Well done Frank. I have made hundreds of collapsible baskets over the years when I was doing craft shows, and they always sold well.
One thing I always did was to router the 2 edges of the wood where the basket and the frame meet. That way the basket didn't rub tightly against the frame when opening and closing the basket.
I also put a sticky dot under the bottom of the basket, so the person using the basket didn't open it the wrong way and have it break by dropping too far.
Have fun,
Jim