NFTs have become something unexpected and can be more in the near future. It's advancing day by day and also makes people brag about their advancement. Many of them have already started to invest in them and have also begun to make a career out of it. 

However, these NFTs have been sold or traded in a unique place called the marketplace. Building one will require special assistance from a blockchain development company.

The NFT marketplace, like Foundation, is marking its entry into the crypto world, and the entrepreneurs are eyeing them. Several projects have recently joined the blockchain community as a result of the sudden increase in the number of users.

Creators can now mint their own NFTs and profit from them, thanks to marketplaces. All digital creators, artists, celebrities, and independent artists will be included in the NFT game as a result of this. Entrepreneurs are looking for a way to get into the blockchain and NFT worlds. Moreover, the auction marketplace tries to make it a better place for the people who are trying to make an impact with it.

Now, we are going to make it further to the development of an NFT marketplace like Foundation. However, before moving further, let us know why an auction platform for NFTs?

Why an auction platform for NFTs?

The prevalence and influence of an NFT favor the well-known inventors who are prominent in the existing market. However, due to their lack of exposure and reputation, many NFTs go unnoticed in the marketplace. This results in the illiquidity of NFTs that remain on the market despite a lack of interest from the public. Moreover, innovators build an auction platform like Foundation that allows users to mint and list their NFTs to mitigate this weakness in the competency of NFTs. This auction platform allows the public to bid on NFTs of their choice, giving them a significant value. Also, the reputation of the auction portal and investors' trust draw a large number of people to your NFTs, giving you a lot of exposure in the global market. The platform's popularity and repute entice sovereign investors to participate. 

What is a foundation?

In 2021, Foundation, an Ethereum-based NFT marketplace, was founded. It's a platform to establish a new creative economy in which creators can utilize Ethereum to value their work in new ways and strengthen relationships with their fans. Moreover, the Foundation now has 260,000 registered members and over 100,000 NFTs for sale. Also, all the NFTs were sold using ETH, and the user needs to possess ETH in order to bid in the auction. The three types of NFTs now available on the Foundation platform are images, movies, and 3D artwork.

What are the advantages of an NFT marketplace like Foundation?

Here are the advantages of NFT marketplaces like Foundation:

✔To generate value for NFTs:

A marketplace with an auction platform facilitating the bidding enables high value for NFTs. This bidding opportunity can bag your NFTs a million-dollar value.

✔Market visibility

The community of the auction platform for NFTs will be drawn to your new NFT initiative, giving your NFTs special market visibility from a global audience. It also helps your platform receive a lot of visitors.

✔Stream of income

NFT marketplaces, such as Foundation, provide a consistent revenue source based on audience traction and platform usage. Your platform will benefit financially from the gas fee and service charges.

✔Liquidity

By outsourcing your NFTs to a diverse audience and enticing them to purchase your NFTs, marketplaces with auction capabilities provide quick liquidity to your NFTs.

✔The attraction toward the target audience

With its reputation, auction features can attract sovereign investors to your site. The extravagant nature of auction houses attracts a wide range of people to your platform.

How does an NFT marketplace work?

After the Superrare and Nifty gateways, the foundation marketplace has established itself as one of the most reliable and curated ones. It describes itself as a crossroads between crypto and culture, fostering a community of artists, creators, and collectors.

Cryptocurrency used: 

Because the Foundation operates on the Ethereum blockchain network, it accepts Ether (ETH) for NFT transactions. As a result, the wallet that will be used to connect to the Foundation marketplace will be built on the Ethereum blockchain, similar to Metamask. To properly register an account on Foundation and perform transactions, both makers and buyers will need to link their Metamask wallets.

Foundation and Its Creators: 

Artists can only list their work on Foundation if they are invited to mint NFTs on the platform. They'll have to mint their NFTs and then list them on the marketplace so that users can interact with them. The Foundation takes around 15% of the sale price from the creators, resulting in the creator receiving 85% of the total sale price. The Foundation's biggest feature is that it will automatically deposit 10% of the NFT's future sales price in the form of royalty to the original seller.

The earnings and money involved are the primary motivations for anyone considering establishing a community-driven NFT marketplace-like foundation. It has just been around a few months since the launch of the Foundation NFT marketplace, and it has made a profit of 26,657 Ethers ($85,895,453.52), which is around $85,895,453.52. That's one of the key benefits of having a creator-driven and creator-centric NFT marketplace. 

Foundation for its community: 

To open an account, investors will need to link their Metamask wallet to the Foundation, just like creators. If a buyer offers in the last 15 minutes of the auction, the auction is extended for another 15 minutes until no further bids are received. When a user purchases an NFT, the NFT is kept in the user's Metamask wallet in return for Ether. Users will have their own unique profile page, which will display the collector's NFT collection. The collector can also post it on social media, put it in a virtual gallery, or sell it on a secondary market afterward.

Exclusive features of the Foundation like the NFT marketplace

Here is the list of features:

Conclusion

What's more, as an ideal choice for creators and investors, your Foundation, like NFT Marketplace, can help your company generate a lot of revenue and traction. The platform is also well versed for buyers who try to use the NFT marketplace like Foundation. However, to build one, hire a marketplace development company. You could be a successful entrepreneur in the future.