Opensea Fees
Q6. Find the wallet that collects Opensea fees. Make a dashboard showing how much Opensea has earned through Polygon transactions.
Introduction
This dashboard investigates two major aspects:
- The overall OpenSea profile on Polygon, namely the number of unique users transacting daily, the daily volume as well as the analysis of what tokens users are mostly transacting with and the all-time total values for these metrics.
- The fees - how much Polygon users have spent daily and in total on OpenSea, as well as which tokens they have used to pay for these fees.
A few words on methodology:
I first began my analysis by combining the transfers and transactions tables and filtering the data for only certain OpenSea addresses. However, I quickly realised that this method yields only selected data points, as not all transactions were included in those few OpenSea addresses. As I wasn’t sure how to find all Polygon OpenSea addresses, I decided to try a different approach which resulted in more complete data. I have decided to join polygon.udm_events
table and the polygon.transactions
table instead, and select data points which include the label type OpenSea and all of the label subtypes as the marketplace.
Key points:
- There are a lot of Polygon users on OpenSea, which is really good news. We can see that these users are transacting mostly with MATIC, which is what we would expect, given that this is the native token of Polygon.
- The daily volume is also quite large, we can see that MATIC has the biggest dominance on the daily basis, followed by DAI and WETH.
- What is interesting is that all of those transactions are counted as transfers, as events such as minting on Polygon on OpenSea requires no fees, and is therefore excluded from this analysis - after all, what we are trying to do here is to see how much fees users have paid so far!
Polygon fees on OpenSea
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Key points:
- It’s interesting to see that about half of the fees are paid in MATIC and half are paid in WETH, with less than 0.1% of fees being paid in DAI.
- The daily fees in USD have decreased very significantly since we entered a bear market. We can see that users used to pay a lot more for fees, with the peak being almost $100k spent on one day on fees! (January 6th 2022). Currently, users spend less than $1k in total on most days, which clearly shows how the number of transactions has decreased as users fear the bear market.
- The last graph shows us some interesting correlations, such as the one between the number of unique users and the volume in USD. What does this mean exactly? We can see some spikes when the number of users increases rapidly on a daily basis, which is followed by an increase in the volume as well as the amount of fees paid.
- Lastly, we can see that since about March this year the numbers have been declining quite fast - we can see fewer daily users on OpenSea, which is also evident in the daily volume transacted - hopefully once the bear market is over, we will see more users buying and selling adorable NFTs on Polygon!
Conclusion
This dashboard has investigated how Polygon is doing on OpenSea in general. We have seen that the numbers have declined since about March this year, and that there are fewer daily users transacting on OpenSea which yields less fees. We have also investigated which tokens users are transacting in the most, as well as which tokens they pay for the fees. In conclusion, Ethereum is still the most used blockchain on OpenSea, but with fees being a lot lower on Polygon, I am hopeful that once the bear market is over, we will see more users and artists buying and selling NFTs on Polygon!
Polygon OpenSea collection.
This dashboard has been written by Nat. 💙