{"id":10622,"date":"2023-03-05T01:45:40","date_gmt":"2023-03-05T01:45:40","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=10622"},"modified":"2025-09-10T15:22:55","modified_gmt":"2025-09-10T15:22:55","slug":"what-is-foundation-nft-the-nft-art-gallery","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-foundation-nft-the-nft-art-gallery","title":{"rendered":"What is Foundation? (NFT): The NFT art gallery"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-foundation-nft-the-nft-art-gallery\/#what_is_an_nft\" >What is an NFT?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-foundation-nft-the-nft-art-gallery\/#what_is_foundation\" >What is Foundation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-foundation-nft-the-nft-art-gallery\/#how_does_foundation_work\" >How does Foundation work?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-foundation-nft-the-nft-art-gallery\/#1-_the_digital_artist\" >1- The digital artist<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-foundation-nft-the-nft-art-gallery\/#2-_collectors\" >2- Collectors\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-foundation-nft-the-nft-art-gallery\/#3-_the_community\" >3- The community<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-foundation-nft-the-nft-art-gallery\/#4-_developers\" >4- Developers<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>At some point in our lives,\u00a0<strong>we have encountered a painting that impresses us or represents our feelings<\/strong><strong>.<\/strong><\/p>\n<p>Certainly, since ancient times, art has been consolidated as a standard and an expression of human sensibility.<\/p>\n<p>However,\u00a0<strong>with the advent of technology, the art transcended completely<\/strong>.<\/p>\n<p><strong>Vinyls, watercolors, pencils, charcoals, different types of papers, are transformed into only two tools: a tablet and a pencil.\u00a0<\/strong>Of course, this does not change the magnificent and unique result that each artist gives us.<\/p>\n<p>The marketing process has also been transformed and today the Internet facilitates many platforms to buy and sell digital works.<\/p>\n<p>In addition,\u00a0<strong>with the advent of NFTs, the art has been completely revolutionized.<\/strong><\/p>\n<h3><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"what_is_an_nft\"><\/span>What is an NFT?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>NFTs allow you to buy and sell ownership of unique digital items and track who owns them using the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-blockchain-and-how-does-it-work\/\">blockchain<\/a>.<\/strong><\/p>\n<p>If you want to know more about them, you can check our article about\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-are-nft-tokens-and-how-do-they-work\/\">NFT (non fungible tokens)<\/a>. If you already know about them, let\u2019s continue, because I want to introduce you to one of the best NFT trading platforms called<strong>\u00a0Foundation<\/strong>.<\/p>\n<p>So grab your painting supplies, because I\u2019ll show you some very basic, but useful, brush strokes\u00a0<strong>to understand how this platform works and what its value is for today\u2019s art.<\/strong><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_is_foundation\"><\/span>What is Foundation?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>Foundation\u00a0<strong>is a decentralized platform that facilitates live auctions of non fungible token (NFT), specifically, artists\u2019 digital artwork.<\/strong><\/p>\n<p>To do so, it uses\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-ethereum-eth-and-how-does-it-work\/\">Ethereum<\/a>\u00a0 blockchain and smart contracts.<\/p>\n<p>Additionally,<strong>\u00a0it is an application that allows you to buy, sell and exchange limited edition products<\/strong>\u00a0that serves as a bridge between cryptocurrency and artists, creators and collectors.<\/p>\n<p>It is simple and easy to use,\u00a0<strong>as you can become a buyer or collector immediately after registering<\/strong>. In this way, it optimizes the user experience for bidding on digital art.<\/p>\n<p><strong>Several artists have made use of it and have had good results.<\/strong>\u00a0An example of this is Beeple, a 3D artist who has made headlines by\u00a0<strong>selling a collection of his works for $69 million dollars!<\/strong><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_2119963265\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT-300x205.jpg 300w\" alt=\"\u00bfQu\u00e9 es Foundation? (NFT): La galer\u00eda de arte de los NFT\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_foundation_work\"><\/span>How does Foundation work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To understand how it works, let\u2019s start with four important actors:<\/p>\n<h3><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"1-_the_digital_artist\"><\/span><b>1- The digital artist<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>To sell art through Foundation,<strong>\u00a0you must be invited by a Foundation user who knows you or you must be voted by the community.<\/strong><\/p>\n<p>Once you have received the invitation or have been chosen,\u00a0<strong>you will need to set up an ETH wallet to create your profile and mint an NFT.\u00a0<\/strong><\/p>\n<p><strong>The NFT minting process refers to the fact that the piece you offer for sale will be represented by a token.\u00a0<\/strong>It is useful to symbolize the possession of the copyright and, therefore, its authenticity.<\/p>\n<p>In order for this process to be completed,\u00a0<strong>you must pay a\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-gas-in-ethereum\/\">gas<\/a>\u00a0fee, which is the cost of interacting with the Ethereum blockchain.\u00a0<\/strong><\/p>\n<p>Next,\u00a0<strong>you will have your own profile page, where all your works and the bidding history of each piece are displayed.<\/strong>\u00a0It also shows a short biography and a link to your social networks.<\/p>\n<p>With all this taken care of,\u00a0<strong>you can start pricing your artwork in ETH to develop an auction.\u00a0<\/strong><\/p>\n<p><strong>Each auction is activated as soon as someone starts bidding on it. If no one bids on it, the initial listing price may change.