Introduction

Polygon (MATIC) is a project that seeks to correct the problems of Ethereum's transaction processing capacity per second. It wants to offer a solution that allows communication between different blockchain. All with the aim of improving the capabilities in Ethereum to support different decentralized solutions and solutions for decentralized finance, also known as DeFi.

Because of Ethereum do it, Polygon also supports the Non Fungible Tokens (NFT) launchings , mints and transfers. Polygon, stablished as the most widely used alternative blockchain for crypto users looking to transact fast with small gas fees, brings to users a good place to not only launch collections but also for mint and transfer NFTs in a low-cost way.

OpenSea is the leading platform that acts as a decentralised marketplace. It is specialized in trading non-fungible assets like NFTs. It is avaiable for different platforms such as Polygon.

Methods

The intention of this dashboard is to identify the Opensea wallet that is receiving the Opensea generated fees thanks to NFTs sales on Polygon network. Then, calculate the total fees generated by Polygon NFT users so far.

To do so, I have explored some transactions on Opensea via Polygon network, and I have identified two possible wallets that are receiving the fees paid on Opensea by Polygon users. Because of the fees are paid in WETH, we will need to filter by the WETH contract.

We will consider a transfer when there is a Opensea sale and someone pays a fee and its received by the Opensea wallet. Then, we will use the “token transfers” table and we will filter by WETH contract ‘0x7ceB23fD6bC0adD59E62ac25578270cFf1b9f619‘ and the reception address being one of the two identified wallets: ‘0x5b3256965e7c3cf26e11fcaf296dfc8807c01073‘ and ‘0x8de9c5a032463c561423387a9648c5c7bcc5bc90‘. Finally, we will be able to sum the raw_amount column to get the total WETH paid in fees and we will need to divided by pow(10,18) due to decimal conditions.

Results

If we take a look at the collected fees over time (since we have available data from June 6th 2022), we can see how it seems like one wallet are replacing the other one. While the major of the generated fees went to the same wallet during the first 10 days until June 15th, since June 16th the fees were being splitted among the two detected wallets.

The second wallet started to increase its percentage of received fees against the other one and now, the major of the fees are going to it.

It is to say as well that the amount of daily fees generated have decreased over the past days. During June and until mid July, the daily fees ranged from 4 to 8 WETH approximatelly, while during the past half month, the fees were below 3 WETH.

Looking at the cumulative fees, we can see how firstly, the major of the fees were accumulated into one wallet, and then, the second one started to growth and surpassed the other one. The total WETH fees accumulated by these two wallets so far are almost 242 WETH.

Finally, I have compared the fees versus the number of sales in order to see the amount of fees paid per number of sales. Thanks to this, we can see if there is a correlation between the amount of generated fees and the total number of NFT sales.

As we can see, there is a strong positive correlation between these two variables, saying as that when there are more sales on the Opensea marketplace, the wallet receive more WETH in fees as a consequence.

Looking at the chart colors, we can see the difference between one wallet and other. It is clear that on this new wallet, more sales are needed to generate the same amount of fees than in the previous wallet. Then, we can assume that now the fees seems to be lower than before.

Conclusions and key insights

In this dashboard we have identified to potential Opensea wallets that are receiving the fees generated on Opensea thanks to NFT sales through Polygon network. In fact, we have seen that there are one of the wallets that replaced the other one since mid of June.

The main insights extracted from the analysis are:

• Two different wallets have been detected since June 6th as Opensea fees receptors
• The first wallet has received a total of 75 WETH while the other one received more than 167 WETH.
• The wallet that received more fees received a total of almost 130k sales while the other around 92k.
• It seems like one wallet are replacing the other one. While the major of the generated fees went to the same wallet during the first 10 days until June 15th, since June 16th the fees were being splitted among the two detected wallets. The second wallet started to increase its percentage of received fees against the other one and now, the major of the fees are going to it.
• The amount of daily fees generated have decreased over the past days.
• There is a strong positive correlation between the number of Opensea sales through Polygon and the fees generated.
• It is clear that on this new wallet, more sales are needed to generate the same amount of fees than in the previous wallet. Then, we can assume that now the fees seems to be lower than before.

In this first chart situated at the left side, we can see not only the fees generated in WETH but also the total sales involved by each Opensea wallets detected.

On the one hand, we can see how one of the wallets are receiving more fees and in consequence, more sales are involved. While one of the wallets has received more than 167 WETH so far, the other one received no more than 75 WETH.

On the other hand, the wallet that received more fees received a total of almost 130k sales while the other around 92k.