OpenSea vs Foundation NFTs Marketplace

Selling arts is a trend and way of living in 2021 but you need to choose the right marketplace.

The 2 biggest NFT marketplaces are OpenSea and Foundation. The recommendation is to try both. Foundation is better for 1/1 arts and OpenSea works best with collection. Both platforms are great for discovering and creating arts.

As of Sept 2021 in recent 7-day sales,

  • OpenSea reported $29,446,459 from 46,106 sales which average to $638; and
  • Foundation reported $$4,346,336 from 1,394 sales which averages to $3,117.

While Foundation reported a higher average sales, it also charges a higher commission fee of 15% vs around 2.5% from OpenSea.

Even with the hype, most artists make money much lower than the average amount, given the average prices are heavily skewed by sales in big projects or collections.

As my post isn't updated as frequently, I recommend these 2 resources for the fees of buying/selling across multiple marketplaces:-

The below table compares OpenSea vs Foundation for both sellers and buyers:

  OpenSea Foundation
Minting and listing fee  Only pay once Pay per listing
Audiences Wide range of audience, including newbie to NFT whales Mostly 1/1 art collectors
Competition More competitions with collections too Less competition
Founded 2020 2017
Market Share Over 90% Low, but bigger sales at times with art collectors and whales
Notable Projects/Sales

Bored Ape Yacht Club (Steph Curry, Sotheby Auction)

Justin Aversano

Twin Flames #1. Ali & Gilli Glatt ($788,651.36)

Snowden Stay Free ($5,591,511)

Steve Torres Nyan Cat ($581,571)

Wallet Support

MetaMask, WalletConnect, Coinbase Wallet, Portis, and many wallets

MetaMask and WalletConnect

Estimated 7-day Volume in Sep 2021

46,106 sales

($$29,446,459)

1,394 sales

($$4,346,336)

Fees for Seller

2.5% OpenSea service fee

Gas fee for accepting the offer, converting wETH to ETH, canceling a listing

15% commission fee, gas fees for minting, listing, updating reserve prices

Royalty

Up to 10%

10%

Fees for Buyer

Gas fee for currency approval, buying a listing

(Free for placing a bid)

Gas fee for bidding

History of OpenSea

Devin Finzer and Alex Atallah joined early adopter communities in Discord and started talking to users. With the OpenSea beta launch in December 2017, the first open marketplace for any non-fungible asset on the Ethereum blockchain was born.

“None of us expected to hit a billion in transaction volume this month,” said Finzer, describing what he views as "the biggest economy in the history of the internet." During an episode of The Scoop, OpenSea co-founder and CEO Devin Finzer joined host Frank Chaparro for a discussion on NFT's, the metaverse, and OpenSea's most recent completed fundraise.

OpenSea is definitely the largest general marketplace for user-owned digital items, supporting multiple blockchains, with the broadest set of categories and the best prices for new emerging asset classes.

It is shocking to realize they handle $4 billion transactions with only 48 employees, supporting 34 million NFTs. 

History of Foundation

Since launching on February 2021, creators have earned 32,985 ETH ($110,291,027.01).

The team, led by Kayvon Tehranian, brings together leading talent from the crypto and creative communities, to the cultural realm. They spent time at Eyebeam, Google, Harvard, Kickstarter, New Museum, Phillips, Princeton, and The Broad. In our spare time, we also design apparel, produce electronic music, paint, make films, and curated museum exhibitions.

Conclusion

NFT provides a way for artists to sell their arts for a living. This was not possible in the past decade without buyer demand except for famous artists with access to private auctions like Sotheby or Christie.

In fact, some artists will give their arts for free to celebrities by sending their minted digital arts to famous people public wallet without their knowledge and take a photo to promote their art.

Author
Sky Hoon. Read Full Bio
Website Owner, Twitter-er
He has been trading since 2008. He started this blog to share the journey about option trading. He dabbled in stocks, bitcoin, ethereum (in Celsius Network), ETF (lazy Dollar Cost Averaging) and also built websites for fun. He used this as a platform to share my experiences and mistakes in trading, especially options which I just picked up.

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