These days, conversations surrounding the NFT space almost always involve OpenSea. It is indeed the biggest NFT marketplace to date, but seasoned creators and collectors know that there are many other marketplaces serving their own purposes. Take Foundation for example, which is known in the community for having a sense of exclusivity and quality by employing an invite-only creator policy.
That is no longer the case, though, as Foundation has recently opened its door to all creators, meaning anyone is now able to mint and sell NFTs on Foundation without getting an invitation from a pre-existing artist affiliated with the platform. Prior to the policy change, Foundation’s invite-only mechanism often led to an off-shoot, mini-market that saw creators purchasing invitation NFTs on OpenSea in order to gain access to Foundation.
Foundation hasn’t given any sort of explanation as to why it has finally decided to open itself to the broader community. One theory could be its disappointing sales figures that have kept coming down in the past month. Adding to the fact that recent changes to Foundation’s user interface had caused an uproar among its community of creators and collectors, the platform probably isn’t doing really well. Thus, opening up might just be a simple ploy to help boost trade activity.
Now open to all. 🌐 pic.twitter.com/dmnYHIn2rJ
— Foundation (@foundation) May 18, 2022
However, some creators might not be happy with Foundation’s decision to drop its vetting process, as this can potentially make it more difficult for them to stand out in the already very crowded space. With exclusivity no longer being the main attraction of Foundation, some creators might think it would be better for them to just move over to OpenSea or other platforms like SuperRare.
Foundation’s announcement on Twitter received quite a backlash, with some suggesting there’s no point in using the platform now that it’s no longer adhering to its creator-first ethos. Concerns regarding copymints swarming the platform also arose owing to the fact that it’s now open to everyone. Hopefully, tools like DeviantArt Protect can help minimize such problems.
Source: NFT Plazas.
