Crypto Academy Week 10 - Homework Post for [levycore]- Introduction Foundation:NFT market place.

Introduction

The world of crypto has seen a lot of changes and exceptional growth, starting with bitcoin back in 2009 to the boom of defi in 2020 and NFT explosion in 2021. All this buzz has lead to the diversification of NFT based projects looking to deliver unique use cases ranging from music, Digital content, and beautiful art, better gaming, and Tokenizing real-world tangible assets like real estate, people's identities, and property rights.

The NFT space is growing very rapidly and the majority of the use case and project target is centered around collectibles and art. Numerous digital artworks and other collectibles have been sold for millions of dollars, riding and eradicating intermediaries between the artist and the buyer using blockchain technology. As a result, new markets are created and transactions faster.

Top NFT sales in Recent times.

• In early March a group of Beeple NFTs was sold for over $69 million.
• An unknown user paid almost $390,000 for a 50-second video by Grimes
• The founder of Twitter jack sold an NFT representation of his first tweet ever after the final phase of Twitter development for just under $3 million.

In this homework task, I am going to highlight one of the best marketplace for NFT collectibles. This project is offering a transparent and fast NFT Marketplace for artists and collectors to interact.

Introducing Foundation

Foundation is creating a medium for transactional interaction between artists and designers who create collectibles and collectors who are looking for digital beautiful paintings or sketch to add to their collection. Foundation is built on the Ethereum network(ERC-20), and in order to use it, all you need is a web3.0 wallet such as MetaMask.

Foundation is backed by a vibrant and active community where artists and designers can engage and test out new ideas ad support each other's work. Digital art creators can explore and appreciate the work of other artists and designers on Foundation.

Live Auction

So Foundation is connecting artists from all over the world to create and share their artwork on Foundation as minted NFTs which can be bided and sold to the highest bidder. The image above highlights this properly. The screenshot above shows an auction in progress and when it's ending at the time of taking this image. After the clock stops ticking for auction each NFT(artwork) is sold and ETH transferred to the creator of the NFT.

End of Auction

At the end of the auction, the highest bidder buys the NFT, and ownership transferred to him. We can see that the Racing digital artwork was sold for 13.42ETH which is approximately $32,476.

How are NFTs Minted on the Foundation Protocol
Minting NFTs on Foundation is pretty straightforward and easy to manage, creators can seamlessly mint NFT which represents their works. Creators can mint as many NFTs as they can with their artwork, how so?

NFTs are a special type of tokens, they are unique and only relatable to a single asset like goods, real estate, and also digital art. Just like coins and real-life assets like gold and bitcoin are mined NFTs are also mined and sold to collectors or interested buyers.

Minting NFTs on Foundation takes a creator's first approach whereby digital art creators with a web3.0 wallet with ETH in it, can start minting NFTs on Foundation with the creation of their digital arts.

Creators mint NFTs in proportion to a piece of their work produced. This means If they’re dropping 500 pieces of digital art, they are in effect minting 500 NFT tokens. This means NFTs are minted in a ratio of 1:1 per artwork. These artworks could include original photographs, paintings, and pencil sketches. The tokens can either be redeemed to receive the piece itself or freely traded in an open market powered by Foundation.

Digital Artwork	Minted NFTs
100 Digital artwork created in 24hrs	100 NFTs are directly minted for each artwork.
500 Digital artwork created	500 NFTs are minted in proportion to the Digital Artwork created.

Steps on how to mint NFTs in Foundation

• Step 1
  
  image source

1. Log in to the official website of Become a Creator
2. A web 3.0 wallet(Meta Mask) is required to generate user profile, after a successful link to your wallet, you can also set up your profile picture and link to social media platforms like Facebook and Twitter.

• Step 2
  
  image source

1. You can start Minting by clicking the Create button in the upper-righthand corner of the page.

• Step 3
  
  image source

1. After clicking the Create button on the previous page, you will be prompted to select your digital art format, you could select- JPG , PNG, MP4, and AR, and VR format.

• Step 4
  
  image source

1. Select and a JPG, PNG, or MP4 format and upload.

For still images, a width of 3000px is ideal. For video, 1080p or 4K is best.

• Step 5
  
  image source

1. After upload the files will be sent to IPFS (InterPlanetary File System)- Decentralized hosting server.

2. When you upload artwork, a rightful version is mapped to the token that lives on the blockchain and it can’t be touched or altered. The file itself is then hosted on IPFS to ensure that it will live on forever as well.

• Step 6
  
  image source

1. Add a title and a concise description of your artwork.

• Step 7
  
  image source

1. After adding a title and description of the digital art you can now go ahead and Mint and sign your NFTs.

2. Wait for your NFT to be minted. A gas fee and will be charged for this transaction.

Benefits of using Foundation

• Foundation is providing a marketplace for artists and designers, exposing their content to people who really value and love art.

• NFTs and Foundation are transforming the digital art world and how we understand art ownership.

• DIgital art can be sold in auctions for collectors to bid on or purchase, and the sale of NFTs unlock new revenue streams for creators

• Foundation enables digital creators to have rooted options for monetizing their incredible and creative work.

• Foundation community-based infrastructure serves as a home for digital artists who share similar and same passion.

Unless otherwise stated all the images used in this post were designed and screenshotted by me

Thanks for reading up to this point guys and I hope you enjoyed my #cryptoprofessor homework.

This post is made in response to the #cryptoacademy program and the #cryptoprofessor homework by @levycore.

Subscribe and Join CampusConnect
CampusConnect Telegram
CampusConnect Discord