Creators & users sell NFTs on X2Y2. They receive royalties from secondary sales (supply-side fees).

X2Y2 is a non-custodial NFT marketplace protocol built on Ethereum and launched in 2022.

X2Y2 tokenholders own and govern the protocol. They currently take a cut of the total transaction fees paid by buyers (revenue).

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X2Y2

# X2Y2 Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) for X2Y2 measures the average amount of fees generated per daily active user on the X2Y2 NFT marketplace. This metric helps assess the monetization efficiency of the platform by dividing the total daily fees collected by the number of unique users who traded on that day. The calculation considers both NFT buyers and sellers as active users and includes all fees (protocol fees and royalties) generated from trades.

## 2. Data sources

The calculation uses the following raw data sources:
- **Blockchain events**: Parsed X2Y2 Exchange `EvInventory` events from Ethereum blockchain containing trade execution data
- **Transaction data**: Ethereum transaction logs with detailed trade information including buyer/seller addresses, NFT details, and fee structures
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal correction

## 3. Step-by-step calculation

### Component A: Trade data extraction
- **Purpose**: Extract and process individual NFT trades from X2Y2 Exchange events
- **Logic**: Parse `EvInventory` events from the X2Y2 Exchange contract on Ethereum. Extract key trade details including buyer address (determined by `intent` field - if intent is 1, taker is buyer, otherwise maker is buyer), seller address (opposite of buyer), NFT contract address, token ID (converted from hex to decimal), and fee structure. Handle currency conversion where null address is replaced with WETH address. Calculate fee amounts by applying percentage-based fees to trade prices, distinguishing between protocol fees (paid to X2Y2's fee address `0xd823c605807cc5e6bd6fc0d7e4eea50d3e2d66cd`) and royalty fees (paid to other addresses).
- **Key fields**: `maker` and `taker` addresses, `intent` field for buyer/seller determination, `price` for trade value, fee `percentage` and recipient `to` addresses, NFT `token_id` and contract address

### Component B: Daily active user calculation
- **Purpose**: Count unique users who participated in trades each day
- **Logic**: Extract both buyer and seller addresses from each trade and group by day. Union buyer addresses (labeled as "NFT buyer" user type) with seller addresses (labeled as "NFT seller" user type). Apply daily time truncation to group trades by day. Use HyperLogLog (HLL) sketches to efficiently count distinct user addresses across multiple dimensions including overall project level, by chain, by user type (buyer vs seller), and by product. This approach allows for memory-efficient computation of distinct user counts while supporting various analytical breakdowns.
- **Key fields**: `nft_buyer_address`, `nft_seller_address`, `block_timestamp` truncated to day, `user_type` classification

### Component C: Fee amount calculation  
- **Purpose**: Calculate total fees collected from trades in USD
- **Logic**: Extract fee amounts from each trade by applying fee percentages to trade prices. Sum protocol fees (fees paid to X2Y2's designated fee address) and royalty fees (fees paid to NFT creators or other parties) to get total fee per trade. Group fees by day and sum to get daily totals. Apply decimal correction based on token metadata to ensure proper amount representation. Convert fee amounts from native tokens to USD using end-of-day price feeds. Handle different token types by normalizing null address (ETH) to WETH address for consistent processing.
- **Key fields**: `fee_amount` calculated from percentage and price, `token_address` for price lookup, `block_timestamp` for daily grouping

### Final aggregation
- **Combining components**: Daily active user counts and daily fee totals are combined by matching on date. The user count uses HyperLogLog merge operations to get accurate distinct counts across all user types and dimensions.
- **Currency conversion**: Fee amounts are converted to USD using end-of-day token prices, with proper decimal adjustment based on token specifications
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation to day level, with missing days filled with zero values to maintain complete time series
- **Final calculation**: AFPU is calculated by dividing the total daily fees (in USD) by the total count of distinct daily active users (both buyers and sellers combined). The result represents the average fee amount generated per user on each day.

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

X2Y2X2Y2

Average fees per user (AFPU)

Average fees per user (AFPU)

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