Artists are making hefty revenue now. Importantly, the emergence of the metaverse is powering the creator economy. There is one NFT marketplace on Ethereum that acts as a one-stop destination for artists, curators, and collectors. It is Foundation. The platform has witnessed a trading volume of $26.42 million in the past 30 days. Are you an ambitious entrepreneur striving to build your wealth? Develop a Foundation app like NFT Auction marketplace now.
How does an NFT Marketplace Like Foundation function?
- Artists and project creators need to register on the NFT trading platform similar to Foundation. Subsequently, they need to connect their digital wallets like MetaMask and other wallets supported by the WalletConnect open-source protocol.
- Later, content creators need to upload their files on the NFT marketplace like Foundation. The details are stored in the InterPlanetary File System (IPFS).
- Artists can set a price for their ultra-rare collectible in Ethereum (ETH). Subsequently, they can conduct an auction or a private sale.
- Generally, content creators will list their NFTs at a reserve price. They can set a countdown (6 hours, 12 hours, and 24 hours). Investors can make bids. Importantly, auctions will get extended for a certain period if investors place bids at the last minute.
- Interestingly, the revenue earned by creators varies depending on the market they list (primary and secondary). For instance, the Foundation platform offers around 85% of the final sale price to artists when they list assets on the primary market. Moreover, people who originally minted the NFT will get 10% royalty This happens when the secondary market lists assets and investors collect NFTs from the platform.
- Finally, winners of the auction will receive the NFT directly to their software wallets. Subsequently, the collector profile displays the collectible.
- Investors can showcase the limited-edition collectible on the virtual gallery, share it on various social media platforms.
The core features of an NFT Auction marketplace like Foundation are
Explore section
Prospective investors can view attractive NFTs and eye-catching collections of artists by clicking the Explore button. They can view the images and videos offered for sale. Details like the description of the asset, minting date, and the reserve price are available.
Buyers can also click the Etherscan blockchain explorer and check information like the Token ID, contract address, transaction hash, and the date and time when transfers were made from one wallet address to another.
Filter and Sort mechanism
Investors can become proud owners of limited-edition collectibles. They can filter NFTs based on the price range (minimum to maximum in Ethereum), availability (all, available, and sold), and type (Model, 3D, Image, and Video).
Integration with WalletConnect
Users can process transactions easily by using the WalletConnect open-source protocol. They can choose options like Argent, Bitpay, MetaMask, Pillar, ONTO, TokenPocket, Trust Wallet, Rainbow etc. Thus, they can pay off auction fees, bidding charges, listing charges, gas fees, and other charges easily.
Help Centre
Creators, as well as investors can sort out problems by contacting the help desk. They get support for issues like changing of preview images, hiding and unhiding of NFTs, processing of transactions, protecting their Non-Fungible Tokens (NFTs) against copyright infringement and intellectual property (IP) violations, migration of accounts, splitting of revenue, linking of hardware and software wallets, and sharing of invites to new artists.
Tag-wise discovery mechanism
Users can purchase limited-edition collectibles by clicking the tags section. They can select options like animation, illustration, 2D, 3D, concept art, illustration, contemporary art, surrealism, abstract, and colour. Subsequently, investors will receive results about NFTs available for sale. They can sort out collectibles based on the date listed and sold (newest to oldest), price (highest to lowest), and ending (soonest to latest).
Trending Creators section
Artists who have sold a lot of Non-Fungible Tokens (NFTs) are listed on the Trending Creators panel. Generally, they get a specific ranking. Moreover, users can see details like the number of unique collectors, the number of sold NFTs, primary, and secondary sales in Ethereum, and total sales. Subsequently, buyers can filter collectibles by clicking options like 1 day, 7 days, 30 days, and all-time.
Top Collectors dashboard
Unquestionably, the creator economy is booming now. This is because NFT collectors are supporting talented artists. Likewise, a list of NFT buyers is showcased in this panel. Data like the number of creators, the number of collectibles purchased, and the total expenditure spent by them in Ethereum (ETH) and US Dollars (USD) is showcased.
How Decentralised Autonomous Organisation (DAO) will change the future of the creator economy?
Since its launch in February 2021, the Foundation NFT marketplace has grown steadily. Today, there are around 25000 creators and 20,000 collectors on the Ethereum-powered platform. Apart from artists, photographers and fashion designers, graphic designers, and journalists are also making huge revenue from the platform.
Moreover, creators have earned around 51,405 Ethereum from the NFT marketplace. Importantly, the popular genres include animation, dance, pixel art, digital fashion, generative art, memes, music, performance, 3D, and Augmented Reality (AR).
Besides that, the Foundation NFT marketplace is slowly turning into a Decentralized Autonomous Organisation (DAO). Thus, several artists are formulating collectives to support their community.
They are fulfilling objectives like preservation of art, distribution of tokens for governance, and splitting of sales. Importantly, many investors are pooling funds for buying crypto collectibles.
Interestingly, collectors are transferring a certain amount of funds into a multi-signature wallet. Hence, this increases their chance of winning high-profile auctions ahead of other bidders.
Likewise, artists can submit their works on a Foundation-like NFT trading platform. Subsequently, members of the Decentralized Autonomous Organization (DAO) can pass votes for purchasing the Non-Fungible Tokens (NFTs). Subsequently, the vault stores the digital asset safely. Creators receive a certain number of tokens and become members of the DAO.
Eventually, this offers benefits like the democratisation of art and abundant monetization opportunities. Moreover, several DAOs are also offering commission, grants, workshops, and training programs to encourage the adoption of Non-Fungible Tokens (NFTs). Importantly, many investors are bidding, collecting, and owning collectibles as a group. Thus, the Foundation NFT marketplace is becoming the top choice for fractional ownership.
Wrapping Up
In the last 7 days, around 10,850 users have processed 45,750 transactions on the Foundation NFT trading platform. The Ethereum smart contracts on Foundation have locked $676,020. Do you want to spearhead the Web 3.0 revolution? Partner with a white-label solution provider to create an NFT marketplace like Foundation soon.
