Description of work

• In this work, we want to analyze Solana fees on Polygon.

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Methodology

• 1 - First, we obtain the address of the Opensea main contract from the [flipside_prod_db.polygon.labels] table.

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• 2 - By analyzing the transactions related to this address(0xf715beb51ec8f63317d66f491e37e7bb048fcc2d) on Polygon PoS Chain Explorer, we find that when a buyer buys an NFT, the following events occur in order.

  • 2-1 First, the NFT selling price, which is in terms of DAI, USDC, WETH, or REVV (which will be fully explained below), is paid (sent) by the buyer to the seller.
  • 2-2 Then, another amount is sent to Opensea's main contract.
  • 2-3 From the amount withdrawn in 2-2, 2.5% of the NFT sale price (according to Opensea rules) will be sent from Opensea's main contract to one of the following wallets.
    • 0x5b3256965e7c3cf26e11fcaf296dfc8807c01073: OpenSea: Wallet
    • 0x8de9c5a032463c561423387a9648c5c7bcc5bc90: OpenSea: Fees
    • These two addresses are the destination of the 2.5% fee paid by NFT buyers.
  • If after 2-3 something is left of the amount withdrawn in 2-2, that amount will be returned (sent) to the NFT buyer wallet by Opensea's main contract.

• The price of NFTs in the Polygon blockchain is paid based on DAI, USDC, WETH, or REVV according to the information in the flipside_prod_db.polygon.udm_events.CONTRACT_ADDRESS.

• For some records where sales were made with WETH, the flipside_prod_db.polygon.udm_events.AMOUNT_USD field is Null, and we calculate the value of this field by calculating the average daily price of WETH (calculated using the ethereum.core.fact_hourly_token_prices table) and multiplying it by the value of the flipside_prod_db.polygon.udm_events.AMOUNT field.

• For the records where the sale was made with REVV, the amount of flipside_prod_db.polygon.udm_events.AMOUNTand flipside_prod_db.polygon.udm_events.AMOUNT_USD fields are Null, and their fee cannot be calculated.

• **The list of all known Opensea wallets with their names is available at **

Conclusion

• The fees received by Opensea from the purchase of NFTs on Polygon are transferred to the following addresses:

  • 0x5b3256965e7c3cf26e11fcaf296dfc8807c01073: OpenSea: Wallet
  • 0x8de9c5a032463c561423387a9648c5c7bcc5bc90: OpenSea: Fees

• So far, 11.5 million transactions related to the trading of NFTs have been done on Polygon, and for this number of transactions on Polygon, $22.3 million in fees have been awarded to Opensea.

  • The average fee per transaction for buying NFT on Polygon from Opensea is around $2.

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• NFT buyers on Polygon have paid $22.3M fees to Opensea so far.

  • About 0.002% of the fees have been paid using USDC and DAI stablecoins. ($47.2K)

  • About 99.998% of the fees have been paid using USDC and DAI stablecoins. ($22.25M)

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• So far, 60.5% of the fees paid to Opensea for buying NFTs on Polygon have been related to 2021($13.479M).

  • Information related to NFT trading on Polygon is available from June 28, 2021.

• As of writing this text (2022-08-02), 39.5% of the fees paid to Opensea for buying NFTs on Polygon have been related to 2022($8.818M).

• The highest amount of fees (in USD) received by Opensea from Polygon for buying NFTs is $943.666K, $775.709K, and $723.015K, respectively,

  which have happened on 2021-09-23, 2021-09-16, and 2021-09-22.

  • In September 2021, there was a lot of activity to buy NFTs on Polygon, which caused the total fees paid to Opensea to increase drastically.

• The rate of increase of the slope of the “Opensea fees (Cumulative) on Polygon over time (in USD)” chart has decreased in 2022 compared to 2021, indicating that activity in 2022 to purchase NFTs on Polygon has decreased compared to 2021.