In this dashboard, I will answer the question: Find the wallet that collects Opensea fees. Make a dashboard showing how much Opensea has earned through Polygon transactions. 

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What is Opensea?

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OpenSea is a decentralized marketplace where users can purchase and sell non-fungible tokens. The NFT exchange, which was founded in 2017, began as a market for CryptoKitties but has already extended beyond collectibles. It is now a marketplace for a wide range of digital assets, such as art, domain names, game goods, and music.

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OpenSea, as a decentralized marketplace, employs smart contracts, which are designed for the purchase and sale of one-of-a-kind digital assets. Smart contracts enable users to safeguard the custody of their NFT collections on the platform, providing protection for the creator's effort. Although OpenSea allows NFT transfers, you make transactions directly with other blockchain users after connecting OpenSea to a supported Web3 wallet like MetaMask.

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To ensure that NFT collectors control the assets they offer on the market, OpenSea uses the open-source blockchain Ethereum, as well as ERC721 and ERC1155. Furthermore, the business has launched Polygon blockchains to enable quick and low-cost trade.

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What is Opensea fee?

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The service fee charged by OpenSea is now 2.5 percent of the transaction volume. That is, for every NFT sold on their platform, they receive 2.5 percent of the sales price as revenue. The vendor of the NFT is normally responsible for paying the service fees.

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What are NFT Royalty Fees?

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NFT royalty fees (or royalties for short) is the percentage of the sales price which is paid to the original creator of the NFT or project. 

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The percentage of creator royalties varies and is determined by the creators themselves. However, on OpenSea, creator payments are limited to 10%. The seller of an NFT is responsible for paying these royalties.

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First of all, we will check the wallet that collects Opensea fees. Based on my research, they are “0x5b3256965e7c3cf26e11fcaf296dfc8807c01073” and “0x8de9c5a032463c561423387a9648c5c7bcc5bc90”, which collect 2.5 percent of the payment. In other words, they play the role as opensea's fee collectors. 

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Let’s check the Opensea Fees over time

As can be seen, WETH is the most popular coin in collecting Opensea fees through Polygon transactions. Its total value did outnumber when it was compared to the other tokens. DAI’s highest amount was around 4392 USD while WETH’s highest amount was over 500K USD. However, this value of WETH in 2022 has decreased significantly compared to 2021. The worst performance is the recent period (June, July-2022). USDC constituted a super small amount in Opensea fees.

Let’s find the top 5 artists paying royalties the most times and paying the highest royalty fees. Generally, there is not a direct correlation between the number of payments and value to be paid. 

Top 5 artists paying royalties the most times: 

0x5b3256965e7c3cf26e11fcaf296dfc8807c01073 - we can ignore because it belongs to Opensea

0x8de9c5a032463c561423387a9648c5c7bcc5bc90 - we can ignore because it belongs to Opensea

0xad79e2ea4424781ec61c52cd2464f6ad525e2a5d

0x0bbdd174198c3bafff09f58d62119e680141ab44

0x4482b9f11b3f672062db4a5bd7906fb8d93685fa

Top 5 artists pay the highest royalty fees

0x5b3256965e7c3cf26e11fcaf296dfc8807c01073 - we can ignore because it belongs to Opensea

0x8de9c5a032463c561423387a9648c5c7bcc5bc90 - we can ignore because it belongs to Opensea

0x090bbf17f57760293bb87d8d6c65ad886430a55f

0x842c2056f012d488505f282219cc6c90c4d6f20d

0xd65fdf9d7eab01ebb6d903476a0613e5f42c6fac