Foundation stores as much data as possible on the blockchain to ensure a secure and verifiable record of your assets. Whether you have an NFT listed with a Buy Now price, or you’ve just placed a bid on an NFT — we use the Foundation Marketplace smart contract to keep your funds and NFTs safe as they move through transaction states.
The web3 integrity we stand for is shown in the way Foundation handles NFT transactions. Unlike other marketplaces, every NFT transaction that is made on Foundation is stored publicly on, and is securely backed by, the Ethereum blockchain.
What does this mean?
An NFT will move into the Foundation Marketplace contract during the following scenarios:
After placing a bid, the Foundation Marketplace contract will securely hold your funds while the auction is live and before the auction is settled.
If you win an auction, and the auction has been settled, the Foundation Marketplace contract sends your funds directly to the seller and transfers the NFT into your wallet. If you’re outbid, the Foundation Marketplace contract ensures that funds are automatically sent back to your wallet.
Making an Offer has a different flow — Offer funds are held securely in the Foundation Marketplace contract until the Offer is either accepted, exceeded by another offer, or expired. Funds from expired Offers are kept in your Marketplace Balance, ready for you to use to make another Offer, place a Bid, or Buy Now. You can also convert the funds in your Marketplace Balance back to ETH at any time.
When purchasing an NFT via Buy Now, the transaction is finalized immediately with the Foundation Marketplace contract. The funds go directly to the seller and the NFT is transferred into your wallet.
Listing your NFT with a Buy Now or Reserve price places your NFT in the Foundation Marketplace smart contract, which will safely hold your NFT until the relevant transaction has been settled. While your NFT is listed on the Foundation marketplace, it can’t be listed for sale elsewhere at the same time.
If a collector has won your NFT in an auction, the auction is then ready to be settled. Once the auction has been settled, the smart contract automatically transfers the funds into your wallet, and sends the NFT to the collector.
When accepting an Offer, or selling a NFT via Buy Now, the transaction prompts the Foundation Marketplace contract to send the Offer funds into your wallet, and transfer the NFT to the collector.
How can I tell if my NFT is on the Foundation Marketplace contract?
If your NFT is listed with a Buy Now or Reserve price on Foundation, it is on the Foundation Marketplace smart contract. You might notice the Etherscan page for the token showing the owner as “Foundation: Market” instead of your wallet address. You may also find that the NFT is not displaying under “owned” NFTs in your wallet app.
Although ownership may be shown as “Foundation: Market”, your NFTs are owned by you. You have full control of your NFTs listed on Foundation, and you can pull the NFT from the Foundation Marketplace by unlisting it.
How can I remove my NFT from the Marketplace contract?
As long as your NFT isn’t in a live auction, you can unlist your NFT from the Foundation Marketplace by removing the Buy Now and/or Reserve price.
Why can’t I burn or transfer my NFT while it is on the Marketplace contract?
Your NFT must be unlisted from the Foundation Marketplace before you can burn it or transfer the NFT to a different wallet.
If you have any questions or feedback, feel free to reach out to us!