Foundation Marketplace Review: A Digital Art Gallery for Creators and Collectors

Foundation is an NFT marketplace built for digital art enthusiasts, including creators and collectors. This platform offers a massive selection of art NFTs and makes sure the original creators get royalties on every sale. The fees can get costly, though, and because it's an art marketplace, you won't find any other types of NFTs here. Read our Foundation marketplace review for a full breakdown of its pros and cons.

This NFT marketplace is a good fit for: Digital art enthusiasts who want to collect art NFTs or create and sell their own.

Foundation marketplace is a platform built on the Ethereum blockchain that has NFT art listings. Users can buy digital art or mint and sell their own NFTs. There are several selling options on Foundation:

• Buy Now: The NFT is for sale immediately at that price.
• Offers: Users can make offers to the seller.
• Reserve Auctions: An NFT auction with a reserve price, which is the minimum the seller will accept.
• Private Sales: Sellers can send private sale proposals if they have a specific buyer in mind for a piece.

Top perks

Buy and sell art NFTs

If you're looking for art NFTs, Foundation is one of the best options. Since it's focused on digital artwork, this marketplace attracts hundreds of thousands of artists. You'll be able to browse and purchase a variety of unique images, videos, and 3D pieces. The art focus also makes Foundation a great place for artists to find buyers for their work.

SEE TOP PICKS: Best NFT Marketplaces

Easy to use

As you might expect from a digital art gallery, design is one of Foundation's strong suits. It's straightforward and doesn't overwhelm you with options. Even if it's your first time using the platform, it's easy to find the collections, check out trending creators and pieces, browse the marketplace, and buy NFTs you like.

Great for minting NFTs

Foundation's setup and fee structure can both be beneficial for artists. Original creators receive 95% of initial sales, with Foundation taking a 5% marketplace fee. Original creators also receive 10% of each secondary sale. So, if someone buys your NFT and resells it, you'll get 10% of the purchase amount.

If an NFT was a group effort, Foundation allows you to divide royalties. You can create a Split when minting NFTs and add wallet addresses of up to four recipients, along with the percentage each of them will receive.

What could be improved

Expensive fees

The marketplace fee on Foundation is 5%, which is more expensive than the 2.5% several competitors charge. If you're reselling an NFT you bought, there's also the 10% in royalties paid to the original creator, meaning you'd get 85% of the sale amount.

Only one payment option

You need Ethereum to make purchases on the Foundation NFT marketplace. The good news is that Ethereum is easy to buy, as it's available on almost all of the top crypto apps. However, there are NFT marketplaces that accept other types of cryptocurrency and even card payments, which makes the purchase process more convenient.

RELATED: Best Places to Buy Ethereum

If you want to buy different types of NFTs: Mintable has a wide selection of NFTs in all kinds of different categories, including music, collectibles, game items, and digital real estate. It's like a one-stop shop for collectors who are looking for a little bit of everything.

If you want to save on fees: OpenSea offers low fees for its users, as it only charges a fee of 2.5% per transaction. In addition, this beginner-friendly NFT marketplace has one of the largest selections you'll find.

Foundation says its aim is to build a new creative economy, where creators can use the Ethereum blockchain and make stronger connections with their supporters. Here's a guide to all its features.

Services

There are two ways to use the Foundation platform -- as a collector and as a creator. As a collector, you can browse and purchase digital art NFTs. As a creator, you can mint and sell NFTs.

Blockchains

Foundation is built on the Ethereum blockchain, which is the most widely used blockchain for NFTs.

Supported wallets

Foundation supports wallets set up through Metamask or WalletConnect. Through WalletConnect, there are over 100 different blockchain wallets you can use with Foundation, including Trust Wallet, Alpha Wallet, and Ledger wallets.

RELATED: Best NFT Wallets

Payment methods

Ethereum is the payment method used by Foundation. Since it's one of the biggest cryptocurrencies, you can purchase Ethereum on most major cryptocurrency exchanges and transfer it to your wallet.

Fees

Foundation charges a marketplace fee of 5% on NFT sales. On secondary sales, there's also a 10% fee paid to the original creator of the NFT. Here's how this works:

• If you mint an NFT and sell it, that's considered an initial sale, and you receive 95% of the total sales price. Foundation takes 5% for its marketplace fee.
• If you sell an NFT made by someone else, that's considered a secondary sale, and you receive 85% of the total sales price. Foundation takes its 5% marketplace fee, and the original creator receives 10%.

Foundation offers digital art NFTs. You can buy images, videos, and 3D art. Its NFT showroom includes both primary sales, meaning NFTs sold by the original creator, and secondary sales, which are NFTs being sold by someone other than the creator.

Foundation is a safe place to buy and sell NFTs. It only acts as a marketplace, meaning it doesn't store your NFTs on its platform. When you purchase an NFT, it's stored in your wallet.

Due to the popularity of NFTs and the prices they can fetch, scams are common. Just about every major NFT marketplace deals with fraudulent NFTs that have plagiarized content. Like other marketplaces, Foundation removes counterfeit NFTs when it discovers them and allows users to report NFTs, collections, and profiles.

• You're a digital art collector looking for new NFTs to add to your wallet.
• You want to mint your own art NFTs and list them for a large audience.