What is Foundation NFT and Foundation App NFT
What is Foundation NFT and Foundation App NFT
Non-Fungible Tokens have gained immense popularity in recent years. Around the planet, more and more people are interested in starting their own business with the help of NFT, and therefore they are interested in everything they can learn about it. This article will give you a closer explanation of what Foundation NFT is.
However, before we explain the Foundation of NFTs, for those who have just entered the universe of NFTs, it is essential to understand what Non-Fungible Tokens actually mean. So let’s give that explanation first, shall we?
Learn NFT basics
NFT is short for Non-Fungible tokens meaning that it’s a non-interchangeable unit of data stored on Blockchain technology, a form of digital ledger. Different NFT data units are associated with digital files such as audio, photos, and videos.
Every token is considered to be uniquely identifiable. Non-Fungible tokens are different from numerous other Blockchain cryptocurrencies such as Bitcoin, Ethereum, and other altcoins.
So, now that you’re aware of the true meaning of an NFT get to know what the Foundation NFT stands for.
The meaning of the Foundation NFT
The Foundation, better known as the “Foundation.app,” represents a platform for a live auction of Non-Fungible tokens and digital art. The platform features live bidding for numerous Foundation artworks such as the Edward Snowden NFT.
The Foundation. app NFT refers to a simple and easy-to-navigate suite of all Non-Fungible Token artists and digital art devotees. They can participate in decentralized NFT auctions for numerous creative pieces. Besides that, all that is achieved in a transparent and decentralized manner with the help of the Ethereum public blockchain.
What does Foundation bridge?
Foundation bridges culture and crypto to foster a network of mutual support between both collectors and creators. They are forging a specific community-driven path and sharing their tools with the highly fast-evolving group of talented developers who are eager to define that kind of future with them.
They are willing to have everyone and anyone around them who cares about the future of digital expression in order to be a part of it.
Understanding the Foundation NFT
As said before, Foundation is a simple and easy-to-use application that people can use to bid on digital art on the Ethereum blockchain. The Foundation.app NFT platform tends to be the new creative economy of today’s digital art.
On the Foundation NFT platform, all individuals can buy, sell, and search for their favorite digital art within a simple, easy-to-use user interface. It’s essential to understand that Foundation. App artworks became tokenized with Non-Fungible tokens (NFTs) on the Ethereum blockchain.
How much did creators earn since the Foundation launched?
Since the Foundation NFT launched, creators have managed to earn 50,432 ETH, which is worth today’s $123,962,444.26. One of these creators stated the following:
“A door is the opening that feels like nothing out there.” He also stated that there’s a huge opportunity to build a real community that will engage and support each other in the NFT space.
Who are the creators of the Foundation.app?
Now that you’ve learned about the Foundation. App refers to an application that facilitates live auctions for NFTs, and it’s interesting to know who the creators are. First of all, all Foundation NFT creators have their profile page that displays their work, alongside the bidding history of every piece created.
In addition to that, the creator profile displays a short biography and links to their social media accounts. Moreover, every created piece using Foundation is trackable on the Ethereum blockchain technology with the usage of Etherscan block explorer.
Also, it is essential to know that it successfully adds a transparency and trustlessness layer to the auction process. It’s because everyone can see:
- Creation date
- The creator
- An entire history of who has owned it since
Get to know the Foundation Artworks
All users can view and participate in live auctions for Non-Fungible token artworks. In addition to that, creators are able to put in place a reserve for the auctioning of artwork. So, any art that does not meet the reserve price requirement during the auction will go to the selection of the Foundation artwork page called “reserve not met”.
In addition to all that, the entire bidding history of Foundation artworks sold by creators on Foundation can be observed on the Foundation platform. It includes the total amount Ethereum paid by the one who’s considered the final bidder.
Edward Snowden NFT on Foundation NFT auction
“Stay Free” Edward Snowden 2021 was the official Edward Snowden NFT that was put for auction. The Non-Fungible Token artwork became successfully auctioned on behalf of the Press Foundation. The president of that Foundation is Snowden himself.
What is interesting about that is that the freedom of the Press Foundation is the one that “protects, defends and empowers public-interest journalism in the 21st century.” Their goal is to provide cutting-edge journalism that will promote decentralization and transparency.
PleasrDAO purchased the Edward Snowden NFT, representing a decentralized and autonomous organization (DAO) that’s brought together to create an entirely new niche in shared digital art ownership. This NFT was sold for 2,224 ETH, which had approximately $5.4 million at that time.
The reason behind the NFT popularity
Indeed, one of the main questions concerning Foundation NFT and the whole NFT industry is – why have NFTs gained so much popularity lately? What secret is behind it? Since the introduction of the crypto-collectables game CryptoKitties in 2017, NFTs have become extremely popular.
That game brought NFTs into the spotlight. Since 2017, the use cases for the Non-Fungible Tokens have become very innovative and abundant. Even though NFTs are popular primarily by collectables and gaming platforms, people should be aware that they can be utilized in many other scenarios such as:
- The energy industry
- Healthcare
- Housing and real estate
- Sports
- Insurance companies and much more
The very ability to tokenize all assets on the Blockchain has made a real revolution in the industry, bringing numerous opportunities in various sectors!
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