# Blur Revenue Methodology

## 1. Overview

Blur revenue represents the protocol fees generated by the Blur NFT marketplace ecosystem. However, Blur operates as a zero-fee marketplace, meaning the protocol does not charge fees on trades and therefore generates zero revenue. All trading fees collected go directly to supply-side participants (primarily NFT royalty recipients). This metric is calculated by referencing the same data structure used for fees calculation but explicitly setting the revenue value to 0 for all time periods and chains.

## 2. Data sources

- **Blur v1 exchange events**: Parsed Ethereum `OrdersMatched` events from the original Blur exchange contract capturing direct marketplace trades
- **Blur v2 exchange events**: Parsed Ethereum execution events from the updated exchange including `Execution721Packed`, `Execution721MakerFeePacked`, and `Execution721TakerFeePacked` events with compressed data structures
- **Seaport integration events**: Parsed Ethereum `OrderFulfilled` events from Seaport versions 1.1 through 1.6, filtered specifically for transactions with Blur's owner ID to capture trades routed through OpenSea's infrastructure
- **Blur Blend collateral trades**: Parsed Ethereum function calls from Blend protocol including `buyLockedETH`, `buyLocked`, `buyToBorrowLocked`, and `buyToBorrowLockedETH` functions for NFT trades involving locked collateral
- **Transaction records**: Ethereum transaction data used to resolve actual buyer addresses when trades involve intermediate contracts like Blur Swap
- **End-of-day price feeds**: Token price data for USD conversion of fee amounts
- **Token metadata**: Token decimal information for proper amount calculations

## 3. Step-by-step calculation

### Component A: Blur v1 trades
- **Purpose**: Extract trading activity from the original Blur exchange
- **Logic**: Parse `OrdersMatched` events to identify NFT trades. Extract seller and buyer addresses by comparing `maker` and `taker` fields with the `sell.trader` field. Calculate royalty amounts by multiplying the trade price by fee rates divided by 10,000. Handle cases where Blur Swap contract is the buyer by resolving the actual buyer from transaction data. Convert null or pool token addresses to WETH for price calculations.
- **Key fields**: `sellHash` as order identifier, `sell.collection` and `sell.tokenId` for NFT identification, `sell.price` for volume, `sell.fees` array for royalty calculations

### Component B: Blur v2 trades  
- **Purpose**: Extract trading activity from the updated Blur exchange with optimized data structures
- **Logic**: Parse multiple execution event types with packed data structures. Use JavaScript functions to perform bitwise operations on large integers, unpacking `tokenIdListingIndexTrader` into token ID, listing index, and trader address, and `collectionPriceSide` into order type, price, and collection address. Determine buyer/seller based on order type (0 for seller orders, 1 for buyer orders). Calculate royalty amounts using fee tiers divided by 10,000.
- **Key fields**: `orderHash` for order tracking, unpacked `tokenId` and `collection` for NFT identification, unpacked `price` for volume, `makerFeeRecipientRate` and `takerFeeRecipientRate` for fee calculations

### Component C: Seaport integration trades
- **Purpose**: Capture Blur trades routed through OpenSea's Seaport infrastructure
- **Logic**: Parse `OrderFulfilled` events from multiple Seaport versions and filter for Blur's specific owner ID. Flatten offer and consideration arrays to identify NFT and currency components. Determine trade direction by analyzing token types (ETH/ERC20 vs ERC721/ERC1155). Calculate fees from consideration amounts where recipients differ from main trade participants. Handle both matched and unmatched order scenarios with different volume calculation logic.
- **Key fields**: `offerer` and `recipient` for trade participants, `offer` and `consideration` arrays for trade details, `zone` field containing owner ID for Blur filtering

### Component D: Blend collateral trades
- **Purpose**: Extract NFT trades involving locked collateral in the Blend lending protocol
- **Logic**: Parse function calls for purchasing locked NFTs including `buyLockedETH`, `buyLocked`, `buyToBorrowLocked`, and `buyToBorrowLockedETH`. Extract borrower as seller, function caller as buyer, and lien details for NFT identification. Use offer price as volume amount and set royalty amounts to zero as these are collateral liquidations.
- **Key fields**: `lien.borrower` for seller, `lien.tokenId` and `lien.collection` for NFT identification, `offer.price` or `sellInput.offer.price` for volume

### Component E: Daily aggregation
- **Purpose**: Combine all trade sources into daily summaries
- **Logic**: Union all trade data sources and aggregate by day, chain, market sector, business segment, product, and token address. Sum royalty amounts as `fees_supply_side` and volume amounts as `trading_volume`. Apply incremental processing to handle only recent data updates.
- **Key fields**: Truncated `block_timestamp` to day granularity, summed `royalty_amount` as supply-side fees

### Component F: USD conversion and fee processing
- **Purpose**: Convert token amounts to USD and structure as fees data
- **Logic**: Join aggregated trade data with end-of-day price feeds to convert token amounts to USD values. Apply decimal correction based on token metadata to ensure proper scaling. Use `convert_to_usd_and_correct_decimals` macro for standardized processing. Apply `finalize_metric_fees_supply_side` macro for schema validation and gap filling.
- **Key fields**: `fees_supply_side` converted to USD as the basis for fee calculations

### Final calculation
- **Combining components**: The revenue calculation references the structured fees data to maintain consistent timestamps, chains, and dimensional attributes
- **Currency conversion**: All amounts are already converted to USD through the fees processing pipeline
- **Time aggregation**: Daily boundaries are maintained from the underlying fees calculation
- **Final calculation**: Revenue is explicitly set to 0 for all records, indicating that Blur operates as a zero-fee protocol where no revenue is generated from trading activity. The `finalize_metric_revenue` macro applies standard schema validation and ensures no temporal gaps in the 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.

Revenue

Blur

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.

BlurBLUR

Revenue

Revenue

Competitive landscape

Chain breakdown