Introduction

In this analysis, You will Read about Opensea Fees on the Polygon network. We want to know how much Opensea has earned through Polygon transactions.

What is Opensea?

OpenSea is an American online non-fungible token marketplace headquartered in New York City. The company was founded by Devin Finzer and Alex Atallah in 2017. Wikipedia

Opensea Fee percentage:

OpenSea's model is simple — we receive 2.5% of the sale price. That's it. Users and partners can create NFTs for free at any time.

\n Analyzed by Hess - Reading TIme Almost 10 Min.** \n **

Method

In order to calculate Opensea fees, I needed to find the Opensea fees collector address. I found three wallets that Fees were sent to that address.
- '0x5b3256965e7c3cf26e11fcaf296dfc8807c01073'
- '0xad79e2ea4424781ec61c52cd2464f6ad525e2a5d'
- '0x0eb9198b6375d5deb55101dc7b82ad6654d3301b'
Users can buy an NFT with WETH on Opensea in Polygon Chain. So fees were sent to opensea wallet in WETH. I followed the Opensea fees collector and looked for every transaction that sent WETH to that address.

Daily Sales and Fees in USD

There were two spikes in Opensea income. One occurred from June → September 2021. The second one was at the beginning of this year.
The highest income was on January 28th, which gained 125K US dollars.
The total income has decreased significantly since February.
Although, The price of ETH could impact Opensea's income.

Daily sales and Fees in WETH

I was curious that the ETH price impacted the total Opensea fees in USD, but this chart proves that the total sales decreased. It seems we are at NFT winter, and the bear market caused a huge decrease in Opensea income.
The total NFT sales decreased from daily 100K to 10-12K.
Both income and transactions decreased by nearly 90%.

Cumulative Fees and sales

The cumulative Fees in ETH are 5.2K and in USD is 16.6M dollars.
The daily cumulative shows that the growth of NFT sales was higher than income. This means NFTs with lower prices have been sold more than NFTs with higher prices.
Also, the ETH price indeed decreased, but the growth of USD was higher than ETH.
The Cumulative transactions are 10.8M.
Opensea has lost its growth over the last couple of months.

Popular Days of Week

I can’t say that one day of the week is more popular than the others. All days have an almost similar amount.
Wednesday with 15% of total fees is the best day for Opensea.
The second popular day is Monday with 14.6%, but as I said, the amount of income is similar.

Top NFT collection that Generated the most fees

:1st_place_medal: Zed Run Legacy generated 2.9M dollars for Opensea. This collection has 53% of the fee share from the Top 10 NFT collections.

:2nd_place_medal: Crypto Unicoirs Market is in second place with 722K us dollars.

:3rd_place_medal: The third collection is Derace horses which generated 351K US dollars for Opensea.

Image Source:

Opensea Overview

Since the beginning of Opensea that supported the Polygon chain, Opensea gained 5.29K WETH which is worth 16.6M dollars from 10.85M NFT sales.

Polygon Vs. Ethereum

The number of NFT sales and amount of Sales in the Ethereum Chain is much higher than Polygon. But let’s see the spikes and differences in the two chains.

The trends are almost similar, but from March until June, the decrease in Polygon was lower than Ethereum.
The highest income on Polygon was 51 WETH, and on Ethereum was 9.4K WETH.

In total, 99.2% of Opensea income was from the Ethereum chain and only 0.76% was from Polygon chain.

Conclusion

Due to the decrease in Income of Opensea, lately announced that they Fired 20% of its Staff as ‘Crypto Winter’ Cripples the NFT Marketplace.
From February of 2022, The income of Opensea decreased by 90%.
In my opinion, The platform works fine, and it didn’t lose its place among other platforms. The only reason is we are in the Bear Market. The bear market impacted All platforms in Cryptocurrency.

THE END

THANK YOU FOR READING!

ALL CODES AND CONTENTS WRITTEN BY Hess.

Twitter: hessaminanloo - Discord: hess#0890

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