Foundation experienced a recent UI update causing an awkward look to their front page following the opinion of longtime users. As a more selective NFT market platform, Foundations has amassed a stellar reputation among the NFT community.
Credit: Foundation
What Is Foundation?
Built with the vision of empowering creators in the NFT space, Foundation quickly rose to the front of the pack. Following the release of their marketplace in February of last year, their MArketplace features a variety of stunning artwork from various reputable creators. Regardless, a recent makeover to their site left some long-time users scratching their heads.
How Do I Buy On The Marketplace?
Primary sales operate slightly differently on the foundation platform. Primarily done via auction, artists looking to sell their work list their NFTs for auction with a set reserve price. Once the first bid is placed, a 24-hour auction starts to finalize the sale. Those looking to opt-in have to beat the previous offer by 10% or more, with the top bidder walking away with the NFT.
However, auctions can spark at the last minute if the last bid meets the required reserve. As incoming bids in the last 15 minutes extend the duration for an additional 15 minutes making last-minute sales a nail-biting adventure.
Creators Come First
Respectivly, NFT creators on Foundation get 85% of the final sale price of an auction. Moreover, creators get a 10% royalty on all secondary sales that their NFT accumulates for its lifetime. However, a 15% fee also applies to secondary sales as Foundation takes a percentage for using their platform. While marketplaces continue to bribe creators with royalties and rates, Foundation takes a unique approach to keep their creators happy after being invited to sell on the Foundation market.
As Web3 inspires change, those who fail to deliver can experience intense backlash from those who believe in their vision. Unphased by a slight hiccup, UI Foundation moves forward, bringing the creator’s work to the world.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
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