Foundation NFT Abandons Invite-Only Creator Policy

The Foundation for Art and Creative Technology has abandoned its invite-only policy on new projects; this is good news for creators looking to get their NFTs out into the world. The foundation will also be focusing more on blockchain technology, as it was previously unable to do so because of a lack of skilled developers in that sector.

The “how to sell nft on foundation” is a change in the Foundation’s policy. The platform will now allow anyone to create an NFT without first having to be invited.

The invite-only NFT marketplace, formerly known as Foundation, has officially opened its doors to all creators. The marketplace now closely resembles other platforms such as OpenSea and SuperRare, thanks to the absence of user-controlling measures.

Prior to the policy change, the only method for aspiring Web3 artists to present their work on Foundation was to get an invitation from an established artist linked with the platform. As a result, mini-markets for gaining Foundation invites arose, where items such as Invitation NFTs could be acquired to achieve membership. 

The basic idea behind Foundation’s first supply-restricting strategy is supposed to be that it generates a palpable feeling of exclusivity and quality around the platform and its brand. Individual sales statistics were typically a result of the illustriousness of an artist’s social circle on the platform, as this guide to becoming a successful NFT artist on Foundation demonstrates. 

For the time being, Foundation is keeping its cards close to its chest when it comes to why it decided to democratize the ability to list NFTs on the platform; however, the lackluster sales figures that followed the dubious update of its user interface at the beginning of the month suggest that it could simply be a ploy to boost trade activity.

The Foundation’s early invite-only approach, although somewhat counterintuitive at first appearance, was also part of its creator-first attitude. Platform designers would get 85% of the final selling price of their auctioned NFTs, plus a 10% royalty share on any secondary sales. With many more artists anticipated to join the site after its open-to-all announcement, it will be fascinating to watch whether these proportions hold. 

 

The “selling foundation invites” is a new policy that the foundation has put in place. The purpose of this policy is to discourage people from selling invitations for the NFT creator.

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