Question:

Q6. Find the wallet that collects Opensea fees. Make a dashboard showing how much Opensea has earned through Polygon transactions.

\n Overview of essay:

In this essay, the NFT sales on OpenSea Polygon have been tracked and find the wallets that collects OpenSea fees.

Buying an NFT on Polygon requires using Polygon ETH. In order to spend your Ethereum currencies on Polygon, you must first "bridge" them across to the Polygon blockchain.

This peoposed method has been introduced in the Approach sections by taking example of one sample transaction from Polyconscan.

The data of Polygon network on Flipside community are from 2022/06/06 thus, this investigation executed on this time period.

Approach:

As shown in the sample transaction demonstrated from Polygonscan, when a NFT sale occurred on OpenSea 4 token transfers appears:

1. In the first one, buyer purchase to NFT seller.

2. Second, NFT seller sent takes 87.5% of purchase and sent rest 12.5% to fee distributer.

   Fee distributers are:

   • 0x110b2b128a9ed1be5ef3232d8e4e41640df5c2cd
   • 0x9b814233894cd227f561b78cc65891aa55c62ad2

3. These distributers sent about 2.5% of purchased amount to OpenSea fee collector (0x5b3256965e7c3cf26e11fcaf296dfc8807c01073)

4. The rest 10% sent to the creator as well.

The mentioned shares could be changed for various NFT projects but share of OpenSea fee collector always be the 2.5% of purchased amount.

Important Assumption:

According to my investigations, the tokens that paid fee on Opensea are WETH, DAI, USDC and REVV.

But about 99.4% of transactions paid by WETH so, in this essay the WETH has been considered as a main token for fee payment to OpenSea fee collector.

The contract address of WETH is: 0x7ceb23fd6bc0add59e62ac25578270cff1b9f619 with Decimal 18

Overall and Daily analysis:

• Fee payment:

  select * from Polygon.core.fact_event_logs where ORIGIN_TO_ADDRESS='0xf715beb51ec8f63317d66f491e37e7bb048fcc2d' and ORIGIN_FUNCTION_SIGNATURE='0xbbbfa60c' and EVENT_INPUTS:to='0x5b3256965e7c3cf26e11fcaf296dfc8807c01073'

  By the use of above table and use fact token transfer table, the amount of paid fee to OpenSea fee collector has been found.

  select * from polygon.core.fact_token_transfers x

  inner join tb2 y on x.BLOCK_TIMESTAMP::date=y.day

  where to_address = '0x5b3256965e7c3cf26e11fcaf296dfc8807c01073' and tx_hash in (select tx_hash from tb1) and CONTRACT_ADDRESS='0x7ceb23fd6bc0add59e62ac25578270cff1b9f619'

• WETH price:

  select hour::date as day, avg(price) as USD_price from ethereum.core.fact_hourly_token_prices where SYMBOL='WETH'

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The used Metrics are:

• Daily and total paid fee
• USD value of paid fee
• Average paid fee over time
• Users interacted with OpenSea fee collector
• Top 10 wallets paid fee to OpenSea wallet
• Cumulative amount of WETH paid as fee

Key findings:

• From June 6th, 2022 about 91.8k transactions have been executed by 25.7k unique users to paid fee for OpenSea wallet so far.
• In this time period, the total paid WETH as fee is 74.6 with 105.7k USD value so far.
• As displayed in the graphs, the activity of OpenSea fee collector on Polygon was high at the first 10 days of investigation. After that date, decreased and kept its consistent trend.
• The highest fee payment occurred on June 15 with 3.337 WETH and based on USD happened on June 8 with 11.02k USD.
• From the users count point of view, the highest participation on fee payment occurred on June 8 with 3305 unique users.
• One of the important features of fee payment is average paid fee. According to the scatter graph, the highest average paid fee occurred on June 15 with 0.0042 WETH per transaction.
• The top 10 wallets with most paid fee have been arranged and as can be seen in the first rank wallet with 2.125 WETH paid fee stands.
• The cumulative volume of paid WETH as fee to OpenSea fee collector reveals the enhance in paid fee since June 15 as gradient of chart has been increased dramatically.