OpenSea or Foundation? the difference between NFT platforms

I have a feeling that Foundation are going to be popular in Japan.

Here’s a quick summary of my views on whether OpenSea or Foundation is better.

First of all, I’m in favor of OpenSea.

However, if you want to sell one-off pieces of art, Foundation is also an option.

OpenSea is dozens of times bigger

First of all, there is a considerable difference in scale between Foundation and OpenSea.

It’s just for reference, but if you look at the difference in contract usage (monthly) on DappRadar, you’ll see that

OpenSea : 260,000 (number of unique wallets)
Foundation: 11,000

There is a difference of nearly 20 times.

The trading volume is also almost 60 times higher.

Where does this difference come from?

At OpenSea, so-called “collectible” type NFTs are the mainstream.

BAYC, Cool Cats, Meebits, and CryptoPunks are famous for this type
The top rankings are all collectibles.

Collectibles have a large number of issues and are actively traded.

The trading of these NFTs is an extension of existing virtual currency investments, so the trading volume and number of users is also high.

On the other hand, there is no collectible culture in Foundation.

The ideology is evident in the UI, where the ranking pages are sorted by “creator” unit.

The ranking page is sorted by “creator,” and the collection-based ranking that OpenSea is based on doesn’t seem to exist.

The Innovation of Collections

Based on the above differences, I still feel that I like OpenSea.

Foundation seems to follow the business practices of the traditional art market.

Creators present one-off pieces, and people who want them buy them. It can also be sold.

It doesn’t feel strange, but it doesn’t feel new either.

OpenSea, on the other hand, has created a new culture of “buying and selling NFTs by collection”.

This is a hidden innovation of OpenSea.

Creators can now enhance their own work world with the concept of collections.

At the same time, collectors are now able to make buying and selling decisions based on the unit of “collection” in addition to “work” and “artist”.

As a collector myself, I watch the numbers on the top page of my collection carefully.

It is no overstated to say that these numbers are more important than the works themselves.

OpenSea is already an overwhelming winner

OpenSea has some issues to deal with, but there is no doubt that they are already generating a huge amount of revenue.

It will only be a matter of time before these issues are resolved.

The IT business is a “winner-takes-all” business.

I am convinced that OpenSea will not go under in the short term, but I am not sure about Foundation yet.

I don’t know about the Foundation yet, but I do think that the Foundation has its uses.

Especially for busy and famous creators who are not able to manage their own collections, Foundation is a better choice than OpenSea.

I think this is a good case in point, which is exactly what Naoki Saito is doing.

To sum up, OpenSea has the concept of “collection” at its core, which is a weapon for creators.

Moreover, OpenSea is already a winner.

Based on our experience, we believe that OpenSea will eventually dominate the market.

There are other services that can be used, but I feel that OpenSea is the basic choice.