Creators & users sell NFTs on OpenSea. They receive royalties from secondary sales (supply-side fees).

OpenSea is a non-custodial NFT marketplace protocol built on Ethereum. OpenSea was founded by Alex Atallah & Devin Finzer and launched in 2017.

OpenSea team & investors own and govern the protocol. They currently take a cut of the total transaction fees paid by buyers (revenue). OpenSea's investors include a16z, Coatue, Founders Fund, etc.

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OpenSea

# OpenSea Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average amount of fees collected by OpenSea per daily active user. This metric answers the business question: "How much fee revenue does OpenSea generate per user on average each day?" The calculation divides total daily fees collected by OpenSea by the number of distinct daily active users participating in NFT trades on the platform.

## 2. Data sources

The calculation uses several types of raw blockchain data and external feeds:

- **Seaport protocol events**: Parsed `OrderFulfilled` events from Seaport versions 1.1 through 1.6 on Ethereum, containing detailed trade information including offers, considerations, fee recipients, and token amounts
- **Seaport function calls**: Parsed `matchAdvancedOrders` and `matchOrders` function call traces from Seaport contracts to identify matched order transactions
- **Wyvern protocol events**: Parsed `OrdersMatched` events from the legacy WyvernExchange contract on Ethereum 
- **Wyvern function calls**: Parsed `atomicMatch` function call traces from WyvernExchange containing trade parameters, fee tiers, and participant addresses
- **Transaction traces**: Ethereum transaction traces containing OpenSea-specific transaction tags used to identify platform activity
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal correction

## 3. Step-by-step calculation

### Component A: Seaport trade extraction
- **Purpose**: Extract NFT trades and fee information from Seaport protocol events
- **Logic**: Parse `OrderFulfilled` events from Seaport versions 1.1-1.6, unnesting the `offer` and `consideration` arrays to identify individual token transfers. Determine trade direction by analyzing token types (ETH/ERC20 vs ERC721/ERC1155), identify NFT sellers and buyers based on offer/consideration recipients, and calculate fee amounts from considerations where recipients are not the primary trade participants. Handle matched orders differently by detecting transactions that appear in `matchAdvancedOrders` or `matchOrders` function calls
- **Key fields**: `orderHash`, `offerer`, `recipient`, `zone`, `offer` array, `consideration` array, `itemType`, `token`, `amount`, `recipient`

### Component B: Wyvern trade extraction  
- **Purpose**: Extract NFT trades and fee information from the legacy Wyvern protocol
- **Logic**: Join `OrdersMatched` events with corresponding `atomicMatch` function calls using transaction hash and matching trade parameters like price, maker, and taker addresses. Calculate fee amounts by applying fee tiers from function parameters to trade prices. Estimate protocol fees at 2.5% of trade value when actual fees are below this threshold
- **Key fields**: `buyHash`, `sellHash`, `maker`, `taker`, `price`, function parameter arrays for addresses and amounts, `fee_tier`

### Component C: OpenSea attribution filtering
- **Purpose**: Filter trades to only include those attributable to OpenSea platform
- **Logic**: Apply three different attribution criteria to identify OpenSea trades - transactions where fees are paid to known OpenSea fee addresses, transactions occurring in OpenSea-controlled zones (identified by zone addresses), and transactions containing OpenSea-specific transaction tags in their input data. Use hardcoded lists of OpenSea fee recipient addresses and valid zone addresses for filtering
- **Key fields**: Fee recipient addresses, `zone` addresses, transaction input data patterns

### Component D: Fee aggregation and conversion
- **Purpose**: Sum daily fee amounts and convert to USD
- **Logic**: Group fee amounts by day, chain, and token address, summing all fees collected. Convert null token addresses to WETH addresses for price lookup purposes. Apply end-of-day token prices to convert fee amounts to USD, adjusting for token decimal places to ensure accurate conversion
- **Key fields**: `block_timestamp`, `chain_id`, `token_address`, `fee_amount`

### Component E: Daily active user calculation
- **Purpose**: Count distinct users participating in OpenSea trades each day
- **Logic**: Identify unique user addresses from the same filtered trade dataset, counting both NFT sellers and buyers separately. Use HyperLogLog functions to efficiently count distinct users across multiple dimensions including chain, user type (seller vs buyer), and product categories. Aggregate daily to get total unique users per day
- **Key fields**: `nft_seller_address`, `nft_buyer_address`, `timestamp`, `chain`, `user_type`

### Final aggregation
- **Combining components**: The fees metric provides total daily fee revenue in USD, while the user DAU metric provides the count of distinct daily active users. These are combined using a division operation
- **Currency conversion**: All fees are converted to USD using end-of-day token price feeds, with proper decimal adjustment for different token standards
- **Time aggregation**: Both metrics use daily boundaries based on `block_timestamp` truncated to day level in UTC
- **Final calculation**: AFPU equals total daily fees in USD divided by the total number of distinct daily active users, producing an average fee amount per user for each day

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

OpenSea

Average fees per user (AFPU)

Average fees per user (AFPU)

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