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Foundation NFT Marketplace Sees Explosive User Growth

Posted by
Ian Kane

Traders up over 900% in the last 30-days

Foundation, a community-built digital collectibles platform has seen impressive growth amidst the ongoing NFT craze. In the last 30-days, the number of traders on the NFT marketplace has swelled to almost 3,412, up by over 900%. Meanwhile, the volume has increased by over 1300% up to $9.16 million at the time of writing while the number of sales has increased to almost 4,121 in the last 30-days, up by over 1175%. 

Looking at the number of sales and volume over the last 30-days we can see that the average transaction on Foundation is approximately $2,221. Compared to marketplaces such as Rarible, where the average transaction is around $745, it is clear that Foundation is cultivating a more niche community focussed on high-quality creativity and art. 

Source: DappRadar

Strong Foundation

Foundation relies on a community-led curation model after it invited the first 50 artists to the platform then gifted each artist two invites to share with newcomers.  The Foundation community team selects the artworks featured on the homepage, newsletters, and social channels. The platform aims to provide a home for artists pushing the space and the medium forward, experimenting with new creative approaches, and centering marginalized voices.

Recently, well-known electronic music producer Richard D. James, known as Aphex Twin minted his own audiovisual digital collectible on the Foundation platform that was quickly snapped up for over 72 ETH or over just over $127,000 at the time of sale. Interestingly, the artist said that proceeds would be put towards environmental causes. 

Another sale of note was conducted by the Russian pop group Pussy Riot who first burst onto the music scene with a controversial music video landing themselves jail time in 2012. Like Aphex, they also pledged to contribute the proceeds to domestic violence charities in their native Russia. The video, titled Terrestrial Paradise, was bought for around $175,000 by the Iranian-born art collector and political activist Amir Soleymani. 

Top 10 Quality 

As a result of recent activity, Foundation now sits within the top 10 NFT marketplaces as ranked by DappRadar. Currently, Foundation is in 9th position when ranked by volume over the last 30-days ahead of established projects ArtBlocks and CryptoVoxels. 

The idea that NFT sale proceeds can be used for social change is sure to catch on as artists and creators start to experiment with the new digital collectible platforms and push the boundaries of the creator/owner relationship.

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