Foundation.App is a straightforward application used for bidding on digital art on the Ethereum blockchain. The platform aims to become the new creative economy for digital art. Here, people can purchase, trade, and browse digital art within a manageable user interface.

On the platform, artworks are tokenized on the Ethereum blockchain using non-fungible tokens (NFTs). To fully appreciate the platform, it’s essential to have a good understanding of how NFTs work.

Why Should Creators Use FoundationApp

NFT marketplaces can often be discouraging to use at first. However, Foundation has created a platform that facilitates the user experience, providing a simple platform for bidding on digital art.

Furthermore, Ethereum blockchain may track each piece on Foundation using the Etherscan block explorer. It adds a layer of transparency to the auction process that makes it easy to see when and who created it, plus an entire history of who has owned it since.

Foundation bridges crypto and culture to encourage a network of bilateral support between artists, creators, and collectors. The platform also shares tools with the rapidly evolving excited developers.

How Does It Works?

All Foundation creators have a profile page. This page displays the artist’s work and the bidding history of each piece created. Also, the creator profile shows a short bio and links to social media accounts.

The platform features live bidding for various Foundation artworks, including the Edward Snowden NFT. 

Foundation is a simple and easy-to-navigate suite for NFT artists and digital art enthusiasts to participate in decentralized auctions for various creative pieces. Furthermore, this is achieved in a decentralized and transparent manner using the Ethereum public blockchain.

To bid in auctions, you’ll need to connect with a Web3 wallet, such as MetaMask.

Start Creating Drops on Foundation.App

 

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Conclusion

Foundation is making non-fungible token (NFT) art auctions accessible and appealing to all. It also aims to become the go-to platform for NFT auctions with a simple user interface and easy-to-use functionality. Furthermore, as the platform continues to see increased adoption, the platform’s community redefines how we think about NFTs. Moreover, it is using NFTs for social good, to promote charitable causes and decentralization.

Click here to explore Foundation.

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Before getting to NFT Marketplaces, let’s dig into why NFTs are different from cryptocurrencies.

NFTs are unique items you can’t replace with anything else. Unlikely bitcoins, where you will have the same product if you trade a bitcoin for another, non-fungible tokens‘ distinctiveness is their digital uniqueness.

The digital feature makes it very easy for creators to give their buyers something exclusive and rare. Most NFTs are, as a matter of fact, digital artworks that people are nowadays collecting as they were doing with physical paintings years ago. An excellent example of modern digital NFTs is CryptoKitties, an Ethereum blockchain game where users can buy, sell, or “breed” digital cats. Each of these pets is unique, just like real-life one are. In some ways, NFTs are similar to Bitcoins and other cryptocurrencies, except, of course, they are non-fungible, hence non-divisible.

BLOCKCHAINS AND NFTs

As for the differing blockchain technology each NFT has, now several blockchains facilitate NFTs – though not all of them buy and sell all types of NFT. Most NFT platforms require buyers to own a digital wallet to use cryptocurrencies as currency for their purchases.

WHAT’S AN NFT MARKETPLACE, AND WHY DO YOU NEED ONE?

Since most NFTs nowadays are digital, creators could get new ways to offer something unique and rare to their supporters with a fresh revenue surge.

According to a report by notable tech-tracking company L’Atelier BNP Paribas and nonfungible.com, in 2020, the NFT market was worth $250 million. The report also revealed a 299% growth rate in 2020 in the NFT markets.

Blockchain technology and NFTs offer artists or content creators an excellent opportunity to gain financial revenues for their works.

The big change is that artists will finally be independent of auction houses or galleries to sell or show their work. By selling artworks directly to a buyer in the form of an NFT, artists will also get a better share of the profits.

Furthermore, NFTs also include royalties to designate the original creator of a certain percentage of the consequent sales of the artwork.

Here are the things to know for making NFTs available for selling and buying:

1. You require a digital wallet for storing NFTs and cryptocurrency to pay for transactions on your chosen blockchain platform. 
2. Purchase some cryptocurrency, possibly Ether, or the currency supported on your selected NFT provider. 
3. You may buy crypto through credit cards on different platforms such as PayPal, Coinbase Wallet, eToro, and Kraken.
4. Users may transfer cryptocurrency from exchanges to their preferred wallets.

NOW, WHAT’S AN NFT MARKETPLACE?

