Immutable operates a full-stack infrastructure platform for web3 gaming that includes blockchains, namely Immutable zkEVM and Immutable X, and other products, such as Passport and Orderbook. Creators & users sell NFTs on Immutable. They receive royalties from secondary sales (supply-side fees).

Immutable is a platform for building web3 games. Immutable was founded by James Ferguson, Robbie Ferguson, Alex Connolly, and launched in 2018. This dashboard includes data from Immutable Orderbook, Immutable zkEVM, and Immutable X.

IMX holders own and govern the protocol. They currently take a cut of the total trading fees paid by NFT buyers on Immutable Orderbook and the total transaction fees paid by transaction senders on Immutable zkEVM (revenue). Immutable's investors include ParaFi Capital, GameStop Digital Ventures, Fabric Ventures, etc.

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Immutable

# Immutable Average revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) measures the daily revenue generated per active user across the Immutable ecosystem. This metric is used to assess user monetization effectiveness by dividing total daily revenue by the number of active users (daily). The calculation is performed by dividing the sum of transaction fee revenue and marketplace fee revenue by the count of unique active users (daily) identified through on-chain activity.

## 2. Data sources

- **Blockchain events**: `NonceChange` events from `Wallet` contracts, plus `OrderFulfilled` and `OrdersMatched` events from `ImmutableSeaport` contracts, covering Ethereum, Immutable zkEVM, and StarkEx
- **Revenue**: Derived from the Revenue metric
- **Active users (daily)**: Derived from the Active users (daily) metric
- **External data**: end-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: active users (daily) calculation

- **Purpose**: Unique active users (daily) are identified and counted across the Immutable ecosystem.
- **Logic**: User addresses are extracted from two primary sources. Transaction sender addresses from all Immutable zkEVM transactions are captured to represent users initiating blockchain activity. Wallet addresses from `NonceChange` events from `Wallet` contracts are captured to represent users interacting with the Immutable Passport account abstraction system. Users are categorized by type and aggregated daily to ensure distinct counts across multiple dimensions.
- **Key fields**: `from_address` from transactions, `address` from wallet events, `block_timestamp` for daily aggregation

### Component B: Revenue from transaction fees

- **Purpose**: Revenue generated from Immutable zkEVM blockchain transaction fees is calculated.
- **Logic**: Gas consumption is multiplied by the effective gas price for each transaction to determine individual fees. Gas prices are denominated in IMX assets and normalized by decimal precision. Fee amounts are converted to USD using end-of-day price feeds for the IMX asset. Transaction fees are aggregated daily to represent the blockchain infrastructure revenue component.
- **Key fields**: `gas_used`, `effective_gas_price`, `block_timestamp` for daily grouping, `token_address` for IMX identification

### Component C: Revenue from marketplace fees

- **Purpose**: Revenue generated from NFT marketplace trading activities is calculated.
- **Logic**: Trading volume is processed from two marketplace sources. For Immutable X, non-NFT asset amounts are extracted from NFT trading records and converted to USD using price feeds. For Immutable zkEVM, `OrderFulfilled` and `OrdersMatched` events from `ImmutableSeaport` contracts are parsed. Offer and consideration amounts are extracted and filtered for volume-generating trades. Trading volumes from both sources are converted to USD using end-of-day price feeds and decimal corrections. A 2% fee rate is applied to all trading volumes to calculate marketplace revenue.
- **Key fields**: `amount` from Immutable X trades, `volume_amount` from Immutable zkEVM trades, `token_address` for price conversion, `block_timestamp` for daily aggregation

### Component D: Final aggregation and ARPU calculation

- **Purpose**: Total ecosystem revenue is combined and divided by the active user count to determine ARPU.
- **Logic**: Transaction fee revenue and marketplace fee revenue are summed daily to determine total revenue. Active users (daily) are aggregated across all user types and sources to prevent double-counting of users active in multiple contexts. All revenue components are standardized to USD using end-of-day price feeds. ARPU is computed by dividing total daily revenue by the distinct count of active users (daily), with zero-filling applied for days with no activity to maintain complete time series data.

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

ImmutableIMX

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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