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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the daily revenue generated per active user on the OpenSea NFT marketplace. This metric is calculated by dividing total daily protocol fee revenue by the number of unique daily active users. It provides insight into the monetization efficiency and user value for OpenSea's NFT trading platform. The metric captures protocol fees collected from both modern Seaport protocol transactions and legacy Wyvern exchange transactions.

## 2. Data sources

The calculation relies on several types of blockchain and external data:
- **Seaport protocol events**: Parsed `OrderFulfilled` events from Ethereum Seaport contracts (versions 1.1 through 1.6) that contain offer and consideration arrays detailing trade components
- **Seaport function calls**: `matchAdvancedOrders` and `matchOrders` function calls that identify matched order transactions
- **Legacy Wyvern events**: `OrdersMatched` events from the WyvernExchange contract capturing older OpenSea trades
- **Legacy Wyvern functions**: `atomicMatch` function calls with order parameters and pricing information
- **Ethereum transaction traces**: Transaction execution traces used to identify OpenSea-originated transactions via specific tags
- **End-of-day price feeds**: Token price data for converting fee amounts to USD values
- **Token metadata**: Information about token decimals and standards for proper amount calculation

## 3. Step-by-step calculation

### Component A: OpenSea transaction identification
- **Purpose**: Identify which transactions represent genuine OpenSea trading activity
- **Logic**: Transactions are classified as OpenSea-related through multiple criteria. For Seaport trades, transactions must either send fees to known OpenSea fee recipient addresses (`0x5b3256965e7c3cf26e11fcaf296dfc8807c01073`, `0x8de9c5a032463c561423387a9648c5c7bcc5bc90`, `0x34ba0f2379bf9b81d09f7259892e26a8b0885095`, `0x0000a26b00c1f0df003000390027140000faa719`), originate from valid OpenSea zones (8 specific zone addresses including `0xf397619df7bfd4d1657ea9bdd9df7ff888731a11`), or be tagged with OpenSea's identifier (`360c6ebe` in transaction traces). For legacy Wyvern trades, transactions must route fees to OpenSea addresses
- **Key fields**: `transaction_hash`, `fee_recipient_address`, `owner_id`, transaction trace `input` data

### Component B: Seaport trade processing
- **Purpose**: Extract fee amounts, volume, and user addresses from complex Seaport trade structures
- **Logic**: Seaport `OrderFulfilled` events contain offer and consideration arrays that must be parsed to identify different trade components. The system analyzes token types (0=ETH, 1=ERC20, 2=ERC721, 3=ERC1155) to distinguish between NFTs and currencies. Considerations sent to recipients other than the main trade participants are classified as fees. The logic handles both regular orders and matched orders differently, with special rules for volume calculation based on token types and matching status
- **Key fields**: `offer` arrays with `token`, `amount`, `itemtype`; `consideration` arrays with `recipient`, `amount`, `itemtype`; `offerer`, `recipient` addresses

### Component C: Wyvern trade processing  
- **Purpose**: Extract fee information from legacy OpenSea trades using the older Wyvern protocol
- **Logic**: Wyvern trades are simpler structures that combine `OrdersMatched` events with `atomicMatch` function data. The system estimates protocol fees at 2.5% of trade value when explicit fee information suggests no separate protocol fee is charged. Seller and buyer addresses are determined based on whether buy or sell hash is null. Fee recipients are extracted from function call address arrays
- **Key fields**: `price`, `maker`, `taker`, address arrays from function calls, fee tier calculations

### Component D: Protocol fee aggregation
- **Purpose**: Calculate total daily protocol fee revenue in USD
- **Logic**: Protocol fees are summed from both Seaport and Wyvern sources after filtering for OpenSea-specific transactions. Seaport fees come from considerations where recipients match OpenSea fee addresses. Wyvern fees use the estimated protocol fee amount when actual fees are below the 2.5% threshold. All fee amounts are converted from native token units to USD using end-of-day price feeds and corrected for token decimal places
- **Key fields**: `fee_amount`, `token_address`, USD conversion rates, token decimals

### Component E: Daily active user calculation
- **Purpose**: Count unique users who traded NFTs each day
- **Logic**: Users are identified as unique addresses that either bought or sold NFTs in OpenSea transactions. Both NFT sellers and NFT buyers are extracted from the validated trade data. The system uses HyperLogLog data structures to efficiently count distinct users across multiple dimensions (project-level, chain-level, user type). Users are deduplicated at the daily level to ensure each address is counted only once per day regardless of trade frequency
- **Key fields**: `nft_seller_address`, `nft_buyer_address`, HyperLogLog aggregation functions

### Final aggregation
- **Combining components**: Daily revenue (sum of all protocol fees in USD) is divided by daily active users (distinct count of trading addresses) to produce ARPU
- **Currency conversion**: All protocol fees are converted to USD using end-of-day token prices with proper decimal adjustment based on token standards
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with missing days filled with zero values
- **Final calculation**: ARPU = Total Daily Protocol Fee Revenue (USD) ÷ Daily Active Users (distinct addresses)

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

OpenSea

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape