To qualify, the NFT must be held within a Foundation account, and linked to a verified creator. To list an NFT, navigate to your Foundation collection, and locate the NFT you wish to list. Next, click on the “list your NFT” button underneath the NFT, set a reserve price, and you’re good to go. A 24-hour auction will commence when you receive the first bid, any final (15) minute bids will trigger a rolling 15-minute extension to the auction time.
Upon sale, the owner will receive 85% of the sale price, and the original creator will receive 10% of proceeds, with the remaining 5% going to Foundation for “upkeep”. For clarity, the 10% creator fee will be paid directly into the wallet used to mint the NFT.
At the moment, the Foundation secondary marketplace only supports NFTs collected within the Foundation ecosystem, however, compatibility with 3rd party markets is in the pipeline.
Launched in February 2021, Foundation has quickly become one of the top CryptoArt marketplaces, with creators having earned a combined $40 million in NFT sales through the Foundation marketplace.
Find out more about how the secondary marketplace works here.
Image credit: via Foundation
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