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How does an NFT Auction Marketplace Like Foundation function?

Creators, collectors, and investors can connect directly now. They need not deal with any intermediaries for purchasing and dealing assets. The phenomenon of crypto collectibles has ensured that. Which is that NFT marketplace that is credible for purchasing exclusive artwork? It is Foundation. The Ethereum-powered has witnessed a trading volume of $31.91 million in the past 30 days. Are you that entrepreneur who looks to use the power of Web 3.0? Create a Foundation clone now.

How does an NFT Auction Marketplace Like Foundation function?

  • Artists need to register on the Ethereum-based NFT marketplace. They need to submit their personal information like age, email address, name, and social media accounts.
  • The admin of the NFT marketplace will check their credentials and approve the accounts after KYC/AML verification.
  • Later, content creators need to possess some Ethereum for minting their NFTs. They can connect their digital wallets like MetaMask and also use the WalletConnect open-source protocol.
  • Artists can upload their audios, images and videos and other content by tapping the Create option. They can choose file formats like JPG, GIF, SVG, PNG, GLFT, and GLB. Thus, their rare creations will be stored in the distributed ledger on the Ethereum blockchain.
  • The file is also hosted on the InterPlanetary File System (IPFS), a peer-to-peer hypermedia protocol.
  • Artists can sign their NFT to ensure a high level of authentication. Thus, interested collectors will be assured that they are buying verified artwork.
  • Content creators have to pay off the required gas fees to complete the minting process. They can create an auction, mention the date and time, and add a crisp description of their artwork.
  • Retail and institutional investors have to make their bids within a certain period. They must process payments after checking the price of the NFT (in ETH (Ether) and US Dollar (USD).
  • Artists will transfer the file to the buyer after receiving the required amount.

Wrapping Up

Targeting rapid growth through monetization of content? Get in touch with a white-label solution provider now for building an NFT auction marketplace like Foundation soon.

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