NFT marketplaces have a central role in filling the gap between buyers and sellers.

Sometimes, these marketplaces may also offer extra tools for quickly creating even more NFTs. 

The specialized marketplaces allow artists to put up their NFT artworks for sale. Buyers will then browse the marketplace for NFTs and purchase the one they like through bidding. It comes along as every NFT developer or enthusiast has to go through an NFT marketplace list to ensure valuable actions. These may be on artworks, collectibles, and other digital assets. 

TOP NFT MARKETPLACES FOR CREATORS TO SELL NFT

1. OpenSea: The largest NFT Marketplace, it offers a wide range of non-fungible tokens, including art, censorship-resistant domain names, virtual worlds, trading cards, sports, and collectibles.
2. SuperRare: A marketplace to buy and sell unique, single-edition digital artworks. Read More >
3. Rarible: a community-owned NFT marketplace, where creators can “mint” new NFTs to sell their creations. 
4. Foundation: A platform designed to bring digital creators, crypto natives, and collectors together to move the culture forward, it calls itself the new creative economy. Its primary focus is on digital art.
5. Nifty Gateway: A digital art online auction platform for NFT sold NFTs by Beeple and other widely followed NFT artists. 

 Read similar NFT posts from Hue&Eye >

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Nifty Gateway is an NFT Marketplace that works to make Nifties accessible to everyone.

The platform includes exclusive Top artists and brands to create limited-edition collections, high-quality Nifties. It teamed up with people like world-renowned artist Michael Kagan.

Each collection opens at a specific time (a drop) and will only be available for a limited time.

It aims to do new drops about once every three weeks.

After the initial drop for a collection closes or sells out, you will only get nifty from that collection in the marketplace.

Nifty Gateway is a centralized, USD-based marketplace for buying and selling Nifties.

It lets you display your Nifties, as well as withdraw them to external wallets or deposit Nifties from external wallets into your collection.

WHAT IS A NIFTY?

NSE introduced it in 1996, and its other aliases are Nifty 50 and CNX Nifty.

Nifty stands for National Stock Exchange Fifty. It is the equity benchmark index of the National Stock Exchange (NSE).

Nifty 50 includes stocks from the top 50 of nearly 1600 companies actively traded in NSE across 24 sectors.

These 50 stocks account for nearly 65% of the total free-float market capitalization of the index. Therefore, Nifty reflects the performance of those top 50 stocks.

Nifty 50 is for benchmarking index funds, index-based derivatives, and fund portfolios. Index Services and Products Limited (IISL), a subsidiary of NSE, owns and manages Nifty. Furthermore, the base value of Nifty 50 is 1000, and 1995 is considered its base year for calculating the index per float-adjusted market capitalization methodology.

Go here to explore more.

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SuperRare is online since 2018, operating in the Ethereum Blockchain.

It’s a marketplace to collect and trade unique, single-edition digital artworks.

PROS

Most of the NFTs minted and sold here are produced by more well-known NFT-creators, featuring a very long list.

The focus is mainly digital art. Gallery fees are 15.00% for artists and 3.00% for buyers.

These are considered very competitive fees compared to an ordinary physical art gallery, which reaches up to 50%. For secondary sales, the creator receives a 10% royalty per sale.

CONS

SuperRare is not specialized in cheap NFTs from unknown artists or less exclusive art.

To find out more, go here.

Discover other NFT Maketplaces here.

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Rarible’s software allows digital artists and creators to issue and sell custom crypto assets representing ownership in their digital work.

Rarible is both a marketplace for those assets and a distributed network built on Ethereum that enables their trade without a middleman.

PROS

The Center of the platform is RARI, Rarible’s cryptocurrency. By owning RARI tokens, users can vote on proposals that affect the platform, moderate creators, and curate featured artwork.

Rarible aims to link sellers (typically content creators such as digital artists, model creators, or meme-makers) with buyers who can select pieces they wish to purchase.

HOW IT WORKS

To turn their work into an NFT, creators must first “mint” a token using Rarible’s software. To do so, they fill out a form on the website and attach their image and other data, such as a listing price, that represents their work.

The Rarible platform then creates a new token on the Ethereum blockchain. Similar to other tokens on Ethereum, the NFT can be transferred between wallets using Rarible’s software.

Read More about Rarible here. 

