Organizations are a growing and important part of the community at Foundation. To date, many organizations have started to receive donations in crypto including: Freedom of the Press Foundation, The Tor Project, Processing, and many more, that can be viewed in Orgs World.
Many artists are donating a part of their NFT earnings to organizations and causes they care about. On Foundation, we have a feature called Splits, that seamlessly lets artist's select an account they want to split a percentage of their earnings with. After an NFT auction ends and the sale is complete, each account in a Split gets their earnings deposited directly into their wallets. This continues on future sales and distributes royalties perpetually on chain without transaction costs to the primary creator(s) and organization.
Get a wallet: Browse WalletConnect to see all of the wallet options available that are compatible with Foundation. Your wallet is where all of your donations will be sent to and funds will be kept inside of it.
Securely store your wallet's seed phrase: When you set up a wallet, you will be given a seed phrase of words that will allow you to access your wallet if your password is ever lost.
To make sure that you can continue to access the future royalties you may earn, it is very important to keep track of the seed phrase. If your seed phrase is ever lost, your wallet can't be accessed and the funds can not be moved. Do not save your seed phrase online. We advise you store it physically somewhere you will remember and that only trusted members of your organization have access to it.
Connect your organization's wallet to Foundation: Once you've set up a wallet and made sure that the seed phrase is kept in a secure place, head to foundation.app. Click on "Connect Wallet" to create a profile.
Create your organization's profile on Foundation: Add a profile picture, header image, a bio, and links to all relevant social media accounts or official websites.
Send your wallet address to the artist who wants to donate to your organization: Copy the 32-character wallet address and send it to the artist. Your wallet address is public. Once the wallet is created, anyone is able to include your organization in a Split.
(Optional) Confirm that you are included in a Split: On your Foundation profile, a new tab titled "Splits" will appear. Here you will find all of the Splits that your organization has been included in.
Purchase a cold storage wallet: If you are anticipating receiving a large donation via crypto, we highly recommend purchasing a cold storage wallet to transfer funds to once a sale is complete.
Verifying your Foundation profile
Verify your profile by connecting a Twitter or Instagram account. This is important as it builds context for your organization and gives bidders the confidence they need to start collecting your NFTs.
We recommend connecting a Twitter account. Twitter is the most important social media platform for conversations happening in and around NFTs. If you do not have a Twitter, consider creating a profile and engaging regularly to become part of the community.
If you choose to verify your Foundation profile account via Twitter, you’ll be asked to share a public tweet with your Ethereum wallet address. This step is how we’re able to verify that the account belongs to you. Sending a verification tweet is a great signal for your entrance to Foundation and we recommend that you leave it up for your followers to engage with. Edits to the public verification tweet are possible as long as you do not edit the line containing your wallet address.
What to do after you've received a significant donation:
Once you receive a donation directly into your wallet, we highly recommend purchasing a cold storage wallet to transfer your ETH to. A cold storage wallet is more secure for holding cryptocurrency.
One of the key innovations of NFTs is that they are programmed to automatically pay out royalties to creators over time. If the NFT that you are included in as a Split is ever resold in the future, you will automatically earn your percentage of the 10% creator royalty in perpetuity.
Engaging a non-Web3 native community
Collectors and supporters who have yet to purchase an NFT or dive into the Web3 paradigm are great subjects for your entrance to NFTs. There are informative methods to bridging their online experience, even if they do not participate in your sale. Securing a wallet, buying ETH, creating a profile and following your journey is a valuable part of the process. We encourage that an NFT purchase is the most exciting form of token available and closest to the digital experience of owning a tangible token of value. Keeping your audience abreast of your developments long term can be helpful. Consider starting a mailing list for NFT subscribers that focuses on your efforts. Feel free to share some of the frontrunners of NFT thought and materials to aid in their education.
Some resources we recommend:
Engaging with the NFT community
Creators, collectors, curators, and supporters are all valuable parts of the ecosystem helping to contextualize your journey at Foundation. Start by following relevant creators and collectors on Foundation. We are in the process of sharing and building the evolution of web3 together, so finding your community is paramount. Consider sharing other artists' tweets or NFTs from Foundation. Join a conversation on Twitter, or ask questions to other community members; most in the NFT space are also learning as they go. Discord is also another social network where communities around NFTs connect. Research which groups resonate most with you and your practice, join their Discord and get involved.
Some guidelines to keep in mind:
Finding your community and being a supportive member to others is key
Consider joining an NFT-focused Discord server
Don’t be afraid to ask questions or build collaboratively