In this article, we are going to know the What is Foundation NFT? Foundation is an invite-only NFT Marketplace that builds on the Ethereum blockchain for digital art enthusiasts that includes creators and collectors. Users can mint and sell NFT in a very easy manner. 

In the foundation NFT marketplace users can only mint NFT when they receive an invitation from a user with at least one NFT sold. Currently, there are 260000 registered users and over 100000 NFT for sale. This NFT market contains NFT in the form of images, videos, and 3D artwork. 

To buy any NFT from the foundation NFT marketplace users need to have an invitation from the members who have already sold or transacted NFT on the platform.

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How do you get invited to the NFT foundation?

As we know Foundation is an invite-only Marketplace you can’t mint any NFT for sale until you don’t have an invite and invite code from the user who has already sold NFT on the Marketplace. Once you get your first invitation from the other member you can now mint your first NFT and after that, you will also receive an invite code which can be used by another creator. 

It is not easy to get an invitation from a member who already sold the NFT, there are some ways through which you can get your invitation from the member.

• Make a relationship with the existing community members.
• Show your work on the discord channel of the foundation.
• You can also buy an invitation from an existing community member but it is risky. The risk of Ban by the foundation NFT Marketplace.
• You can also join the invite train which is run by community members of the foundation NFT Marketplace.

How to buy NFT on the foundation NFT marketplace?

You can buy NFT on the foundation by just clicking and following a few steps. On the Marketplace the Seller set a fixed price for NFTs. You have to choose NFT as per your requirement.

The steps you should follow when buying NFT.

• Click on the NFT that you want to buy
• By paying the fixed amount for NFT, now you have to confirm the transaction in your wallet.
• Pay the gas fees for the transaction and acquire the NFT.

As you follow these three steps now it’s your NFT. Now you can list it for sale to make some profits.

How to Mint NFTs on Foundation?

• Anyone can mint NFT on the foundation NFT marketplace. The user has to upload their artwork in the form of JPG, PNGS, and videos on the foundation NFT Marketplace to produce the NFT. These files are not uploaded on the foundation NFT Marketplace but this file is stored on the IPFS (Interplanetary File System), which is this centralized network.
• Whenever users upload any artwork on the server they should have sufficient Ethereum balance to cover gas fees for the minting transaction. The user will certify as an original content creator by paying gas fees for the transaction. 
• Now this artwork or freshly minded NFT is deposited in the Metamask wallet of the creators.
• If any users buy that NFT, the creator will get 85% of the cell price. However, the creator will get 10% on every resale of that NFT in the secondary Marketplace.

  

How to bid on NFTs on Foundation?

On the foundation NFT Marketplace, the auction is live for 24 hours once you place the bid. Once you have found the NFT now you can easily place a bid, by following a few steps.

• Select the NFT and click on “Place Bid”.
• Now enter the amount in Ethereum. Here is a thing that you need to understand: whenever you are placing any bid you have to make sure the amount you enter is greater than the previous bid. And please don’t forget to double-check your bid amount because it cannot be canceled.
• Click “Place Bid” and confirm your transaction.
• Now you have to pay the gas fees to complete your bid.

After placing the bid the auction came to an end after completion of 24 hours.

If you are the highest bidder in that auction when the auction comes to an end there is a high chance that you won the bid.

What are the foundation marketplace features?

There are many features you will get on the foundation NFT Marketplace such as:

• You can use the foundation NFT Marketplace in two ways. Either as a collector or as a creator which means you can browse and purchase the NFT as a collector or you can mint and sell your NFT as a creator.
• Foundation NFT Marketplace is built on the Ethereum blockchain which creates authenticity and is safe from the user’s point of view.
• You can connect multiple wallets on foundation NFT Marketplace like Metamask or walletconnect. 
• Foundation NFT Marketplace supports NFT in the form of images, videos, and 3D art. 
• Foundation Marketplace supports Ethereum as a payment method you can easily add Ethereum to your wallet. 
• Foundation Marketplace fees are 5% which is a bit expensive as compared to its competitor, also you will get a 10% royalty on every resale of your NFT.

Is the Foundation marketplace safe to use?

Foundation Marketplace is a safe place to buy and sell NFT. You cannot store your NFT on Foundation Marketplace. That’s why you must use a wallet and store your NFT in the wallet or use your NFT for resale.

Conclusion:

Foundation NFT Marketplace is built on the Ethereum blockchain. In this marketplace, users can only mint NFT once it gets invited by another user with at least one NFT sold on the foundation NFT Marketplace. There are more than 260000 registered users and more than one NFT for sale on the foundation NFT Marketplace. To use this Marketplace you must have a Metamask wallet and sufficient Ethereum in your account.

Frequently Asked Questions:

Is foundation a good NFT marketplace?

Foundation NFT Marketplace is one of the best options for buying, selling, and minting any NFT. It focuses on the best digital artwork in the form of videos, images, and 3D artwork and this marketplace attract more than thousands of artists.

How do you use NFT Foundation app?

Follow these steps to use the Foundation NFT marketplace:

• Click on the NFT that you want to buy
• By paying the fixed amount for NFT, now you have to confirm the transaction in your wallet.
• Pay the gas fees for the transaction and acquire the NFT.

Is NFT Foundation free?

Foundation NFT Marketplace charges 5% of transaction fees.

Is Foundation NFT Invite only?

Yes, foundation is an invite-only NFT marketplace for both creators and collectors.