. In case you are wondering how that works, basically, you choose a price that is a minimum you’d accept for an NFT. If someone bids higher than the reserve price, the auction will start with a 24-hour countdown timer.
If 24 hours have passed, the auction will end. However, if someone bids a higher amount within the last 15 minutes, the auction continues for another 15 minutes. This goes on until there are no more bids.
The same thing happens both in the primary and secondary marketplace. We don’t like the fact that you cannot buy an NFT right away, however, it does seem a bit fairer this way.
What happens if you win an auction?
If you win an auction, you got to settle it. That involves paying a transaction fee to complete the process. Once you pay for the transaction, NFT is sent from escrow to your wallet.
As we have previously said, only verified artists can sell their NFTs on Foundation. That being said, perfect clients of Foundation are artists who are pretty skilled.
However, that’s not enough, you’ll also need a good portfolio and social media following. When you have all those, you can either contact an existing creator on Foundation to invite you or join the community vote.
On the other hand, if you are a collector, Foundation is perfect for you if you like unique, high-quality art. Some of these NFTs have utility behind them, so it’s not just art, however, the base of every NFT is its art.
We have noticed that Foundation has more artists with their real name and last name than other marketplaces. They mostly add their social media to their Foundation profile, so you can find them there too.
If you are looking for music NFTs, Foundation is not a good choice for you. They don’t have that category, but we got a ranking for best NFT music, so take a look at it if you are looking for music.
Unfortunately, there isn’t a way to pay for direct promotion. Foundation doesn’t have any advertisements, whether banners or side ads. You can only post your NFTs (if you are invited to become a creator) and wait for the community to discover them.
You can’t do anything else on the Foundation for promotion, still, you can promote it on other channels. For example, you can promote it on social media platforms such as Twitter and Instagram.
That promotion will get you some new potential buyers. However, if you want a better promotion, we can help you with that. You can list your NFT on our website and get only people involved with NFT world to take a look at your project.
Why is that better than promotion on social media?
Promoting directly to NFT buyers. That’s exactly what we can offer on our website. Each visitor that comes to our website will come strictly because of NFTs, while social media accounts can often have a fake number of followers and people who are not involved in the NFT/Crypto space at all.
Yes! Foundation provides support both in the form of help articles and live chat. You can contact them directly during their working hours.
We highly suggest reading their help articles because everything is very well explained. There are almost 150 different help articles, which should be more than enough to get you started with the platform.
You can also search for the term that interests you the most.
Unfortunately, at this moment there aren’t any partner programs active on the Foundation NFT marketplace. We hope they will design a partnership program in the future.
Foundation is one of the biggest NFT marketplaces. Total sale volume is already over $120 million and the number of users is growing every day. There are only 110,000 NFTs on Foundation right now, compared to other marketplaces this is pretty low.
However, the art quality of these NFTs is also higher on average when compared to NFTs on other marketplaces.
When we compare the number of supported blockchains, Foundation is worse than most NFT marketplaces. It only supports Ethereum and since the transaction costs are crazy high on Ethereum, that’s a big disadvantage.
We seriously hope that Foundation will add support for other blockchains in the future.
Another downside to Foundation is the number of supported wallets. Even though their second supported wallet “WalletConnect” supports pretty much every WEB3 wallet, other marketplaces have multiple wallets as an option + WalletConnect.
Fees are also higher when compared to other marketplaces. Most NFT marketplaces have fees of around 2.50%, while Foundation marketplace fees are 15.00%.
To conclude the comparison, if you are looking for high-quality art NFTs, join Foundation. If you are looking to flip NFTs for a profit, there are better marketplaces to do so.
Also, if you are a talented art designer, go for it. Artists selling on Foundation mostly manage to sell everything they post.
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