Outline

In this report, we are taking a look at the OpenSea’s transactions on Polygon network. Currently, OpenSea supports different networks, and Polygon is a rising new comer in this game.

We first analyze the total fees collected by OpenSea and the number of sales that generated these fees. Then, we take a look at the fees paid to OpenSea through time. Looking at the average fees paid by that can also be informative. We then find out which NFT collections are the top performers, both based on the number and the volume of sales. Then we analyze the number of unique buyer and sellers that were active on each day on OpenSea and on the Polygon network.

Note:

To calculate the price of NFTs, we only consider those transactions that used WETH as a medium of exchange.

Total Fees Collected by OpenSea on Polygon

In order to calculate the total fees collected by OpenSea on Polygon, first we must have find the fee collector’s address. We have found it in this page. The image on the right shows the fee collector’s address in a sample transaction. This is address that starts with `0xF71…`.

Next, we calculated the total amount of fees collected so far by this address in WETH. Keep in mind the main medium of buy and sell on Polygon network in OpenSea in WETH.

We have found that in total, OpenSea collected 670 WETH from commission fees of 218,200 NFT sales on Polygon network, which given the today’s WETH price of 1,700 USD, we can say that OpenSea has collected 1,138,000 USD in today’s value, from fees.

Fees Through Time

Now, lets see how did OpenSea do on Polygon. The figure on the right shows the number of transactions and the fees collection per day. We can see these two numbers are mostly inline with one another, meaning, when the number of transactions increase, the total fees collected increase too, and when the number of transactions decrease, the total fees decrease with it. There are some anomal days, which we will discuss in the coming sections.

We can also see that the

Average Fees Collected Per Day

The figure on the right shows the average fees paid by the customers to OpenSea for selling an NFT.

Our observations:

The highest average fee was paid on June 15, 2022. Since the OpenSea’s commission is fixed on 2.5%, and we took the average over all the sales, this means that the price of NFTs sold on that day was higher compared to average.
The lowest average fee was for June 6, which was about 0.0014 WETH.
We can see that most sellers should pay 0.002 to 0.004 WETH to sell their NFTs.

Conclusions

In this dashboard we looked at the NFT of Polygon network on OpenSea. We have found that:

OpenSea was able to earn 670 WETH of commission fees on Polygon network.
Except a few exceptions, the average fee was consistent across different days.
There are some top performers on Polygon network.
Number of unique sellers were always lower than the number of unique buyers.

Contact Information

You can find me at:

Discord: simplyfarzad#9366

Twitter: @SimplyFarzad

Top NFTs by Number and Volume of Sales

We are curious to know which NFTs where the top performing ones, either by the number of sales or the volume of sales.

Our observations:

The most number of sales belongs to Neon District Season One, that absorbed more than 21% of the transaction in OpenSea on Polygon.
The top 10 most sold item on OpenSea are responsible for about 80% of the total sales of Polygon-based NFTs.
The NFT collection with the most volume of sales in WETH is The Sandbox, absorbing about 90% of the whole WETH asset circulation.
The second collection with the most volume of sales is Metagram_NFT, with a 5.81% share.

Number of Unique Buyer and Sellers per Day

We are also interested in knowing how did the unique buyers and sellers acted on each day. The figure on the right shows the number of unique buyers and sellers that were active on OpenSea using Polygon network.

Our observations:

The number of unique seller were always lower than the number of unique buyers. Meaning there is potential for NFT whales on Polygon.
The highest number of unique buyers and sellers were observed on June 8, 2022, and the lowest ones occurred on June 24, 2022.