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Most of those $200M in fees are Ethereum gas fees that are being burnt on-chain. Those aren't income for OpenSea, they're costs incurred by all parties as part
by CydeWeys 4y ago
Most of those $200M in fees are Ethereum gas fees that are being burnt on-chain. Those aren't income for OpenSea, they're costs incurred by all parties as part of doing business.
- giantrobot 4y agoEven then the dollar value is only the magic fantasy price you'd get if you could turn those coins into dollars but not affect the price by the fact of that sale.
- puranjay 4y agoETH has enough liquidity to easily absorb that volume tbh.
- danuker 4y agoI suppose those fees would be the lower limit of the subjective value provided to the participants. Otherwise they wouldn't trade.
- bbno4 4y agoI do not think they are gas fees, that wouldn't make sense. The description on that chart states: > Combined OpenSea and seller fees Opensea takes a % fee, and the seller takes a % fee. Can you prove it's also including gas fees?
- puranjay 4y agoOpenSea's fees is 2.5% of each transaction. There's a creator fee on top of that which the creator can decide. It usually ranges between 2.5-7.5%. On average, you should assume that OpenSea takes around 30-40% from this 200M fees.