Foundation recently experienced a UI update that longtime users felt caused an awkward look on their front page. As a more selective NFT market platform, Foundations has earned an excellent reputation in the NFT community.

What is foundation?

Founded with a vision to empower creators in the NFT space, Foundation quickly rose to the top of the pack. After releasing their marketplace in February last year, their MARketplace features a variety of stunning artworks from a variety of respected creators. Regardless, a recent overhaul of their website left some time behind Users scratch their heads.

How do I buy in the marketplace?

Primary sales work a little differently on the foundation platform. Artists who wish to sell their works offer their NFTs for auction primarily through auctions with a set reserve price. Once the first bid is placed, a 24-hour auction begins to complete the sale. Those wishing to register must beat the previous bid by 10% or more, with the highest bidder walking away with the NFT.

However, auctions can ignite at the last minute if the last bid meets the required reserve. Since incoming bids in the last 15 minutes add another 15 minutes to the duration, last-minute sales become an exciting adventure.

Creators come first

Similarly, NFT creators on Foundation receive 85% of the final selling price of an auction. In addition, creators receive a 10% royalty on any secondary sales their NFT accumulates over its lifetime. However, there is also a 15% fee for secondary sales as Foundation charges a percentage for using their platform. While marketplaces continue to bribe creators with royalties and installments, Foundation takes a unique approach to keeping their creators happy after they’ve been invited to sell on the Foundation marketplace.

Because Web3 inspires change, those who don’t make it can face fierce backlash from those who believe in their vision. Undeterred by a minor hiccup, the UI Foundation moves forward, bringing the creator’s work to the world.