Exploring Fees Earned By OpenSea On Polygon Blockchain

OpenSea, the eBay of crypto world, is a decentralized peer to peer marketplace for selling & buying Non Fungible Tokens(NFTs) across various categories like art, music, digital goods for games, decentralized domain names, collectibles, etc. It is the go-to platform for the most popular NFT projects like Cryptopunks, Axie Infinity, CryptoKitties, etc. It has more than 200 categories and boasts as the biggest marketplace for NFTs.

Here is a video from Saturday Night Live video explaining NFTs.

OpenSea started as an Ethereum Blockchain application and expanded to Polygon & KLAYTN Blockchains. In this post let us explore how much fees are earned by OpenSea on Polygon Blockchain.

How OpenSea Earns Fees?

OpenSea provides its marketplace infrastructure for free to everyone across the globe with a crypto wallet. Anyone can mint their NFTs for free without paying any upfront fees. This removes a big barrier to entry for people looking to get started with NFT creation.

In order to maintain it service and a healthy marketplace they take a 2.5% commission on NFTs sold on OpenSea. This 2.5% fees is paid in ETH tokens on Ethereum Blockchain and as WETH tokens on Polygon Blockchain. In this post we are limit to OpenSea transactions carried out on Polygon Network.

Fees Collected by OpenSea on Polygon

This chart shows total fees collected by OpenSea in US Dollars starting early June till mid Aug.

Here you can see the amount of ETH tokens collected by OpenSea daily for sale of NFTs on its platform

As ETH price is highly volatile, just like many crypto currencies, lets us see the chart above in US Dollars for better clarity.

What day of the week is popular?

Saturday's are the most popular day for NFT sales on OpenSea Polygon and Wednesday is the least favourite day. So most of the NFTs are not traded on week days during work hours. It looks like collecting NFTs is a weekend hobby!

Observations

Here are the observations

  1. Most popular day for buying NFTs is a Saturday and the least favourite day is on mid-week, Wednesday.
  2. On average around 2100 NFTs sold daily on OpenSea Polygon Network
  3. OpenSea collected around 2.3 Million USD so far
  4. As the fees collected on OpenSea are in ETH tokens, are you wondering how many tokens collected so far? 912 ETH Tokens

1 thought on “Exploring Fees Earned By OpenSea On Polygon Blockchain”

  1. Pingback: How to create and sell NFTs on OpenSea + Polygon

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