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 Revenue Methodology

## 1. Overview

Immutable revenue represents the total fees earned by Immutable from two primary business lines: blockchain infrastructure (Immutable zkEVM gas fees) and NFT marketplace operations (Immutable Orderbook trading fees). The metric combines gas fee revenue from the Immutable zkEVM blockchain with marketplace fee revenue from NFT trading across both Immutable X (StarkEx-based) and Immutable zkEVM platforms. Revenue is calculated daily in USD and represents Immutable's direct monetization from both infrastructure services and marketplace facilitation.

## 2. Data sources

- **Immutable zkEVM transaction records**: Complete transaction history including gas usage, effective gas prices, and IMX token payments for network fees
- **Immutable X NFT trade data**: Trade records from the Immutable X scraper API containing NFT marketplace transactions on the StarkEx-based platform
- **Immutable zkEVM Seaport event logs**: Parsed `OrderFulfilled` events from the Seaport protocol capturing NFT marketplace activity on the zkEVM chain
- **End-of-day token price feeds**: Daily closing prices for IMX, ETH, WETH and other tokens used in trading and gas payments
- **Token metadata**: Decimal places and contract information for accurate amount calculations across different token standards

## 3. Step-by-step calculation

### Component A: Immutable zkEVM gas fee revenue
- **Purpose**: Calculate revenue from gas fees paid by users of the Immutable zkEVM blockchain
- **Logic**: Extract all transactions from Immutable zkEVM blockchain data, calculate gas fees by multiplying `gas_used` by `effective_gas_price` for each transaction, aggregate by day, convert IMX token amounts to USD using end-of-day price feeds, and treat the total gas fees as blockchain infrastructure revenue
- **Key fields**: `gas_used` (gas units consumed), `effective_gas_price` (price per gas unit in IMX), `block_timestamp` for daily aggregation, `token_address` set to IMX contract address for price conversion

### Component B: Immutable X marketplace revenue  
- **Purpose**: Calculate marketplace fee revenue from NFT trading on the StarkEx-based Immutable X platform
- **Logic**: Process NFT trade records from the Immutable X API, extract non-NFT token amounts (typically ETH/WETH payments), convert trading volumes to USD using end-of-day price feeds, apply a 2% fee rate to determine Immutable's marketplace revenue share
- **Key fields**: `token_amount_a` and `token_amount_b` (trade amounts), `token_type_a` and `token_type_b` (ERC721 vs ERC20/ETH), `timestamp` for daily aggregation, WETH address used as default for price conversion when token address is missing

### Component C: Immutable zkEVM marketplace revenue
- **Purpose**: Calculate marketplace fee revenue from NFT trading on the zkEVM-based Seaport marketplace
- **Logic**: Parse `OrderFulfilled` events from the Seaport protocol, process nested offer and consideration arrays to identify trading volumes vs fees, distinguish between matched and unmatched orders with different volume calculation logic, handle various token types (ETH, ERC20, ERC721, ERC1155), convert null addresses to WIMX token address, calculate trading volumes in USD, apply 2% fee rate to determine marketplace revenue
- **Key fields**: `offer` and `consideration` arrays containing trade details, `itemtype` fields indicating token standards, `amount` fields for trade values, `orderhash` for transaction grouping, boolean flags for `consideration_is_volume` and `consideration_is_fees`

### Final aggregation
- **Combining components**: Sum gas fee revenue from zkEVM with marketplace fee revenue from both Immutable X and zkEVM platforms, maintaining separate `product_id` identifiers for each revenue stream before final union
- **Currency conversion**: All amounts converted to USD using end-of-day price feeds with decimal corrections applied based on token metadata, with temporary chain migration to ethereum for price lookup then back to appropriate chain identifiers
- **Time aggregation**: All revenue streams aggregated to daily grain using timestamp truncation to day boundaries, with consistent timestamp and chain identifiers across components
- **Final calculation**: Total daily revenue equals the sum of (zkEVM gas fees in USD) plus (Immutable X trading volume in USD × 2%) plus (zkEVM trading volume in USD × 2%), processed through finalization macro with zero-filling for missing dates and chain availability filtering

*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.

ImmutableIMX

Revenue

Revenue

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