Foundation, formally known as the invite-only NFT marketplace, has now opened its doors to all creators. With the removal of the user-controlling mechanisms, the marketplace now resembles the likes of competing platforms such as OpenSea and SuperRare much closer.
Before the update in policy, the only way hopeful Web3 artists could showcase their works on Foundation was through receiving an invitation to the platform from a pre-existing artist affiliated with the platform. In turn, this led to an off-shoot, mini-markets for acquiring Foundation invitations, where the likes of Invitation NFTs could be purchased in order to gain membership.
It is thought that the general rationale behind Foundation’s initial supply-restricting policy is that it creates a tangible sense of exclusivity and quality behind the platform and its brand. As this guide to being a successful NFT artist on Foundation showcases, this rings true through the fact its individual sales figures were generally a function of the illustriousness of an artist’s social circle on the platform.
For now, Foundation is keeping its cards close to its chest with regards to why it’s decided to democratize the ability to list NFTs on the platform, however, the disappointing sales figures which followed the questionable update of its user interface at the start of the month suggests that it may simply be a ploy to boost trade activity.
Although slightly 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% royalty shares on all secondary sales. With many more creators expected to join the platform in wake of its opening-to-all, it will be interesting to see if such proportions remain the same.
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