What is Foundation?

Foundation is a NFT marketplace built on the Ethereum network. It launched in 2021, and it currently boasts 260,000 active members and over 100,000 NFT's for sale. Users must use ETH to bid on auctions on the marketplace. Foundation also prides itself on being more selective about the art it puts up for auction, and NFT creators must be referred to the platform by other creators who have already sold at least one NFT.

The average mint fee out of all mint transactions on Foundation thus far has been ~.02 ETH. The average fee to buy an NFT on Foundation has been ~.01 ETH. It is about twice as expensive to mint an NFT on Foundation than it is to purchase an NFT.

The daily mint fees on foundation have been far greater than the purchase fees. This is expected as mint fees are about double that of purchase fees. Most days saw at least $20,000 of mint fees paid, with some reaching over $60,000 in mint fees. In comparison, purchase fees usually never rose above $20,000 most days. We will next compare Foundation's fees to the fees on one of the most popular Ethereum NFT marketplaces, Opensea.

The daily total mint fees on Opensea have been far greater than those on Foundation. Most days saw at least $1 million in mint fees paid, with one day reaching a staggering $12 million in mint fees paid.

NFT mint fees on Opensea are very comparable to mint fees on Foundation, with both seeing an average mint fee of about .02 ETH.

Conclusion

In conlusion, mint fees on Foundation and Opensea are very similar, with both averaging about .02 ETH. The average purchase fee on Foundation is about half that of the mint fee, at about .01 ETH. The daily total mint fees paid on Opensea have been magnitudes higher than that of Foundation, which is unsurprising as Opensea is a far more popular marketplace as of now. Foundation and Opensea seem to be about equal for creators in terms of fees.