To discover other top NFT Marketplaces for Artists, go here.

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OpenSea is probably the main marketplace to buy and sell a large variety of NFTs.

It also lets you trade them on secondary marketplaces or will let you create your own original NFT collections.

BEST FOR

The exchange charges lower fees than most of its competitors.

PROS

Best for collectors who look for a big variety of NFTs or beginners looking to learn more about digital collectibles. Also a great platform for traders willing to buy and sell several types of NFTs.

OpenSea has a competitive commission rate and a large variety of NFT collectibles. It’s also highly secure.

CONS

You may only pay with cryptocurrencies and a crypto wallet is mandatory for any transaction made on the platform.

HOT TO SET IT UP

1. Set up your wallet
2. Create your collection
3. Add your NFTs
4. List them for sale

Continue reading on OpenSea BLOG.

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NFT definition’s easy as it sounds: Non-fungible tokens. But what does it really mean?

We are covering the basic aspects of creating and selling your NFT art in our article here, but before reading it, we suggest you read this article to understand the real meaning of NFT and get familiar with it.

THE MEANING OF NFT

It’s simple to memorize that NFT means Non-Fungible Token.

But how to go on from there?

“I am interested in that crypto thing that’s super trendy right now… I think they call them NFTs, but what does that mean? And where do I start from?”. 

Is that you?

We all got there.

Revealing the meaning of NFT and why an artist should know its advantages it’s easier than it might seem at first glance. Let’s investigate those only important aspects for artists to understand by only slightly touching those technicalities that are not worth comprehending entirely.

First of all, let’s distinguish them from cryptocurrencies.

Like dollars, cryptocurrencies are “fungible,” meaning one bitcoin is always worth the same as any other bitcoin. By contrast, NFTs have unique valuations set by the highest bidder, just like Warhol or Picasso’s art pieces.

You can think of NFTs as a digital certificate of authenticity.

A non-fungible token, or NFT, is a unique certificate intended as crypto coding containing digital information and entirely managed on a blockchain.

A blockchain, by any definition, is a record of crypto transactions. Today there are many Blockchain platforms available, with all different features. But every blockchain is decentralized, meaning countless copies of the same database are maintained by multiple people, called miners or nodes, and managed by an algorithm.

This process will secure that the information is steadily transparent and cannot be forged anyhow by anyone.

Quick note: a miner in the network collects transactions and organizes them into blocks on the blockchain. When someone submits a transaction, all network miners receive it and verify its validity. As soon as approved, that same action gets automatically public on the blockchain. Everybody can see it transparent.

That’s simple as it sounds.

HOW DO NFT WORK?

An NFT may be one-of-a-kinds, like a physical painting, or one copy of many, like trading cards. As art prints of original artwork are bought and sold, copies of an NFT are still valid elements of the blockchain – but they will not hold the same value as the original.

An NFT may also represent a property or contain information (or metadata) that will automatically regulate that property’s ownership.

Besides, the blockchain keeps track of who has ownership of a specific asset.

Since each NFT is non-fungible, and each token is non-divisible and different from one another, NFTs’ attributes of originality and scarcity make them also very appealing when linked with digital art.

Finally, NFTs also make traceability much more accessible, establishing authenticity and the work’s provenance.

WHY DID NFTs GET IN THE NEWS SO QUICKLY?

One benefit of NFTs is that they can be used to determine an object’s digital provenance, allowing and proving ownership. In other words, it’s a way to create scarcity – albeit artificial – so that you can sell something for higher prices thanks to its scarcity. This ownership information is stored on the blockchain with a specific ID and linked to unique metadata. Hence, it became part of an algorithm.

More interesting is that NFTs’ value derives from owning the whole entity. The non-divisible nature of NFTs also helps with ownership rights and verifying provenance.

Besides associating the artwork to an NFT, software code called smart contracts may regulate aspects like managing transferability and paying royalties. Therefore, NFTs can be extended beyond the sole ownership and transferability and include various other applications and functionality, like linking the NFT to another digital asset.

For example, one may write on a smart contract to automatically distribute a portion of the amounts paid for any subsequent sale of the NFT back to the original owner to give the owner the ability to recognize the minor marketplace’s benefits.

Sources:

https://ethereum.org/en/nft/

https://academy.binance.com/en/glossary/non-fungible-token-nft

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