opensea.io | Polygon
Polygon Bounty 3 - Find the wallet that collects Opensea fees. Make a dashboard showing how much Opensea has earned through Polygon transactions. Show fees earned in USD total, and also by token amounts. Also show the top 10 NFT’s generating fees for Opensea on Polygon.
You can click on the names to take you to the collection's respective opensea.io page, just incase you wanted to add to opensea's fee volume.
Since the fee is directly correlated to the price of an NFT, i.e fee is ~ 0.25 percent of sale price. We can see that the volume of fee generated by the NFT is not entirely correlated to the price of the NFT.
Median fee gives a good estimate of the common price of a single NFT from the given collection.
Since the fee is primarily correlated to the number of transactions, we can infer that the popularity of a collection is the main driving force behind its price and fee collection volume
However since the fees are primarily paid in tokens opensea.io, It is better to get the total number of tokens as USD value is calculated from the price of the token on that particular day
The easiest way to check the fee generated is to check it in USD
So these tranfers event can be filtered from the polygon.udm_events
table of FlipsideCrypto.
However there exist some transactions that don't involve NFTs that need to be filtered out.
These were filtered out by removing transactions that had contract_address
as a token address. Since WETH and DAI are the only means of payments, these were the only token addresses to be filtered.
This gives us the below table after few more SQL operations.
- Once the sale is initiated, the main contract <0x9b814233894cd227f561b78cc65891aa55c62ad2>, initiates a call that transfers the payment from the buyer to the seller.
- Then a percentage of this payment to the seller is transferred to the fee_handler contract <0xf715beb51ec8f63317d66f491e37e7bb048fcc2d> which distributes the fee appropriately.
- Usually 2.5 percent of the payment is tranfered to opensea's own fee collecting wallet <0x5b3256965e7c3cf26e11fcaf296dfc8807c01073> and the remaining is sent to the artist of the NFT
So the process of a NFT sale is :
- LISTING - The Seller posts his NFT on the opensea.io
- BIDDING - A prospective buyer makes a bid in a token (WETH or DAI)
- TRANSFERS - The opensea.io initiates a sale if the buyer agrees with the list price of the NFT or, if the lister decides to lower the pice and accept the bid of buyer
In the polygon side-chain, opensea.io primarily uses 3 contracts
- 0x9b814233894cd227f561b78cc65891aa55c62ad2 - opensea.io main contract
- 0xf715beb51ec8f63317d66f491e37e7bb048fcc2d - seemingly handles fees
- 0x5b3256965e7c3cf26e11fcaf296dfc8807c01073 - stores the fees generated from NFT sales