Creators & users sell NFTs on LooksRare. They receive royalties from secondary sales (supply-side fees).

LooksRare is a non-custodial NFT marketplace protocol built on Ethereum and launched in 2022.

LOOKS tokenholders own and govern the protocol. They currently take a cut of the total transaction fees paid by buyers (revenue).

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LooksRare

# LooksRare Revenue Methodology

## 1. Overview

LooksRare revenue represents the total protocol fees collected by the LooksRare NFT marketplace across all its trading platforms. This metric combines revenue from two primary sources: trades executed on LooksRare's native exchange contracts (versions 1 and 2) and trades executed through OpenSea's Seaport protocol where LooksRare acts as the aggregator and collects fees. The calculation aggregates daily protocol fees in USD, providing a comprehensive view of LooksRare's marketplace revenue.

## 2. Data sources

The calculation utilizes several blockchain data sources and external feeds:
- **LooksRare exchange events**: Parsed Ethereum `TakerBid` and `TakerAsk` events from LooksRare Exchange v1 and v2 contracts
- **LooksRare royalty events**: Parsed Ethereum `RoyaltyPayment` events from LooksRare Exchange v1 for trade context
- **Seaport trading events**: Parsed Ethereum `OrderFulfilled` events from OpenSea Seaport contracts (versions 1.1 through 1.6)
- **Seaport order matching events**: Parsed Ethereum `OrdersMatched` events and function calls for `matchAdvancedOrders` and `matchOrders`
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Decimal precision data for proper token amount calculations

## 3. Step-by-step calculation

### Component A: Native looksRare exchange revenue
- **Purpose**: Calculate protocol fees from trades executed directly on LooksRare's native exchange contracts
- **Logic**: Extract trade events from LooksRare Exchange v1 and v2 contracts on Ethereum. For v1 trades, parse `TakerBid` and `TakerAsk` events to get trade prices and calculate protocol fees using a hardcoded rate of 2% of the trade price. Join with `RoyaltyPayment` events to get complete trade context including royalty amounts. For v2 trades, parse the same event types but extract protocol fees directly from the `feeAmounts` array at index 2, as v2 events include explicit fee breakdowns. Both versions capture buyer address (`taker`), seller address (`maker`), NFT collection address (`collection`), payment token address (`currency`), trade amount (`price`), and order hash for trade identification.
- **Key fields**: `protocol_fee_amount` (calculated as 2% of trade price for v1, extracted from `feeAmounts[2]` for v2), `buyer_address`, `seller_address`, `nft_address`, `token_address`, `order_hash`, `transaction_hash`, `block_timestamp`

### Component B: Seaport protocol revenue
- **Purpose**: Identify and extract protocol fees from LooksRare trades executed through OpenSea's Seaport protocol
- **Logic**: Parse `OrderFulfilled` events from Seaport versions 1.1 through 1.6 to identify trades where LooksRare acts as an aggregator. Filter transactions by checking if any consideration items (fees) are sent to LooksRare's fee recipient address `0x1838de7d4e4e42c8eb7b204a91e28e9fad14f536`. Process the complex offer and consideration arrays to distinguish between NFT transfers, payment transfers, and fee transfers. Identify matched orders by checking against `OrdersMatched` events to handle different calculation logic for batch trades. Extract fee amounts from consideration items specifically sent to the LooksRare fee address. Handle various token types including ETH (type 0), ERC20 (type 1), ERC721 (type 2), and ERC1155 (type 3) to properly categorize trade components.
- **Key fields**: `amount` (fee amount sent to LooksRare), `fee_recipient_address`, `buyer_address`, `seller_address`, `nft_address`, `token_address`, `order_hash`, `transaction_hash`, `block_timestamp`

### Final aggregation
- **Combining components**: Union the protocol fees from native LooksRare exchange trades with the protocol fees from Seaport trades to create a comprehensive revenue dataset
- **Currency conversion**: Convert ETH addresses (`0x0000000000000000000000000000000000000000`) to WETH addresses (`0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2`) for proper price lookups. Apply decimal correction based on token metadata and convert all fee amounts to USD using end-of-day token prices
- **Time aggregation**: Truncate timestamps to day level and group all revenue by date. Apply zero-filling strategy to ensure continuous daily data with zero values for dates with no trading activity
- **Final calculation**: Sum all USD-converted protocol fees by day, apply project metadata including business line ("NFT marketplace"), market sector ("nfts"), and business segment ("marketplace"). Filter results to end on February 21, 2024, representing the metric's data cutoff date

*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.

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