Creators create and sell NFTs on Manifold.xyz. They receive primary sales from mints (supply-side fees).

Manifold.xyz is a non-custodial NFT minting protocol. Manifold.xyz was founded by Eric Diep, Richerd Chan, and Wilkins Chung and launched in 2021.

Team and investors own and govern the protocol. They currently take a mint fee paid by collectors (revenue).

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Manifold.xyz

# Manifold.xyz Supply-side fees Methodology

## 1. Overview

Supply-side fees represent the portion of trading volume that flows to NFT creators and suppliers on the ManifoldXYZ platform, calculated as total trading volume minus protocol revenue. This metric answers the business question: "How much value flows to content creators versus the platform itself?" The calculation uses a simple subtraction approach where protocol-retained fees are deducted from total trading volume to determine the creator-retained portion.

## 2. Data sources

- **Ethereum native token flows**: ETH transfer records to specific ManifoldXYZ Claims contract addresses
- **Optimism transaction records**: Transaction data for ManifoldXYZ Claims contracts on Optimism  
- **ManifoldXYZ parsed smart contract events**: Including `ClaimMint`, `ClaimMintBatch`, `CreateListing`, `PurchaseEvent`, and `BidEvent` logs across contract versions v1-v5
- **ManifoldXYZ parsed function calls**: Including `initializeClaim`, `burnRedeem`, and `burnRedeem2` function traces for fee calculation
- **End-of-day token price feeds**: USD conversion rates for ETH and WETH tokens
- **Token metadata**: Decimal precision data for accurate amount calculations

## 3. Step-by-step calculation

### Component A: Claims trading volume
- **Purpose**: Captures the total value of ETH paid for NFT claims (mints) on ManifoldXYZ
- **Logic**: Extracts ETH transfers to a hardcoded list of ManifoldXYZ Claims contract addresses on Ethereum and Optimism. Filters out one specific wash trade transaction. Converts null address (native ETH) to WETH address for standardization. On Optimism, uses successful transactions where the `to_address` matches Claims contracts.
- **Key fields**: `value` (ETH amount), `transaction_hash`, `block_timestamp`, `account_address` (Claims contract)

### Component B: Marketplace trading volume  
- **Purpose**: Captures trading volume from ManifoldXYZ's NFT marketplace across different contract versions
- **Logic**: Combines two event types - direct purchases from `PurchaseEvent` logs and auction sales from winning bids. For auctions, identifies winning bids by taking the highest `amount` bid per `listingId` using window functions. Joins purchase and bid events with corresponding `CreateListing` events to get token payment details. Handles null token addresses by converting to WETH.
- **Key fields**: `amount` (trade value), `listingId`, `erc20` (payment token), `chain`, `version`

### Component C: Claims revenue
- **Purpose**: Calculates fixed protocol fees charged on NFT claims
- **Logic**: Processes `ClaimMint` and `ClaimMintBatch` events from ERC721 and ERC1155 contracts across versions v3-v5. Joins with claim initialization data to determine if claims use allowlists by checking if `merkleRoot` differs from zero address. Applies fixed fee rates: 0.0005 ETH for standard claims, 0.00069 ETH for allowlist claims. Multiplies by `mintCount` (1 for single mints, actual count for batch mints).
- **Key fields**: `claimIndex`/`instanceId`, `mintCount`, `is_allowlist` flag, `fee_amount`

### Component D: Redemption revenue
- **Purpose**: Calculates fixed protocol fees charged on NFT burn redemptions  
- **Logic**: Processes `burnRedeem` and `burnRedeem2` function calls from ERC721 and ERC1155 contracts across versions v1-v3. Calculates item count by analyzing burn token groups or parsing JSON structures. Applies fee rates: 0.00069 ETH for single-item redemptions, 0.00099 ETH for multi-item bulk redemptions. Multiplies by action count.
- **Key fields**: `burnRedeemCount`, `burnTokens`, `item_count`, `action_count`, `fee_amount`

### Final aggregation
- **Combining components**: Trading volume components (Claims + Marketplace) are summed to daily totals by chain and token address. Revenue components (Claims + Redemptions) are similarly aggregated to daily totals.
- **Currency conversion**: All token amounts are converted to USD using end-of-day price feeds and corrected for token decimal precision (ETH/WETH = 18 decimals)
- **Time aggregation**: Data is truncated to daily boundaries using `timestamp_trunc(block_timestamp, day)` with 'day' granularity
- **Final calculation**: Supply-side fees equals trading volume minus protocol revenue, where revenue is subtracted (negated in the union) to represent the portion flowing to creators rather than the protocol

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

Portion of fees distributed to service providers or supply-side participants.

Manifold.xyz

Supply-side fees

Supply-side fees

Competitive landscape

Chain breakdown