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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NFT marketplaces

NFTX

# NFTX Token incentives Methodology

## 1. Overview

The NFTX token incentives metric tracks token-based reward programs for the NFTX protocol. Currently, this metric is set to zero across all time periods, indicating that NFTX does not operate token incentive programs or they are not captured in this calculation methodology. The metric maintains the same dimensional structure and time series coverage as other NFTX protocol metrics to ensure consistent reporting frameworks.

## 2. Data sources

- **NFTX contract events**: Parsed Ethereum `NewVault` and `NewFeeDistributor` events from the NFTX VaultFactory contract
- **Token transfer data**: Ethereum token transfer events showing movements between fee distributor addresses and vault contracts  
- **External price data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token decimal precision information for amount normalization
- **Time series structure**: Borrows dimensional framework from the NFTX fees metric calculation

## 3. Step-by-step calculation

### Component A: Vault identification
- **Purpose**: Identify NFTX vault contracts and their associated NFT collections
- **Logic**: Extract vault creation events from the NFTX VaultFactory contract on Ethereum. Parse `NewVault` events to capture the `vaultId`, `assetAddress` (NFT contract), and `vaultAddress` (vault contract). This creates a mapping between vault contracts and their underlying NFT collections.
- **Key fields**: `vault_id`, `nft_address`, `account_address` (vault contract)

### Component B: Fee distributor identification  
- **Purpose**: Identify authorized fee distributor addresses for the NFTX protocol
- **Logic**: Extract fee distributor designation events from the NFTX VaultFactory contract. Parse `NewFeeDistributor` events to capture the `newDistributor` address. These addresses are authorized to distribute trading fees within the NFTX ecosystem.
- **Key fields**: `account_address` (fee distributor contract)

### Component C: Fee flow tracking
- **Purpose**: Establish the time series structure and dimensional framework
- **Logic**: Track token transfers from fee distributor addresses to vault contracts to identify fee payment patterns. Join token transfer events with vault and fee account dimensions to isolate NFTX-related flows. Convert token amounts to USD using end-of-day price feeds and correct for decimal precision. Aggregate to daily granularity by chain, product, and business dimensions.
- **Key fields**: `block_timestamp`, `transaction_hash`, `token_address`, `amount`, dimensional identifiers

### Component D: Token incentives assignment
- **Purpose**: Set token incentive values for all NFTX protocol activities
- **Logic**: Use the time series structure, dimensional framework, and coverage established by the fee calculation. For each record in the fees time series (identified by `timestamp`, `timestamp_grain`, `product_id`, `chain_id`), create a corresponding token incentives record with the `token_incentives` field hardcoded to 0.
- **Key fields**: `timestamp`, `timestamp_grain`, `product_id`, `chain_id`, `token_incentives` (always 0)

### Final aggregation
- **Combining components**: The final metric uses the complete time series coverage from the fees calculation but replaces fee values with zero token incentive amounts
- **Currency conversion**: Not applicable since all values are hardcoded to 0, but maintains USD denomination for consistency
- **Time aggregation**: Daily boundary logic matches the underlying fees calculation, ensuring complete daily coverage from protocol inception
- **Final calculation**: Token incentives = 0 for all time periods and dimensional combinations. The finalization macro ensures proper schema compliance, validates dimensional identifiers, and forward-fills any gaps in the time series with zero values to maintain complete daily coverage.

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

Value of native tokens distributed as incentives.

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Token incentives

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Chain breakdown