\u00a0<\/strong><\/p>\n<p><strong>Please note that of the 100% of the final sale price, 85% is for you and 15% is for Foundation and the gas rates.\u00a0<\/strong><\/p>\n<p>Now,\u00a0<strong>every time the user who acquired it resells the work, the creator earns a 10% fee<\/strong>. In other words, they earn money in a secondary market for exchanging their work.<\/p>\n<h3><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"2-_collectors\"><\/span><b>2- Collectors\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At Foundation,\u00a0<strong>anyone can create a profile to start collecting NFT. The only requirements are to have a 3.0 wallet (example\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-metamask\/\">metamask<\/a>) and ETH<\/strong>, the token used to pay for all Ethereum transactions.<\/p>\n<p><strong>If you are interested in something special, such as Nyan Cat, as a collector you can use the Etherscan\u00a0<\/strong>scanner that will search for the artist\u2019s piece found on the blockchain.<\/p>\n<p>After your search, the first thing you will find is a reserve price from the creator.<strong>\u00a0Once the first bid is placed, a 24-hour auction countdown begins.<\/strong><\/p>\n<p>If a bid is placed in the last 15 minutes of the 24-hour period, the auction is extended for another 15 minutes.<\/p>\n<p>It is important to mention that the auction process is quite transparent,\u00a0<strong>as it makes it easy to see when the piece was created, who created it and allows you to view a complete history of who has owned it.<\/strong><\/p>\n<p>Finally, if you decide to bid and win the auction, you can claim the NFT.<\/p>\n<p>From there,\u00a0<strong>the artwork is transferred to your Wallet and appears in your collector profile<\/strong>. The uses you can give to the product you purchased are:<\/p>\n<ul>\n<li>\n<ul>\n<li>Exhibit it in your virtual gallery.<\/li>\n<li>Share it on social networks.<\/li>\n<li>Sell it on a secondary market such as\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-opensea-the-ebay-of-nfts\/\">Open Sea<\/a>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"3-_the_community\"><\/span><b>3- The community<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At Foundation, there are many ways to get involved and one of them is to be part of the community.\u00a0<strong>The community is made up of anyone who wants to join Foundation\u2019s digital culture through Discord, Instagram or Twitter.\u00a0<\/strong><\/p>\n<p>Periodically, the community provides a series of targeted initiatives and events where users can connect,<strong>\u00a0participate and create new groups around their interests.<\/strong>\u00a0They can also decide which new artists can sell their work.<\/p>\n<h3><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"4-_developers\"><\/span><b>4- Developers<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As well as providing spaces for artists, large and small collectors and the community,\u00a0<strong>they also open an opportunity for developers.\u00a0<\/strong><\/p>\n<p>Through its API (Application Programming Interface), Foundation\u00a0<strong>offers developers the opportunity to create new functions based on others that are not to their liking<\/strong>. To do so, they can modify different aspects such as profiles, reservation prices, end time, among others.<\/p>\n<p><strong>These functions are called \u201cFND Subgraph\u201d.\u00a0<\/strong>It consists of a user interface that developers create using Foundation data.<strong>\u00a0There are different \u201csubgraphs\u201d for Foundation data on the Ethereum mainnet and the Goerli testnet.\u00a0<\/strong><\/p>\n<p>These Subgraphs are built using\u00a0<strong>The Graph, which uses the GraphQL data query language<\/strong>. One of the subgraphs used by Foundation, i<strong>s the Mainnet subgraph, which contains all the information that can be found in Foundation.\u00a0<\/strong><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_1525157371\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT2.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT2-300x205.jpg 300w\" alt=\"\u00bfQu\u00e9 es Foundation? (NFT): La galer\u00eda de arte de los NFT\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT2-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Que-es-Foundation-NFT2.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>Hey, Dal\u00ed of 2021! Here we conclude our painting.<\/p>\n<p>What did you think? Honestly, we cover quite modern forms,\u00a0<strong>but we hope it was useful to understand a bit more about how Foundation and digital art works with NFT.<\/strong><\/p>\n<p>But\u2026oh\u2026wait, you were left wanting more?<\/p>\n<p>Don\u2019t worry! At Bitnovo,\u00a0<strong>we are working hard\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/#\">to get you the best information<\/a>\u00a0in less time than it would take Michelangelo to recreate his painting of the last supper.\u00a0<\/strong><\/p>\n<p>We also have our own website where you can\u00a0<a href=\"https:\/\/www.bitnovo.com\/en\/buy\/ethereum\/\">buy Ethereum<\/a>, the cryptocurrency necessary for you to buy NFT at Foundation.<\/p>\n<p>&nbsp;<\/p>\n<p><b>See you next time!<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>At some point in our lives,\u00a0we have encountered a painting that impresses us or represents our feelings. Certainly, since ancient times, art has been consolidated as a standard and an expression of human sensibility. However,\u00a0with the advent of technology, the art transcended completely. Vinyls, watercolors, pencils, charcoals, different types of papers, are transformed into only [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[185],"tags":[],"class_list":["post-10622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-en"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=10622"}],"version-history":[{"count":2,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10622\/revisions"}],"predecessor-version":[{"id":24630,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10622\/revisions\/24630"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/7796"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=10622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=10622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=10622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}