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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Interest in NFTs as an investment has reached a fever pitch, so, understandably, you may be asking yourself, “What are NFT stocks I can invest right now?” or “Are NFTs the right investment for me?“. As with any investment, understanding what you are investing in is an excellent way to ensure it suits your investment style and comes with an acceptable risk.

What are NFTs?

We already covered the meaning of NFT- or Non-Fungible Token. As a recap, you can replace something with something of equal value when it is fungible. A $10 note is fungible because you can easily swap it out for five $2 notes or two $5 notes. Something that is not so easily replaced or divisible, like a work of art or an antique vase, is considered non-fungible.

NFTs provides a method for creating unique digital properties that you could otherwise easily duplicate.

The NFT marketplace is supported by blockchain technology similar to cryptocurrencies like Bitcoin and Ethereum. Tokens on a blockchain hold information about a piece of art, indicating that it is not a copy but the original piece.

Digital artists and musicians have embraced NFTs as a way to sell their unique pieces as original creations. The holder of an NFT is assured that they hold the original, and everything else is a copy.

If you compare an NFT to a real-world piece, owning an NFT could be comparable to owning an original van Gogh with a certificate of authenticity versus owning a print.

Anybody can make an exact copy of an art piece, but there’s only one original.

The only person with an original digital art creation is the one holding the NFT.

How to Invest in NFTs

NFTs are brand new, so trading in them usually means you have to deal directly with the owner of an NFT via an NFT marketplace.

NFT marketplaces are popping up online everywhere, and most are catering to a specific audience such as gaming, sports, or art.

There are no NFT stocks you can buy, but more companies are creating their own marketplaces to cater to the NFT trade. NFT Plazas provides a regularly updated list of NFT marketplaces.

Online art companies, such as Takung Art (TKAT) and Oriental Culture Holding (OCG), are entering the NFT market.

Are NFTs The Right Investment Vehicle for You?

Due to NFTs being relatively new, there is still a lot to learn about using them as an investment.

When you invest in an NFT, you plan to resell your purchase for a higher price. It’s not easy to accurately gauge the value of an NFT stock. How much you make will depend on how much someone is willing to pay.

You may buy Jack Dorsey’s first-ever tweet for $2.5 million, but there is no guarantee you will make your money back and more when you decide to sell it.

If you are keen to get into NFT investments, understand that the market is highly speculative.

Set limits on your spending, and don’t expect to get rich overnight.

Keep the bulk of your portfolio in index funds, ETFs, or the stock market. This will give you a safety net against risky investments like NFTs.

Be realistic about the risk. There’s no doubt that NFTs deliver an exciting avenue to explore for investors who like to make things more interesting.

It could be fun to speculate, but if risking isn’t your thing, it might be a good idea to watch on the sidelines while you give the NFT market time to mature.

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NOT FINANCIAL ADVICE: The information contained in this website and all the resources available for download through this website is not intended as, and should not be understood or construed as financial advice.

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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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