Foundation NFT Drops Invite-Only Policy for Creators
Foundation, which used to be the NFT marketplace for creators who got an invite, is now open to all creators. With the user-controlling features taken away, the marketplace is now more like OpenSea and SuperRare, which are other platforms that compete with it.
Before the policy change, Web3 artists who wanted to show their work on Foundation could only do so if they were invited to do so by a Web3 artist who was already using the platform. This, in turn, led to mini-markets for getting Foundation invitations, where things like Invitation NFTs could be bought to join the Foundation.
People think that the Foundation’s initial policy of limiting supply was done so that the platform and its brand would seem more exclusive and of higher quality. As this guide to being a successful NFT artist on Foundation shows, this is true because each artist’s sales were usually a function of how well-known their friends were on the platform.
Foundation isn’t saying much right now about why it’s letting anyone list NFTs on its platform. However, the fact that sales dropped after a questionable update to its user interface at the beginning of the month suggests that it may just be a way to get more people trading.
At first glance, Foundation’s invite-only policy seemed a little strange, but it was part of its creator-first philosophy. Here, the people who made the platform would get 85% of the final sale price of the NFTs they auctioned off, plus 10% of all secondary sales as royalties. Since the platform is now open to everyone, many more creators are likely to join. It will be interesting to see if these ratios stay the same.