Foundation app; Create, collect and collaborate on the NFT marketplace
Social connection has seen a great evolution over the years from face-to-face connection to written connection, and now a world of virtual connection is in front of humans. Platforms such as Facebook, Twitter, LinkedIn and YouTube have integrated the online social community. From there, we had new calibers of professionals who used these platforms to create value and share with fans, making the sharing process the backbone of these systems.
However, creators are at a point where they are much appreciated for what they produce or create. It was feared that the owners of these platforms would give little or nothing to the creators who build the platforms. Therefore, new projects, especially related to DeFi, are being developed to give creators control when connecting with people around the world.
What is the Foundation app?
It is a platform built on the Ethereum blockchain allowing creators to create and share value with others in a unique and decentralized way.
It represents a new creative economy that combines freedom, creativity and social connectedness with the economy. Foundation App was launched in February 2021 and since then till now, the creators have earned over 57,078 ETH or over $180 million from collectors of the securities they create.
How does the Foundation app work?
The platform is shared between creators and collectors of beautifully crafted DeFi utilities. They come in the form of NFTs and are available to everyone, provided the conditions for participation are met.
To be a creator, a user must be invited to join the community. Once you receive an invite, “you will need to set up a wallet with ETH before you can create an artist profile,” the website says, “deploy a smart contract and create an NFT, which means upload your NFT file to IPFS, a decentralized peer-to-peer storage network.
After that, the artwork can be added to the market on the Foundation platform where it can be sold to collectors. It is important to note that artists wishing to sell their NFTs on Foundation must have accepted an invitation from another artist.
To sell NFTs on the Foundation application, any of these can be applied:
As an artist, once your NFT is listed on the market, you can use the Buy now possibility of selling it. Here you immediately attach a particular price that you think the NFT is worth and activate the put option after paying the gas fee for the minting.
Once done, any collector who sees it and agrees to buy at that price can pay and have the NFT instantly transferred to the collector’s wallet while the creator receives the ETH. Creators also have the option to change the price after they list it for sale at a different price.
In Offers, a buyer who wishes to obtain a particular NFT can decide to impose a price on it. As the owner of the NFT, you can choose to accept it. All Offer on Foundation App takes about 24 hours.
Because Offers are on-chain transactions, once a buy in place one, the value of the NFT is appreciated on-chain. If the seller accepts the Offer, the NFT is loved instantly to the buyer’s wallet. But if the Offer period expires after 24 hours or more Offer is made for this same NFT, the potential buyer’s money is returned to the wallet
All NFTs on the Foundation application that have been listed are enabled to accept Offers.
Before placing an NFT at auction, it is important to note that once the auction has started, the reserve price cannot be changed. So, artists who want to auction their NFTs should research and know the minimum price at which they can sell their NFTs and be happy.
After hitting the NFT, the next thing to do is auction it. A price is set, called the reserve price, at which no bidder can buy the asset for less than. This will last for 24 hours with a reset of 15 minutes of additional time for each auction that arrives within the last 15 minutes of the previous auction.
After the countdown ends, the last bidder receives the NFT and the ETH is sent to the seller’s wallet. All activities are on-chain.
Also read this:
As anyone can enter the Foundation ecosystem as a creator, there is also room for collectors NFTs. For collectorsa wallet is needed with the right amount of ETH to buy NFTs.
After collecting an NFT, it is transferred to the wallet where it can be kept, resold on the secondary market, displayed in a virtual gallery or shared on social networks. There are currently three ways to collect: Buy now, Offersand Reserve Auctions.
In Buy now, collectors can instantly purchase an NFT that has been listed by an artist in the market. Once done, there is an exchange of ETH against the chosen NFT. For offers, collectors are authorized to suggest a particular price for a quoted NFT. The NFT will be sold if the Artist accepts the Offer.
For the Community
the Community on Foundation App is made up of creators, collectors, and preservatives. And the idea behind it is to develop a thriving ecosystem that supports everyone at the same time. However, rules are put in place to control the excesses of people Community.
For example, while creators retain all legal rights, including copyrights and trademarks to their work, and may reproduce, distribute, exhibit, and make derivatives thereof, they may not download the work of someone, they are also not allowed to develop NFTs of the same piece.
Then for collectors, they own NFTs that they buy; they can display, share, exhibit, resell or trade them on any platform. However, they cannot claim any intellectual property rights over the collected NFTs, they cannot use the work for commercial purposes; nor can they modify the artwork.
Foundation Application Challenges and Roadmap
Foundation App is a good product but has other platforms to struggle with for market. OpenSea, Rarible, SuperRare, Mintable, NiftyGateWay and, of course, LooksRare are among the main competitors in the NFT market. Staying true to its mission and serving the community with innovative ideas will always be an advantage to evolve.
For the future of Foundation: the last update made was this one
Upgrade completed. pic.twitter.com/6n0o14eC4P
— Foundation 🌐 (@foundation) March 8, 2022
There are no signals on the route map website. However, the whole ecosystem seems ready with ongoing activities and in-demand positions in the career section.
Team and partners behind the Foundation app
Matthew Vernon is co-founder and head of design at Foundation App. The designer and entrepreneur, skilled in product development, branding and UX/UI, was a former employee of Internet World and Neue Goods as founders of the two brands. He also worked at Dharma Labs as Lead Product Designer.
Foundation App changes the narrative of the creator economy. It is building a thriving ecosystem with over 30,000 creative enthusiasts trading stocks worth over $150 million. The simplicity of the platform is a good feature that makes it easy for anyone who wants to enter the world of minting, buying, and selling NFT while collaborating with artists around the world.
What do you think of this article? Share your comments below.