Liquidity providers deposit funds into SushiSwap and NFTs into vaults and receive redemption and minting fees from users (supply-side fees).

NFTX is a non-custodial NFT marketplace protocol built on Ethereum. NFTX was founded by Alex Gausman and launched in 2021.

NFTX tokenholders own and govern the protocol. They currently take a cut of the redemption and minting fees (in the absence of liquidity providers) paid by users (revenue). NFTX's investors include Robot Ventures, etc.

governance

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NFTX

# NFTX Fees Methodology

## 1. Overview

NFTX fees represents the total daily fees distributed to NFTX vault token holders. NFTX is a protocol that creates fungible ERC-20 tokens backed by NFT collections, allowing users to mint, redeem, and swap NFTs. The protocol generates fees from these activities and distributes them to vault token holders through designated fee distributor contracts. This metric captures the USD value of these fee distributions on a daily basis.

## 2. Data sources

- **NFTX contract events**: Parsed `NewFeeDistributor` events from the NFTX VaultFactory contract to identify fee distributor addresses
- **NFTX vault events**: Parsed `NewVault` events from the NFTX VaultFactory contract to map vault IDs to NFT collection addresses and vault token addresses
- **Ethereum token transfers**: Token transfer events to track payments from fee distributors to vault token holders
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Token decimal information for amount normalization

## 3. Step-by-step calculation

### Component A: Fee distributor identification
- **Purpose**: Identify addresses authorized to distribute fees in the NFTX protocol
- **Logic**: Parse `NewFeeDistributor` events from the NFTX VaultFactory contract on Ethereum. Extract the `newDistributor` address field from each event. These addresses represent contracts or accounts that are authorized to distribute trading fees to vault token holders.
- **Key fields**: `newDistributor` address field from the event logs

### Component B: Vault mapping
- **Purpose**: Map NFTX vaults to their underlying NFT collections and token addresses
- **Logic**: Parse `NewVault` events from the NFTX VaultFactory contract. Extract the `vaultId`, `assetAddress` (NFT collection), and `vaultAddress` (vault token contract) from each event. This creates a mapping between vault tokens and their underlying NFT collections.
- **Key fields**: `vaultId`, `assetAddress` as `nft_address`, `vaultAddress` as vault token address

### Component C: Fee distribution identification
- **Purpose**: Identify actual fee distribution transactions
- **Logic**: Analyze Ethereum token transfer events where the sender (`from_address`) is one of the identified fee distributor addresses. Join these transfers with the vault mapping to ensure the recipient token corresponds to an NFTX vault token. Filter transfers to only include those where the token being transferred matches a vault token address. Extract transaction details including block timestamp, transaction hash, log index, and transfer amounts.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `token_address`, `from_address`, `to_address`, `value` as transfer amount

### Final aggregation
- **Combining components**: Join fee distributions with vault information using the token address. This links each fee distribution to its associated NFT collection and vault.
- **Currency conversion**: Convert transfer amounts to USD using end-of-day token price feeds. Apply decimal correction based on each token's decimal specification to ensure accurate amount representation.
- **Time aggregation**: Truncate timestamps to daily boundaries and aggregate all fee distributions by day, chain, and token address. Sum the USD-converted amounts for each day.
- **Final calculation**: The daily fee amount represents the total USD value of tokens distributed from fee distributor addresses to vault token holders on that day. Missing days are filled with zero values to maintain a complete time series. The metric is categorized under the NFT marketplace business line with nfts market sector and marketplace business segment.

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

Total value users pay to use a protocol (gross fees, user-paid fees).

NFTXNFTX

Fees

Fees

Competitive landscape

Chain breakdown