Home » Foundation review: Create, sell, and collect NFTs

Foundation review: Create, sell, and collect NFTs

MarketplacesNFTs
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March 14, 2022March 14, 2022
Foundation review: Create, sell, and collect NFTs
Foundation offers NFT exchange services for creators and collectors. See how it works.

Foundation; Insider

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Overall rating

Feature Insider rating (out of 5)
Fees 3.50
Investment selection 3.75
Access 4.25
Ethics 5.00
Customer service 3.75
Overall score 4.05

Is Foundation right for you?

Launched in February 2021, Foundation is an NFT marketplace serving creators, collectors, and developers. But the process of joining the platform as a creator is quite unique.

While collectors can join by simply connecting and funding a crypto wallet, creators must be invited by existing members of the Foundation community. Plus, Foundation takes a 5% marketplace fee on all transactions.

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How does Foundation compare?

Foundation NFT exchange Logo

Foundation

OpenSea logo

OpenSea

Rarible logo

Rarible

Min. Investment

N/A

Min. Investment

N/A

Min. Investment

N/A

Fees

5%

Fees

2.5% (no service charge for buyers)

Fees

2.5%

Investment choices

NFTs (accepts wallets set up through MetaMask or WalletConnect)

Investment choices

NFTs (see complete list of accepted wallets here)

Investment choices

NFTs (accepts Ether, tezos, and flow wallets)
Foundation OpenSea NFT Rarible

Foundation, OpenSea, and Rarible are all competitive NFT marketplaces, but the platforms vary when it comes to fees, royalties, NFT collections, and more.

While OpenSea is both a larger and more established marketplace, it offers the same royalty rate (10%) as Foundation. However, Rarible may be the better platform for creators since it lets you earn up to 50% in royalties.

In addition, while both OpenSea and Rarible take a 2.5% marketplace fee, Foundation currently takes 5%.

Ways to invest with Foundation

Investing in NFTs on Foundation is simple. The platform currently offers more than 177,000 NFTs, giving you access to three different types: image, video, and 3D (explore its offerings here). If you're a collector, you'll need to create a profile, connect a wallet, and fund the wallet with ethereum to get started. Plus, Foundation gives you four options for collecting:

  • Buy Now: You can use this option to instantly purchase an NFT you like.
  • Offers: With "Offers," you can avoid the auction process by making a direct offer to the creator.
  • Reserve Auctions: You can also either launch a 24-hour auction (as long as you meet the NFT's reserve price), or you can bid on an NFT in a live auction before it ends, according to Foundation.
  • Private Sales: You can set up a private sale if there's a specific NFT you want or if you'd like to support a certain artist.

As for costs, Foundation deducts a 5% marketplace fee on all transactions. This means that creators get 95% of the total sales price when collectors purchase their NFT(s). If you're a collector who'd like to resell an NFT on the secondary market, you'll get 85% of the total sales (i.e., 5% goes to Foundation, and another 10% royalty goes back to the original creator).

Is Foundation trustworthy?

Personal Finance Insider primarily assesses trustworthiness by reviewing each investment platform's Better Business Bureau profile (BBB). The BBB's ratings are based on how well it believes a company interacts with its customers, but Foundation doesn't have a BBB profile at this time.

While the bureau's ratings consider a range of factors (e.g., time in business, type of business, customer complaint history, and licensing and government actions), they don't guarantee reliability or performance. For this reason, it's always crucial to do your due diligence before making a final decision.

Foundation — Frequently asked questions (FAQ)

What is the Foundation NFT platform?

Foundation is a live auction NFT platform that connects NFT creators with collectors. Collectors also have the option to resell NFTs they've purchased, and creators earn a 10% royalty each time their piece is resold.

How do you get on the Foundation app?

While collectors can access the Foundation marketplace by simply creating a profile and connecting an ethereum-funded wallet, creators must be invited by existing members to join the platform.

Is Foundation app decentralized?

Yes. Foundation minting (or NFT creation) process is supported by a decentralized, peer-to-peer storage network.

Read the original article on Business Insider