INTRODUCTION

The most popular exchange for non-fungible tokens is OpenSea. Users of the site may build their own NFT collections to sell on the main market as well as purchase and sell NFTs on the secondary market. You can easily discover the NFTs you require using the filter option in the OpenSea marketplace. You need to have an Ethereum wallet in order to purchase and sell NFTs on OpenSea because it is built on the Ethereum blockchain. Over a dozen wallets, including MetaMask, Coinbase, and TrustWallet, are supported with OpenSea. Additionally, OpenSea supports a number of blockchains, such as Polygon (MATIC) and Klaytn (KLAY). Everybody may purchase and sell things on the marketplace because of the more than 200 payment alternatives available, including stablecoins like USDC.

OpenSea leverages smart contracts, which are created for purchasing and selling certain digital assets, as a decentralized marketplace. Users may safeguard the custody of their NFT collectibles on the platform via smart contracts, providing protection for the creators' creations. OpenSea allows NFT transfers, but after connecting OpenSea to a compatible Web3 wallet like MetaMask, you may conduct transactions directly with other users on the blockchain.

They earn 2.5% of the selling price. Creators are permitted to establish a collection-level charge of up to 10%. As a result, creators can profit from each OpenSea sale of their NFT. The creator will be paid in real-time and is free to change this charge % at any moment.

METHODOLOGY

Initially to address the fee collected from the users in the Opensea is addressed by calculating the fee collected with the token wETH over time. The same is also done with its USD value for the globalization of the calculated amount. Then the number of sales responsible for the collection of this transaction fee is also calculated and it is charted with time to see the trend. As we know, Opensea deals with the transactions involving NFTs and hence they are accounted for to see the transaction fee collected for each NFT, and the top 10 NFT and their corresponding fee are also charted. The top users are also charted with the amount paid by them. As a final step different tokens and the fee collected in the transactions involving those tokens are also considered here and it is charted for the Polygon network and to compare the same is repeated for the Ethereum network.

Both the chart here displays the fee collected by the WETH token in the polygon network using Opensea and one of the charts is indicated in USD value for global understanding it is seen that over time the chart follow the same trend and the highest value is collected on July 11 which worth more than 8500$ and also the total fee collected by the Opensea in the polygon network accounts 155.8 WETH.

The same trend of the fee collected by the polygon network is added here in detail with each day’s fee collected from the users.

The sales over time done by the users over time is charted with time and it is seen that the sales was high on June 28 and started decreasing over time.

The sales over time and the corresponding fee collected by the Open sea is attached here and it indicates that both the sales and the collected fee tend to follow the same trend over time which defines that the higher sales can yield higher transaction fees even though there are some places where there is anti-correlation or mismatch. This particularly can be due to the different kinds of sales or tokens.

As indicated the Opensea transactions mainly deal with NFTs and hence transaction fees collected by different NFTs involved in transactions are listed here, and it is seen that NFT “0xa5f1ea7df861952863df2e8d1312f7305dabf215” has made the highest fee by a transaction which indicates that it has made the highest number of transactions.

This is a simple representation of the users in the network who has paid the highest transaction fee over the whole chosen period of time.

Finally, The different tokens involved in the transaction by the users over the polygon network is displayed in the left and the right indicated the transaction fee collected from different tokens of the Ethereum network. This is seen that WETH is the most fee collectable token in the polygon network as well as in the Ethereum except that in polygon only WETH dominates while in Ethereum network WETH needs to be considered as one among different tokens to yield high fee on transactions.