Social connection has experienced a great evolution over the years beginning from face-to-face connection, to written connection, and now a world of virtual connection is before humans. Platforms like Facebook, Twitter, LinkedIn, and YouTube brought the online social community mainstream. From there, we had new calibers of professionals who used these platforms to create value and share with fans making the sharing process become the backbone of these systems.
However, creators are at a point where they are valued much for what they produce or create. There have been concerns that the owners of these platforms give little to nothing to the creators that build the platforms. Hence, new projects, especially DeFi-related, are developed to give creators control as they connect with people globally.
What is the Foundation App?
This is a platform that is built on the Ethereum blockchain enabling creators to create and share value with others in unique and decentralized ways.
It represents a new creative economy that combines freedom, creativity, and social connectivity with economics. Foundation App was launched in February 2021 and since then until now creators have earned more than 57,078 ETH which is over $180m from collectors of the values they create.
How Does Foundation App Work?
The platform is shared between creators and collectors of beautifully crafted DeFi utilities. They come in as NFTs and can be accessed by anyone provided the requirements of participation are met.
To be a creator, a user must be invited to join the community. Once you’ve received an invite, “you’ll need to set up a wallet with ETH before you can create an artist profile,” says the website, “deploy a smart contract, and mint an NFT—which means uploading your NFT file to IPFS, a decentralized peer-to-peer storage network.”
After this, the artwork can be added to the marketplace on the Foundation platform where it can be sold to collectors. It’s important to note that artists that want to sell their NFTs on Foundation must have accepted an invite from another artist.
To sell NFTs on the Foundation App, any of these can be applied:
- Buy Now
As an artist, once you have your NFT listed in the marketplace, you can use the Buy Now option to sell it. Here, you immediately attach a particular prize you think the NFT is worth, and activate the sales option after paying the gas fees for minting.
Once done, any collector who sees it and agrees to buy at that price can pay, and have the NFT transferred to the collector’s wallet instantly while the creator receives ETH. Creators also have the option to change the price after listing it for a different price.
In Offers, a buyer that wants to get a particular NFT can decide to place a price tag on it. As the owner of the NFT, you can decide to accept it. Every Offer on Foundation App lasts for about 24 hrs.
Because Offers are on-chain transactions, once a buy places one, the value of the NFT is loved on-chain. If the seller accepts the Offer, the NFT is loved instantly to the wallet of the buyer. But if the Offer period expires after 24hrs or a higher Offer is made for that same NFT, the money of the prospective buyer is sent back to the wallet
All NFTs on Foundation App that have been listed are activated to accept Offers.
- Reserve Auctions
Before placing an NFT for auction, it’s important to note that once the auction starts, the reserve price cannot be edited. So artists who want to list their NFTs for auction need to research and know the minimum price they can sell their NFTs and be happy.
After minting the NFT, the next thing to do is list it for auction. A price is set, called reserve price, at which no bidder can buy the asset less than. This will last for 24 hrs with a reset for 15mins added time for every bid that comes in at the last 15mins of the previous bid.
Once the countdown finishes, the last bidder receives the NFT, and ETH is sent to the wallet of the seller. All activities are on-chain.
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As anyone can come into the Foundation ecosystem as a creator, there is also room for Collectors of NFTs. For Collectors, a wallet is needed with the right amount of ETH for buying NFTs.
After collecting an NFT, it is transferred into the wallet where it can be kept, resold at the secondary market, displayed in a virtual gallery, or shared on social media. There are currently three ways to collect: Buy Now, Offers, and Reserve Auctions.
In Buy Now, Collectors can instantly purchase an NFT that has been listed by an artist in the marketplace. Once done, there is an exchange of ETH for the chosen NFT. For Offers, Collectors are permitted to suggest a particular price for a listed 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 curators. And the idea behind this is to develop a thriving ecosystem that supports everyone at the same time. However, there are rules put in place to check the excesses of persons in the Community.
For example, while Creators maintain all legal rights, including copyrights and trademarks of their work, and can reproduce, distribute, exhibit, and make derivatives of it, they cannot upload someone’s work, they also are 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 any collected NFT, they cannot use the work for commercial purposes; they cannot change the artwork as well.
Challenges and Road Map of Foundation App
Foundation App is a good product but has other platforms to contend for the market with. OpenSea, Rarible, SuperRare, Mintable, NiftyGateWay, and of course LooksRare are some of the top competitors in the NFT marketplace. Staying true to its mission and serving the community with innovative ideas will always be an advantage to scale through.
For the future of Foundation: the latest upgrade done was this
Upgrade complete. pic.twitter.com/6n0o14eC4P
— Foundation 🌐 (@foundation) March 8, 2022
There are no signals on the website of the roadmap. However, the entire ecosystem appears ready with activities going on and positions being sought after in the career section.
Team and Partners Behind Foundation App
Matthew Vernon serves as Co-Founder and Head of Design at Foundation App. The designer and entrepreneur, who is good at Product Development, Brand strategy, and UX/UI was a former employee at Internet World and Neue Goods as founders of both brands. He also worked at Dharma Labs as Lead Product Designer.
Foundation App is changing the narrative for the creator economy. It is building an ecosystem that is thriving with more than 30k creative lovers exchanging values worth more than $150m. The simplicity of the platform is a good feature that makes it easier for anyone who wants to get into the world of minting, buying, and selling NFTs while collaborating with artists globally.
What do you think of this article? Share your comments below.
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