3. OpenSea Fees
Opensea is the OG marketplace for all digital items (NFT’s etc.). Opensea launched on Polygon Matic in July 2021 and here we look into the fees collected by Opensea. Opensea collects a flat 2.5% fees on the transaction and the below dashboard dissects the fees collected and the top 10 projects by fees on the Polygon network. While the fees can be collected in various tokens, upon analysing the transactions we figure out that all of the fees in ETH bar a negligible amount in DAI. The dashboard displays the fees in ETH & USD, below are the key highlights from our analysis.
- The fees earned on the Polygon network are close to a million dollars until August 20th, 2021.
- OpenSea on Polygon has processed 120K transactions, resulting in a fee collection of 409 ETH.
- 99 percent of all fees are generated by just 10 projects.
- ZED Horse is the top project collecting 85% of the fees and accounting for nearly 40% of the transactions.
- The daily fees produced by Opensea on Polygon have increased significantly showing a clear uptrend.
- 50% of the transactions are made by the longtail rest of the projects, yet they only rake in less than 1% of the fees from them.
- Smaller-value transactions on Polygon are viable due to the low transaction cost of the platform.
ETH value in the above dashboard is static and doesn’t filter on interactions.
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The most popular project on Opensea Polygon is ZED Horse, which has a median fee of 6.5 USD. The fees collected by various ZED Horse tokens are shown in the scatterplot below, with token id 766 being the most expensive, collecting $6000 in total fees. The majority of transaction costs are in the range of 0 to 50 dollars, with a median fee of 6.5 dollars.
Developer Notes
Turns out Etherscan has clearly tagged 0x5b3256965e7c3cf26e11fcaf296dfc8807c01073 as the OpenSea Wallet 😃.