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

github

twitter

discord

etherscan

website

NFT marketplaces

NFTX

# NFTX Trading volume Methodology

## 1. Overview

The NFTX trading volume metric measures the daily volume of NFT trading activity through NFTX vaults, expressed in USD. NFTX is a protocol that creates liquid markets for NFT collections by allowing users to mint fungible ERC-20 tokens backed by NFTs, redeem NFTs from vaults, and swap specific NFTs. This metric captures all three types of trading activities (minting, redeeming, swapping) and counts each NFT transaction as one unit of volume, then converts to USD value using vault token prices.

## 2. Data sources

The calculation relies on these underlying raw data sources:

- **NFTX vault events**: Parsed Ethereum event logs from NFTX v2 vaults including `Minted`, `Redeemed`, and `Swapped` events that contain NFT IDs, amounts, and vault addresses
- **NFTX factory events**: Parsed `NewVault` creation events from the NFTX VaultFactory contract that map vault addresses to their underlying NFT collection addresses
- **Migration events**: Parsed `HoldingsRemoved` events from NFTX v1 XStore contracts to identify vault migration transactions
- **Transaction data**: Ethereum transaction records providing user addresses, timestamps, and transaction metadata
- **Token metadata**: ERC-20 token information including symbols and decimals for NFTX vault tokens
- **End-of-day price feeds**: Daily USD price data for NFTX vault tokens to enable currency conversion

## 3. Step-by-step calculation

### Component A: Trade event collection
- **Purpose**: Extract all NFT trading activities from NFTX v2 vaults on Ethereum
- **Logic**: Collect parsed event logs from three NFTX v2 vault event types: `Minted` (users deposit NFTs to receive vault tokens), `Redeemed` (users burn vault tokens to receive random NFTs), and `Swapped` (users exchange specific NFTs for other specific NFTs). Each event contains arrays of NFT IDs (`nftIds`) representing the NFTs involved in the transaction. The system unnests these arrays to create individual trade records for each NFT, ensuring each NFT counts as one unit of trading volume. Events are filtered to start from June 21, 2021 when NFTX v2 launched.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for transaction linking, `log_index` for event ordering, `address` as vault address, `nftIds` array containing individual NFT token IDs, and `event_type` indicating the trading activity type

### Component B: Vault and user mapping  
- **Purpose**: Link vault addresses to their underlying NFT collections and identify actual users
- **Logic**: Join trade events with vault factory data using vault addresses to map each vault to its underlying NFT collection address (`nft_address`). This mapping comes from `NewVault` events emitted when vaults are created, containing the vault ID, NFT collection address, and vault token address. Additionally, join with transaction records to identify the actual user addresses (`from_address`) who initiated the trades, as event logs only contain vault contract addresses.
- **Key fields**: `vault_id` for unique vault identification, `nft_address` for the underlying NFT collection, `account_address` as the vault contract address, and `from_address` as the actual user

### Component C: Migration filtering
- **Purpose**: Exclude vault migration transactions to avoid counting non-trading volume
- **Logic**: Filter out transactions that appear in NFTX v1 `XStore_HoldingsRemoved` events, which represent migrations from v1 to v2 vaults rather than actual trading activity. This prevents double-counting of NFTs that were simply moved between vault versions.
- **Key fields**: `transaction_hash` used to identify migration transactions for exclusion

### Component D: Token metadata enrichment
- **Purpose**: Add token symbols and metadata for vault tokens
- **Logic**: Join trade records with token metadata using vault token addresses to retrieve token symbols and other metadata needed for proper identification and USD conversion. This uses the vault token address (same as vault address) to match with token registry data.
- **Key fields**: `symbol` for token identification, token `id` matching vault addresses on Ethereum chain

### Final aggregation
- **Combining components**: All trade records are combined with their vault mappings, user addresses, and token metadata, then filtered to remove migration transactions. Each individual NFT from the unnested arrays represents one unit of trading volume regardless of the specific vault token's market value.
- **Daily aggregation**: Group all trades by daily timestamp boundaries (`timestamp_trunc` to day level), chain ID, market sector, business segment, product ID, and vault token address. Sum the `nft_amount` field (always 1 per NFT) to calculate total daily trading volume per vault.
- **Currency conversion**: Convert aggregated daily volumes to USD using end-of-day price feeds for each vault token address. The conversion uses the vault token's market price rather than attempting to value individual NFTs, since vault tokens represent fractional ownership of the underlying NFT pool.
- **Final calculation**: Apply the `finalize_metric_trading_volume` macro which validates schema compliance, fills data gaps with zeros for missing days (using 'fill_zeros' strategy), and ensures consistent time series data. Filter results based on chain availability configuration to include only supported blockchain networks.

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

Total value of spot trades executed on the exchange.

NFTXNFTX

Trading volume

Trading volume

Competitive landscape

Chain breakdown