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 Trading volume Methodology

## 1. Overview

The Immutable trading volume metric measures the total USD value of NFT trades across Immutable's two main platforms: Immutable X (StarkEx L2) and Immutable zkEVM. This metric aggregates daily trading volumes from both platforms to provide a comprehensive view of NFT marketplace activity within the Immutable ecosystem. The calculation extracts payment token amounts from NFT trades and converts them to USD values.

## 2. Data sources

The metric relies on the following raw data sources:

- **Immutable X trade data**: NFT trading records from the Immutable X API scraper containing trade events with token amounts and addresses
- **Immutable zkEVM blockchain events**: Parsed `OrderFulfilled` events from the Seaport marketplace protocol on Immutable zkEVM
- **Seaport matched orders**: `OrdersMatched` events from ImmutableSeaport contracts used to identify special order matching scenarios
- **End-of-day price feeds**: Token price data for USD conversion of various payment tokens
- **Token metadata**: Token contract information including decimal places for proper amount normalization

## 3. Step-by-step calculation

### Component A: Immutable X trading volumes
- **Purpose**: Extract trading volumes from Immutable X NFT marketplace trades
- **Logic**: The calculation processes NFT trade records from the Immutable X API scraper. For each trade, it identifies the payment token by selecting the non-NFT token from the trade pair - if `token_type_a` is ERC721, it uses `token_address_b` and `token_amount_b`, otherwise it uses `token_address_a` and `token_amount_a`. When no specific token address is available, it defaults to using WETH address for price conversion. The trades are aggregated to daily granularity and assigned 'starkex' as the `chain_id` since Immutable X operates on StarkEx L2.
- **Key fields**: `timestamp`, `token_address`, `amount`, with `chain` hardcoded to 'ethereum' for price lookup but final `chain_id` set to 'starkex'

### Component B: Immutable zkEVM trading volumes  
- **Purpose**: Extract trading volumes from Seaport-based NFT trades on Immutable zkEVM
- **Logic**: The calculation processes `OrderFulfilled` events from ImmutableSeaport contracts. Each event contains arrays of offers and considerations that are flattened using unnest operations. The logic distinguishes between NFTs and payment tokens using `itemtype` values (0,1 = ETH/ERC20 currencies, 2,3 = ERC721/ERC1155 NFTs). For volume calculation, it applies different logic based on whether orders are matched (identified by cross-referencing with `OrdersMatched` events): for unmatched orders, it uses consideration amounts when offers are NFTs and currency considerations exist, or offer amounts for currency offers that aren't fees; for matched orders, it uses offer amounts. Null token addresses are replaced with the wIMX token address. The processed trades are aggregated daily by token address before USD conversion.
- **Key fields**: `volume_amount` (calculated from offer/consideration amounts), `token_address` (with null address replacement), `block_timestamp`, `is_matched` flag

### Final aggregation
- **Combining components**: The two trading volume streams are combined using a union operation, with both assigned 'immutableorderbook' as the `product_id`. Each component maintains its respective chain identifier ('starkex' for Immutable X, 'Immutable zkEVM' for zkEVM trades).
- **Currency conversion**: Both components use the same USD conversion process via the `convert_to_usd_and_correct_decimals` macro, which applies end-of-day token prices and corrects for token decimal places to normalize amounts to standard units before price multiplication.
- **Time aggregation**: All volumes are aggregated to daily timestamps using `timestamp_trunc` function with day granularity, creating consistent daily boundary logic across both data sources.
- **Final calculation**: The metric sums all daily trading volumes across both platforms, grouped by timestamp, chain, market sector ('nfts'), business segment ('marketplace'), and product dimensions. Chain availability filtering is applied to ensure only data from supported chains is included in the final output.

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

Total value of spot trades executed on the exchange.

ImmutableIMX

Trading volume

Trading volume

Competitive landscape

Chain breakdown