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What are the benefits of starting an NFT Marketplace-like Foundation?

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bessie joans
What are the benefits of starting an NFT Marketplace-like Foundation?

NFTs

NFT, Non-fungible tokens are a digital asset to be unique and therefore not interchangeable. they are the virtual assets used to hold some values like ownership for artists for their songs, photos, music, etc

It enables the ownership of their digital assets on the blockchain and is not restricted to the buyer of the NFT. 

What is an NFT Marketplace?

NFT marketplace is a decentralized platform built over Blockchain to offer secure trading of NFT tokens. The Platform where users can buy and sell their tokens through their crypto wallets.

 

The NFT token can be only traded on the NFT Marketplace dedicatedly built for the NFT Tokens. NFT Marketplace tokens are sold through auction or fixed price. 

Foundation Overview

Foundation is an NFT Marketplace platform for the live auction of digital art and NFTs. The digital asset is sold through live auctions by the artwork creators. The platform features live bidding for multiple artworks, including the Edward Snowden NFT (journalism).  

It is a platform where NFT artists and digital art collectors engage in decentralized auctions for an array of creative pieces. It is an Ethereum blockchain-powered decentralized platform for digital artworks that operates with smart contracts.

Types of Artworks in Foundation 

NFTs have become popular with collectibles and gaming platforms

  • Housing and real estate
  •  Energy industry
  •  Healthcare
  •  Fashion
  •  Insurance
  •  Sports, and much more

The Foundation clone script is a complete source code to launch NFT Marketplace similar to the Foundation that allows users to create and sell NFTs through a live auction. 

How Foundation Works?

  • User must have a Web3 wallet, like Metamask with ETH to create or sell an NFTs 
  • Creators have to join the community after receiving an invite link 
  • Creators must have a Metamask wallet with ETH to open a creator profile and mint the NFTs for artworks like JPG, PNG, or video file to IPFS, a decentralized peer-to-peer storage network.
  • Creator set the price for NFT in ETH and put it up for auction on the platform. 
  • The collectors can create a profile for buying the NFTs with metamask wallet with ETH
  • creators list NFTs for auction at a reserve price, and once the initial bid is set, a 24-hour auction countdown begins. 
  • If a proposal is set within the last 15 minutes, the auction extends for another 15 minutes. 
  • Once the collector win the auction the NFTs is transferred to the wallet and display on the user profile over the NFT Marketplace platform
  • The collector can share it on social media and sell it on a secondary market like Opensea, Rarible.

NFT is growing rapidly among the artists, starting an NFT marketplace business would be a futuristic business plan in the present scenario. You can launch NFT Marketplace-like Foundation with the help of a Foundation clone script from an NFT Development Company.

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