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 revenue per user (ARPU) Methodology

## 1. Overview

X2Y2 Average Revenue Per User (ARPU) measures the average daily revenue generated per active user on the X2Y2 NFT marketplace. This metric is calculated by dividing daily protocol fee revenue by daily active users, providing insight into the revenue efficiency and user monetization of the platform. The calculation focuses specifically on protocol fees collected by X2Y2 rather than total trading volume, representing the actual revenue generated by the protocol.

## 2. Data sources

- **X2Y2 marketplace events**: Parsed `EvInventory` event logs from the X2Y2 Exchange contract on Ethereum containing trade execution details, buyer/seller information, NFT details, and fee structures
- **End-of-day price feeds**: Token price data for USD conversion of fee amounts
- **Token metadata**: Decimal precision data for proper monetary calculations
- **Protocol configuration**: X2Y2 fee recipient address (`0xd823c605807cc5e6bd6fc0d7e4eea50d3e2d66cd`) and WETH contract address for currency handling

## 3. Step-by-step calculation

### Component A: Trade data extraction
- **Purpose**: Extract and parse all X2Y2 NFT marketplace trades from Ethereum event logs
- **Logic**: Process `EvInventory` events from the X2Y2 Exchange contract, using JavaScript user-defined functions to convert hexadecimal values to readable numbers for token IDs and other numeric fields. Parse trade details including buyer and seller addresses (determined by the `intent` field - when intent is 1, taker is buyer, otherwise maker is buyer), NFT contract addresses, token IDs, and payment token addresses. Handle null currency addresses by substituting with the WETH contract address. Extract fee information from nested fee structures within the event data.
- **Key fields**: `block_timestamp`, `transaction_hash`, `nft_buyer_address`, `nft_seller_address`, `nft_address`, `token_id`, `token_address`, fee amounts and recipient addresses

### Component B: Protocol fee calculation  
- **Purpose**: Identify and calculate protocol fees collected by X2Y2 from trades
- **Logic**: Parse fee structures from trade events, identifying fees where the recipient address matches X2Y2's protocol fee address. Calculate fee amounts using the formula: fee percentage divided by 10^6 multiplied by the trade price. Separate protocol fees from royalty fees by checking the recipient address - fees to X2Y2's fee address are protocol fees, while fees to other addresses are royalties. Only protocol fees are included in revenue calculations.
- **Key fields**: `protocol_fee_amount`, `royalty_amount`, fee recipient addresses, fee percentages

### Component C: Daily active user counting
- **Purpose**: Count unique active users participating in X2Y2 trades each day
- **Logic**: Combine NFT buyers and sellers from all trades, union both user types together, and truncate timestamps to day boundaries. Count distinct users per day using HyperLogLog aggregation for scalable computation. Create separate user type breakdowns for buyers vs sellers while maintaining an overall combined count. Apply incremental processing logic to optimize computation for new data.
- **Key fields**: `user_address` (both buyers and sellers), `timestamp` (truncated to day), `user_type` (NFT buyer or NFT seller)

### Component D: Revenue aggregation
- **Purpose**: Calculate daily protocol fee revenue in USD
- **Logic**: Sum protocol fee amounts by day, group by timestamp, chain, business line, and other dimensional attributes. Convert fee amounts to USD using end-of-day token price feeds, applying proper decimal correction based on token metadata. Focus exclusively on protocol fees paid to X2Y2's fee recipient address, excluding royalty payments to NFT creators. Apply zero-filling for days with no trading activity.
- **Key fields**: `revenue` (protocol fees only), `timestamp` (daily), `token_address`, USD-converted amounts

### Final aggregation
- **Combining components**: Join daily active user counts with daily revenue amounts on matching date boundaries, ensuring both metrics use the same time granularity (daily) and dimensional breakdowns
- **Currency conversion**: Apply USD conversion to protocol fee revenue using end-of-day price feeds, with proper decimal adjustment based on the payment token's decimal precision
- **Time aggregation**: Truncate all timestamps to daily boundaries, ensuring consistent time-based matching between user counts and revenue amounts
- **Final calculation**: Divide daily protocol fee revenue (in USD) by daily active user count to produce the average revenue per user. Apply zero-filling strategy for days with no activity, setting both revenue and user counts to zero while maintaining date continuity

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

X2Y2X2Y2

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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