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How Does Foundation NFT Work? – Complete Manual For Beginners

NFTs, or non-fungible tokens, have become very popular in recent years. Many celebrities are now endorsing NFTs since it allows them to generate amazing returns for their artwork. Consequently, the number of NFT marketplaces has also increased with the growing demand for NFTs. 

Foundation NFT is another NFT marketplace that has become very popular with its unmatched NFT mining features. The platform showcases some of the most popular NFTs, including NyanCat from Chris, among many others. 

But despite this growing prevalence, there still needs to be more clarity about the platform. So continue reading to address these confusions and better understand what the platform is all about.           

What Is The Foundation Platform?

The Foundation platform is similar to a conventional NFT marketplace running smart contracts on the ERC-20 blockchain network. The platform allows users to buy, sell, and mint NFTs or digital artworks. The Foundation NFT marketplace is optimally designed to cater to the needs of both secondary and primary markets. 

On the one hand, there is the primary market that allows original creators to mint and sell their NFTs. Besides, collectors can use the primary market to buy NFTs directly from the creator. On the other hand, there is the secondary market where collectors can sell their NFTs, usually at a higher price than the first bid price, making profits easily.     

Another essential characteristic of the platform is the Foundation NFT fees users must pay. These service charges generally range from 10% to 15%, and both creators and collectors must pay in both secondary and primary markets.   

Accessing The Foundation Platform

The Foundation platform operates on a closed model where creators must sign in to access the services. In most cases, one needs to have an invitation from an existing member to mint NFTs. However, one can still access the platform without an invitation, but that would not allow you to mint any NFT. But if you access the platform with an invitation, you are free to mint as many NFTs as you wish. 

In the case of collectors, even they must have an invitation if they wish to mint NFTs. But they can bid on existing NFTs without any invitation from an existing member. The best part here is there are no charges for signing up on the platform. Creators even get the privilege of requesting other digital artists after minting and selling their first NFT. 

Another easy way to score an invitation to the platform is by connecting with existing members via social media networks such as Discord, Twitter, and more. This unique model allows Foundation to retain the quality and authenticity of all NFTs minted on the platform.    

Why Should You Consider Using The Foundation Platform

Foundation is by far one of the best NFT marketplaces currently available in the market. But before you decide to use the platform, you must first evaluate Foundation NFT’s pros and cons to make an informed decision.

That said, here are some important reasons why you must consider using the Foundation platform. 

  • The Ethereum Blockchain: There are many blockchain networks currently available in the market, but only a few have the potential to match the offerings of the ERC-20 network. This is one of those few blockchain networks seamlessly accessible to people from all walks of life. The primary reason behind this is the availability and popularity of the blockchain network.
  • Unmatched NFT Originality: Another great thing about the Foundation platform is the unmatched originality of all NFTs. With the growing prevalence of NFTs in the market, NFT scams are becoming more rampant in the industry. This is why the Foundation platform adheres to a stringent sign-up process allowing them to ensure ingenuity at all times.    
  • Seamless NFT Transfer: Foundation is one of those few NFT marketplaces that ensure hassle-free NFT transfer. The platform allows you to transfer your NFTs across different blockchain networks based on your preferences. 
  • Community-Driven: Growing application of blockchain technology has increased decentralization everywhere. The Foundation platform is another great example of decentralization since community members fully operate the platform. This means one can handle centralization since all members remain connected with different social media channels. 
  • Primary And Secondary Markets: The Foundation platform’s offerings cater to the requirements of both primary and secondary markets. This makes it much easier to mint, buy and sell NFTs from a single platform making things convenient for everyone. 
  • Simplifies NFT: Almost everyone wants to be a part of the NFT industry, but most people need help with the nuances associated with the industry. The Foundation platform is here to simplify all the nuances for you with its unique offerings. 

The platform has an insightful FAQ section to address all your queries easily. However, if the FAQ section does not resolve the queries, you can access the customer service platform and resolve your questions in no time.      

Some Drawbacks Of The Foundation Platform

Of course, there are many perks to using the platform, but the platform is free of all drawbacks. However, it would help if you were mindful of some Foundation NFT logos and platform disadvantages.

  • Premium Service: While the platform does not charge any fees for signing up, it charges a hefty service fee for its services. Both creators and collectors alike have to pay a certain amount as a service fee. 
  • Difficult To Access: Compared to most other NFT marketplaces accessing the Foundation platform is difficult. A closed community operates the platform, and one can access it only with an invitation from an existing member. Even if you access the platform without an invitation, you will not be able to mint NFTs on the forum.     

Final Thoughts

With all the recent technological developments, it has become very clear that NFTs are here to stay for the long haul. That said, choosing a reliable NFT marketplace is essential to realize your investment goals safely and securely. 

The Foundation NFT platform has all the characteristics of a safe and secure NFT marketplace. Make sure you consider using Foundation NFT funding to your advantage.

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