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 Revenue Methodology

## 1. Overview

OpenSea revenue represents the total protocol fees collected by OpenSea from NFT marketplace transactions across its trading protocols. This metric captures the platform's earnings from facilitating NFT trades, calculated by identifying and aggregating fee payments sent to OpenSea's designated fee collection addresses from both the modern Seaport protocol (versions 1.1-1.6) and legacy Wyvern Exchange protocol. The methodology involves parsing blockchain transaction data to extract fee components, filtering for OpenSea protocol fees, and converting amounts to USD for standardized reporting.

## 2. Data sources

The revenue calculation utilizes several types of blockchain and external data:

- **Seaport trading events**: Parsed Ethereum `OrderFulfilled` events from SeaportV1 through SeaportV6 contracts, containing detailed offer/consideration structures for individual NFT trades
- **Seaport order matching**: Ethereum `OrdersMatched` events from SeaportV2-V6 and `matchAdvancedOrders`/`matchOrders` function call traces from SeaportV1, identifying bundled or matched order transactions
- **Wyvern Exchange events**: Parsed Ethereum `OrdersMatched` events from the legacy WyvernExchange contract, capturing historical OpenSea trades
- **Wyvern Exchange functions**: Ethereum `atomicMatch` function call traces containing trade parameters and fee structures
- **End-of-day price feeds**: Token price data for converting fee amounts from various cryptocurrencies to USD
- **Token metadata**: Decimal precision information for accurate token amount calculations

## 3. Step-by-step calculation

### Component A: Fee address identification
- **Purpose**: Define the specific Ethereum addresses that collect OpenSea protocol fees
- **Logic**: Establish a static mapping of four key addresses including OpenSea Wallet (`0x5b3256965e7c3cf26e11fcaf296dfc8807c01073`) and three dedicated fee collection addresses. These addresses serve as the filter criteria for identifying transactions that generate revenue for OpenSea
- **Key fields**: `account_address` containing the fee recipient addresses and `account_name` for identification

### Component B: Seaport trade parsing
- **Purpose**: Extract detailed trading information from Seaport protocol transactions across all versions
- **Logic**: Parse `OrderFulfilled` events by unnesting the `offer` and `consideration` arrays to identify individual components of each trade. Classify items by `itemtype` where 0 and 1 represent currencies (ETH/ERC20) and 2 and 3 represent NFTs (ERC721/ERC1155). Identify fee payments as consideration items where the `recipient` is not the main trade participants (`offerer` or `recipient`) and the item type indicates currency. Handle matched orders differently by checking against the matched orders dimension table
- **Key fields**: `consideration_amount` for fee values, `consideration_recipient_address` for fee recipients, `token` addresses for currencies, and `itemtype` for classification

### Component C: Wyvern exchange trade parsing  
- **Purpose**: Extract trading and fee information from the legacy Wyvern Exchange protocol
- **Logic**: Join `OrdersMatched` events with `atomicMatch` function call data using `transaction_hash`, `price`, `maker`, and `taker` matching criteria. Extract fee recipient addresses from the function call `addrs` array at positions 3 and 10. Calculate protocol fees using a 2.5% estimation rule applied to the trade `price`, but only when the actual fee amount falls below this threshold, indicating no separate protocol fee was charged
- **Key fields**: `price` from events for trade value, `addrs` array from function calls for fee recipients, and calculated `protocol_fee_estimate_amount`

### Component D: Protocol fee transaction filtering
- **Purpose**: Identify transactions that contain legitimate OpenSea protocol fees
- **Logic**: Create inclusion filters by identifying all Seaport transactions where either the main `recipient` or any `consideration_recipient` matches OpenSea fee addresses, and all Wyvern transactions where fee recipients in the `addrs` array match OpenSea addresses. This creates a comprehensive list of transactions that potentially generate OpenSea revenue
- **Key fields**: `transaction_hash` and `order_hash` for transaction identification, `block_timestamp` for time-based processing

### Component E: Fee amount extraction and filtering
- **Purpose**: Extract the actual fee amounts that represent OpenSea revenue from qualified transactions
- **Logic**: For Seaport trades, sum all `consideration_amount` values where the `consideration_recipient_address` matches OpenSea fee addresses and the transaction appears in the protocol fee transaction list. For Wyvern trades, use the estimated protocol fee amount when the actual fee is below the 2.5% threshold, otherwise use zero to avoid double-counting marketplace fees. Filter to only include transactions that appear in both the trade data and protocol fee transaction dimensions
- **Key fields**: `fee_amount` representing the revenue-generating portion of each transaction, `token_address` for the currency used

### Component F: Daily aggregation
- **Purpose**: Aggregate individual transaction fees into daily totals by relevant dimensions
- **Logic**: Group transactions by truncated day timestamp, chain identifier, market sector, business segment, product identifier, and token address. Sum the `fee_amount` values within each group to create daily revenue totals for each combination of these dimensions
- **Key fields**: `timestamp` for daily boundaries, `chain_id`, `market_sector_id`, `business_segment_id`, `product_id`, and `token_address` for dimensional grouping

### Final aggregation
- **Combining components**: Seaport and Wyvern fee amounts are combined through a union operation in the protocol fees intermediate model, creating a unified view of revenue across both trading protocols
- **Currency conversion**: Fee amounts are converted to USD using end-of-day token price feeds, with decimal precision correction applied based on each token's metadata to ensure accurate monetary values
- **Time aggregation**: Daily totals are calculated using timestamp truncation to day boundaries, ensuring consistent time-based reporting across all revenue components
- **Final calculation**: The metric represents the sum of all protocol fees collected by OpenSea fee addresses across all supported trading protocols, converted to USD and aggregated by day, with zero-filling applied for days without trading activity to maintain complete time series data

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

OpenSea

Revenue

Revenue

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