Tasks

• Find the wallet that collects Opensea fees.
• Make a dashboard showing how much Opensea has earned through Polygon transactions. 

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Methodology

• We provide the simplified sales transaction pathway on Opensea with the transaction examples and detail.
• Extract and show the total earnings from fees and the distribution based on tokens
• Show the weekly earnings over time

How to purchasing on OpenSea work?

How much OpenSea has earned through Polygon transactions?

OpenSea’s total earnings from fees through Polygon transactions

• As shown above, OpenSea’s service fee is 2.5% of the sales price.
• Total earnings from fees are around $13.8M which roughly approximates around $552M in sales volume.
• The total earnings are generated from a 10.6M transactions count, which makes $1.29 per transaction on average.

Earning distribution

The graph on the left shows OpenSea’s earnings based on tokens, while the right shows the percentage of each token's earnings.

• WETH is the highest earning volume which exceeded 99.8% of the total OpenSea’s earnings.
• Although USDC has the highest average earnings per sale, its earnings volume is overwhelmed by the WETH’s volume.

Earnings change over a year compared to sale transactions count

Each bar in the left upper graph represents the weekly earnings for OpenSea Wallet and transactions count.

• The overall trend of earnings and transactions count are going the same way.
• The earnings peak is around mid-Dec 2021 to the first week of Feb 2022, the same peak period as sales count.
• The service fees from OpenSea Main Contract have been transferred to OpenSea Wallet 2 instead of 1.
• The earnings volume decreased to under 100k after mid-May when the Terra crash happened.

Comparing the earnings to the weekly average WETH price

We show the earnings volume with the WETH price in the middle graph.

• The earnings and WETH price look like they are going the same way
• On the other hand, some periods are misaligned, including a few months delay of earning peak after the price peak in the November beginning, and the earnings staying still while the price goes up recently.

Cumulative earnings

The graph below shows the weekly earnings with their cumulative volume.

• The cumulative earning volume has steady growth from Jul 2021 to mid-May 2022, then it tends to be flat in growth after the Terra crash.

Conclusion

OpenSea fees collector

• From the simplified pathway, the service fees (2.5%) and collector earnings (depend on collection) are transfered to OpenSea Main Contract (0xf715…), then the service fees are send to either OpenSea Wallet 1 (0x5b32…) or 2 (0x8de9).

OpenSea earnings through Polygon transactions

• OpenSea have earn $13.7M through from the past year.
• The earnings mainly come from WETH token.
• The growing sign is positive until the Terra crash in mid-May 2022, the earnings drop down to under 100k weekly from around 250k.

Simplified OpenSea fee earnings pathway.

We provide the simplified sales transaction pathway on OpenSea in the GIF image on the left.

1. First, a seller exchanges his NFT(s) for the token(s) from a buyer.
2. Then, Seller sends X% service fees plus Y% creator earning of the sales price to the OpenSea Main Contract
3. Finally, The main contract sends X% service fees to the OpenSea Wallet and Y% creator earnings to the creator.

OpenSea related addresses

We define the name of the OpenSea addresses as:

1. OpenSea Main Contract - fees collector: 0xf715beb51ec8f63317d66f491e37e7bb048fcc2d
2. OpenSea Wallet 1- Main service fees wallet before mid-June: 0x5b3256965e7c3cf26e11fcaf296dfc8807c01073
3. OpenSea Wallet 2 - Recently main service fees wallet: 0x8de9c5a032463c561423387a9648c5c7bcc5bc90

Transaction details

The images above show the transaction detail from polygonscan while the left and right images show the fee collector transferring the service fees to OpenSea Wallet 1 and 2, respectively.

• The Fees Collector line identifies the contract address of the OpenSea Main Contract, which collects service fees and creator earnings from the NFT seller.
• The amount transferred from the OpenSea Main Contract to the OpenSea Wallet in the Service fees line is precisely 2.5% of the amount in the Sales price line.

OpenSea’s service fees

Refer to support.opense.io, OpenSea’s service fee is 2.5% of the sales price.

Earning changes over time

Transaction examples.

OpenSea earnings through Polygon transactions summarized with the transaction sample hashes are shown in the table above.

• Note that the REVV token has no price, so earning 2.5% of the REVV token is a total of $0 earned.
• For the following analysis, we will exclude the REVV from the analysis.