Foundation, formally known as the invite-only NFT marketplace, has now opened its doors to all creators. With the removal of user control mechanisms, the market now looks much more like competing platforms like OpenSea and SuperRare.
Before the policy update, the only way hopeful Web3 artists could exhibit their work at the Foundation it was through receiving an invite to the platform from a pre-existing artist affiliated with the platform. In turn, this led to an offshoot, mini-markets to purchase Foundation invitations, where the likes of Invitation NFT can be purchased for membership.
The general rationale behind Foundation’s initial supply restriction policy is believed to be that it creates a tangible sense of exclusivity and quality behind the platform and its brand. like this guide In addition to being a successful NFT artist at the Foundation’s showcases, this rings true from the fact that their individual sales figures were generally a function of an artist’s illustrious social circle on the platform.
For now, Foundation is keeping its cards close to its chest regarding why it decided democratize the ability to list NFTs on the platform, however, the disappointing Sales numbers that followed its questionable user interface update earlier this month suggests it may simply be a ploy to boost trading activity.
Although a bit counter-intuitive at first glance, Foundation’s initial invite-only policy was also part of its creator-first ethos. Here, platform creators would receive 85% of the final sale price of their auctioned NFTs, as well as 10% royalties on all secondary sales. With many more creators expected to join the platform in the wake of its opening to all, it will be interesting to see if such ratios remain the same.
They want more? Connect with NFT Plazas
*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended as educational material only. People are required to fully research any product before making any type of investment.
Team writer. 100% non-expendable.