Opensea

Opensea is the world’s first and also the most popular non-fungible token (NFT) marketplace active on blockchains like Ethereum, Polygon and Solana. OpenSea makes money from service fees. These fees are paid whenever a digital asset is successfully sold via the platform.

Contents

In this dashboard we are going to take a look on the amount of fees Opensea has made on Polygon blockchain.

• First of all, we should find wallet addresses that is used to collect fees on Polygon.
• Then look for the tokens that are used to pay fees.
• Finally, take a deeper look at
  • Daily fees paid
  • Total fees paid
  • Wallet activities
  • Top token used and their volume.

Volume by Wallet

The following charts show the amount of volume (in USD) each wallet has received.

Following points can be inferred:

• Since June 6, the 0x8de9c5a032463c561423387a9648c5c7bcc5bc90 wallet has received 67% of all the fees, more than $200k.
• By looking at the last chart, it can be seen that 0x5b3256965e7c3cf26e11fcaf296dfc8807c01073 has been the main wallet before June 16, since then 0x8de9c5a032463c561423387a9648c5c7bcc5bc90 is mainly used.

Volume by Token

The following charts show the total volume (in USD) and volume distribution by each token.

It can be seen that WETH with more than 95% of the volume is the top token used since June 6th.

Tokens Used

Opensea allows users to buy or sell NFTs using different tokens, the following tokens are used to trade NFTs on Opensea

Finding The Wallets

The following table shows the top wallet that the Opensea Contract had most interaction with.

Description of the NFT sale transaction

The figure below shows an example of a typical transaction for NFT sale on Opensea. Let’s look at each stage of this transaction.

1. The first token transfer event shows the transfer of the entire amount paid by ==Buyer== to ==Seller== of the NFT.
2. The second token transfer event shows the the transfer of total fees that should be paid from ==Seller== wallet to the ==Opensea Contract==.
3. The third transaction event shows the transfer of fees that should be paid to Opensea from the ==Contract== to ==Fees Wallet==.
4. The last transaction event shows the transfer of the fees from ==Contract== to the ==Creator Wallet==.

Fee Wallets

Obviously, the wallets used to contain the fees are called by the contract every time a sale happens. Therefore by looking at the top wallets called by the contract we can locate the fees wallets.

By looking at the top wallets by number of transactions, we can find these wallets as wallets that keep Opensea fees:

• 0x8de9c5a032463c561423387a9648c5c7bcc5bc90
• 0x5b3256965e7c3cf26e11fcaf296dfc8807c01073

Methodology

Tables

In this study, the following tables are used.

• polygon.core.fact_token_transfers → This table is used to access token transfer data on Polygon. Please make note that this table is not fully backfilled.
• ethereum.core.fact_hourly_token_prices → This table is used to get daily price of the tokens studied here.

Starting Date of the Study

Given that the new Polygon tables are not fully backfilled, we begin our study with the earliest date for which data is available, June 6.

Using the parameter available, you can change the first date of study, but please note that we use 6th June as first day of our study and the result shown are based on this date. Please note that dates before June 6th are not available.

There is a parameter available to change the first date available of the charts.

Total Fees Paid

Daily Fees Paid

The following chart shows the amount of daily fees paid to opensea on Polygon.

It can be seen that since June 6, the average amount of fees has decreased.

Cumulative Volume

The following chart shows the cumulative volume transferred to fee wallets.

Summary

The results of this study can be summarized as following:

• Since June 6th, users have paid more than $300K in fees.

• The average amount of fees paid by users on each day equals to $5800.

• WETH with more than 95% of the volume is the top token used since June 6th.

• Opensea has changed Its fee wallet on June 16.

Average Fees Paid Daily