Traders buy NFTs either via the Blur aggregator or Blur's own marketplace from creators & and other users. When trading via Blur's own marketplace, traders pay royalty fees to the creators (supply-side fees).

Blur is a non-custodial NFT marketplace and a marketplace aggregator protocol built on Ethereum. Blur was founded by a pseudonymous team and launched in 2022.

BLUR tokenholders own and govern the protocol. They currently do not take a cut of the royalty fees paid by traders (revenue). Blur's investors include Paradigm, eGirl Capital, etc.

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Blur

# Blur Earnings Methodology

## 1. Overview

The Blur earnings metric measures the protocol's net profitability by calculating total revenue minus total expenses. For Blur, this results in negative earnings because the protocol operates as a zero-fee NFT marketplace (no platform fees) while incurring expenses through token incentive programs. The earnings reflect the cost of user acquisition and retention through BLUR token airdrops, representing the protocol's investment in building market share and user engagement.

## 2. Data sources

- **Airdrop events**: Parsed Ethereum `BlurAirdrop_Claimed_event` and `BlurAirdrop2_Claimed_event` logs capturing BLUR token distributions to users
- **Trading activity**: Parsed NFT trading events from Blur v1 contracts, Blur v2 contracts, Seaport integration, and Blend collateral NFT trading contracts on Ethereum
- **Price data**: End-of-day token price feeds for BLUR token USD conversion
- **Token metadata**: BLUR token decimal place specifications for amount corrections

## 3. Step-by-step calculation

### Component A: Token incentive expenses
- **Purpose**: Calculate the USD value of BLUR tokens distributed through airdrop programs
- **Logic**: Extract airdrop claim events from Ethereum event logs for both airdrop campaigns. Each event contains the claimer address, BLUR token amount, and claim timestamp. Convert token amounts from blockchain decimals to standard decimal format. Apply end-of-day BLUR token prices to convert amounts to USD values. Aggregate daily by summing all airdrop claims within each day
- **Key fields**: `claimer_address` (recipient), `amount` (BLUR tokens claimed), `token_address` (BLUR contract address), `block_timestamp` (claim timing)

### Component B: Revenue calculation  
- **Purpose**: Determine platform revenue from trading activity
- **Logic**: Analyze trading fee structure to determine platform revenue. Since Blur operates as a zero-fee marketplace, all trading fees go to royalty recipients (NFT creators) rather than the platform. Set revenue to zero for all time periods and dimensional combinations while maintaining consistent temporal and dimensional structure derived from trading activity
- **Key fields**: `timestamp` (daily boundaries), `chain_id`, `product_id` (dimensional structure), `revenue` (set to 0)

### Component C: Trading activity foundation
- **Purpose**: Establish dimensional and temporal framework for earnings calculation
- **Logic**: Combine NFT trading data from all Blur contract versions and integrations including native Blur v1 and v2 contracts, Seaport integration for expanded trading options, and Blend collateral NFT trades. Extract trading timestamps, involved parties, traded assets, and fee amounts. Aggregate by day to establish consistent time boundaries. While trading volume doesn't directly contribute to earnings, it provides the dimensional structure ensuring earnings data covers all active time periods and product combinations
- **Key fields**: `block_timestamp` (trade timing), `volume_amount` (trade value), `royalty_amount` (fees to creators), `nft_address` (traded assets)

### Final aggregation
- **Combining components**: Subtract token incentive expenses from zero revenue using the standard earnings formula: Earnings = Revenue - Expenses. Since revenue is zero, earnings equal negative expenses
- **Currency conversion**: Apply end-of-day BLUR token prices to convert token amounts to USD. Use token metadata to correct decimal places before price conversion
- **Time aggregation**: Aggregate all data to daily boundaries using timestamp truncation. Ensure consistent daily coverage across both revenue and expense components
- **Final calculation**: The final earnings value represents the negative USD amount of BLUR tokens distributed through incentive programs, showing the protocol's investment cost in user acquisition and engagement

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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