Foundation Expands into L2 Ethereum with ‘Genesis’

Creating and collecting NFTs is a lot more fun when transaction fees are nearly free. That’s why Foundation, a pioneering platform and curator of NFT art, are rekindling the digital art world by expanding its product offering into Layer 2 Ethereum, starting with a strategic partnership with Base.

The recent Dencun Upgrade, which saw L2 rollups such as Arbitrum, Optimism, and Base significantly reduce their gas transaction fees, has paved the way for Foundation’s move.

Since its establishment in 2020, Foundation has been at the forefront of the digital art revolution, committed to upholding core principles of web3 like decentralization and accessibility, and unlocking unprecedented opportunities for creators. Having consistently aimed to empower their users, the transition to L2 Ethereum is a natural progression in their overarching mission.

We spoke with the executive team, including Kayvon (CEO & Co-founder), Matt (Co-founder and Head of Design), and Jaysa (Chief of Staff) to get some further insights.

Can you provide us with some more insight into the motivations behind the transition to Base L2, and why now?

The transition to Base L2 is driven by our commitment to innovation, scalability, and providing a more accessible platform for our users. Artists and collectors can look forward to a multitude of benefits like faster and cheaper transactions, enabling a more seamless creation, buying, and selling experience. It also facilitates internet-scale engagement, allowing for more interactive and engaging art experiences. Collectors will benefit from true price discovery, as the reduced cost of transactions makes bidding and purchasing more accessible, promoting a richer and more diverse marketplace

Kayvon adds:

I see this transition as far more than a technological leap. It's about reimagining what digital art can be and how it can be experienced...It's about infusing the ecosystem with vibrant energy, where faster, cheaper transactions enable a dynamic exchange of creativity and value. 

To commemorate its shift to L2, Foundation is launching “Genesis” a showcase of 1/1 artworks by a curated selection of early Foundation artists. Renowned figures such as Chuck Anderson, Rafaël Rozendaal, Neurocolor, and others will feature their exclusive pieces in this collection, which will be auctioned on Base—a first for the network.

What message do you hope to convey to both existing and future creators and collectors of the Foundation platform through the launch of Genesis?

Genesis symbolizes not just the technological transition to L2, but also a celebration of the foundational principles of innovation and community that drive our ecosystem. It serves as an homage to our roots and a beacon for our future, illustrating our dedication to exploring new horizons of art and technology. For both existing and future creators and collectors, Genesis embodies our commitment to providing a platform that supports their growth, experimentation, and success in the digital realm.

Following the transition to L2, beginning with a Base partnership, are there other future plans or developments on the horizon?

Our partnership with Base marks just the beginning of our journey into L2. While we started by revamping our signature auction experience on L2, we are committed to challenging the assumptions of our L1 experience across the board. Our goal is to embrace the vast possibilities L2 offers, from enhancing the scalability of our infrastructure to supporting a wider range of creative experiments by artists. As the web3 community and blockchain technology evolve, so will our roadmap to ensure we remain at the forefront of this evolution, championing the innovators and visionaries within our community.

Overall, the strategic move underscores Foundation's commitment to providing scalable infrastructure for a vibrant web3 ecosystem driven by art and culture. As the platform continues to shape the future of art, the expansion into L2 Ethereum represents a significant milestone in its journey.