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.

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NFT marketplaces

NFTX

# NFTX Revenue Methodology

## 1. Overview

The NFTX revenue metric measures the daily fee income earned by the NFTX protocol from NFT marketplace activities. This metric captures fees collected from trading activities on NFTX vaults (tokenized NFT collections) that are distributed to the protocol's designated fee recipient address. The calculation identifies all token transfers representing fee distributions from NFTX fee accounts to the protocol's fee recipient, converts these amounts to USD, and aggregates them daily.

## 2. Data sources

- **NFTX contract events**: Parsed `NewFeeDistributor` events from the NFTX v2 VaultFactory contract on Ethereum, which identify authorized fee distributor accounts
- **NFTX vault events**: Parsed `NewVault` events from the NFTX v2 VaultFactory contract on Ethereum, containing vault creation data including vault IDs, NFT collection addresses, and vault token addresses
- **Ethereum token transfers**: Ethereum `Transfer` events filtered by specific from addresses, capturing all token movements from fee distributor accounts
- **End-of-day price feeds**: Token price data used for USD conversion of fee amounts
- **Token metadata**: Token decimal information used for proper amount calculation

## 3. Step-by-step calculation

### Component A: Fee distributor identification
- **Purpose**: Identifies all authorized accounts that can distribute NFTX fees
- **Logic**: Extracts fee distributor addresses from NFTX v2 VaultFactory `NewFeeDistributor` events on Ethereum. Each event contains a `newDistributor` field that identifies an authorized fee distributor account address
- **Key fields**: `newDistributor` address from the contract events

### Component B: Vault context mapping
- **Purpose**: Maps NFTX vault tokens to their underlying NFT collections
- **Logic**: Extracts vault information from NFTX v2 VaultFactory `NewVault` events on Ethereum. Each event captures the creation of a new vault with its unique ID, the underlying NFT collection address, and the vault's token contract address
- **Key fields**: `vaultId`, `assetAddress` (NFT collection), and `vaultAddress` (vault token contract)

### Component C: Fee transfer extraction
- **Purpose**: Identifies all token transfers representing NFTX fee distributions
- **Logic**: Filters Ethereum token transfer events where the sender (`from_address`) is a known fee distributor account and the token address corresponds to an NFTX vault token. This captures all fee distributions from authorized accounts involving NFTX vault tokens. The transfers are enriched with vault context including the underlying NFT collection address
- **Key fields**: `from_address`, `to_address`, `token_address`, `value` (transfer amount), plus vault metadata like `nft_address`

### Final aggregation
- **Combining components**: The fee transfers are filtered to include only those sent to the specific NFTX protocol fee recipient address (`0x40d73df4f99bae688ce3c23a01022224fe16c7b2`). This isolates genuine protocol revenue from other fee distributions
- **Currency conversion**: Transfer amounts are converted to USD using end-of-day token price feeds and corrected for token decimal places to ensure accurate value calculation
- **Time aggregation**: Timestamps are truncated to daily boundaries, with all transfers within a day aggregated by summing the USD-converted amounts
- **Final calculation**: The daily revenue is the sum of all USD-converted fee transfers to the protocol fee recipient address, with missing days filled with zero values to maintain a consistent time series

*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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Revenue

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