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Definition: Foundation

A platform for auctioning NFTs. Introduced in February 2021, within six months more than $50 million worth of NFTs were sold. NFT artists set up a MetaMask wallet loaded with Ether and then upload their art to IPFS decentralized storage. After the first bid, there is a 24-hour countdown. If auctioned off, the artist receives 85% of the sale price and a 10% royalty if the art is later resold either on Foundation, OpenSea or Rarible. For more information, visit www.foundation.app. See non-fungible token and Ether.