Creators create and sell NFTs on Zora. They receive a cut of the primary sales (supply-side fees).

Zora is a non-custodial NFT minting protocol built on Ethereum and launched in 2021.

Team and investors own and govern the protocol. They currently take a cut the primary sales paid by collectors (revenue).

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Zora

# Zora Trading volume Methodology

## 1. Overview

Zora trading volume measures the total economic activity on the Zora NFT marketplace by capturing all monetary flows from users purchasing and minting NFTs. This includes both the base mint prices users pay for NFTs and any additional protocol fees charged during the minting process. The metric combines fee payouts and mint transaction values to provide a comprehensive view of user spending across Ethereum, Optimism, and Base chains.

## 2. Data sources

- **Zora protocol events**: Parsed blockchain events from Zora's smart contracts across Ethereum, Optimism, and Base chains
  - `721Drop_MintFeePayout_event` logs capturing additional fees paid during ERC721 token mints
  - `721Drop_Sale_event` logs capturing ERC721 token mint transactions with quantity and price per token
  - `1155_Purchased_event` logs capturing ERC1155 token mint transactions with total value
- **End-of-day price feeds**: Token price data for converting native token amounts (ETH/WETH) to USD values
- **Token metadata**: Token contract information for decimal place corrections and validation

## 3. Step-by-step calculation

### Component A: Fee payout collection
- **Purpose**: Captures additional protocol fees paid by users during ERC721 token mints
- **Logic**: Extracts fee payout events from Zora's ERC721 drop contracts across all supported chains. Filters to distinct events using transaction hash and log index to avoid duplicates. Maps each event to its corresponding chain (Ethereum, Optimism, or Base) and identifies the native token address (ETH on Ethereum, WETH on Optimism and Base). Classifies all events under the NFT marketplace business line with marketplace segment classification.
- **Key fields**: `mintFeeAmount` represents the additional fee amount paid, `address` identifies the NFT contract, `block_timestamp` provides the transaction timing

### Component B: Mint transaction collection  
- **Purpose**: Captures the base amounts users pay when minting NFTs on Zora
- **Logic**: Processes two types of mint events separately. For ERC721 tokens, extracts `Sale` events and calculates the total amount as quantity multiplied by price per token. For ERC1155 tokens, extracts `Purchased` events and uses the direct value field. Both event types are mapped to their respective chains and classified under the same business line structure as fee payouts.
- **Key fields**: For ERC721: `quantity` and `pricePerToken` multiply to give total amount; For ERC1155: `value` provides direct total amount; `address` identifies the NFT contract

### Component C: Trading volume combination
- **Purpose**: Unifies fee payouts and mint amounts into a comprehensive trading volume dataset
- **Logic**: Unions the fee payout amounts with mint transaction amounts using a common schema. Truncates all timestamps to daily boundaries to enable daily aggregation. Maintains transaction-level granularity through transaction hash and log index to preserve audit trail while preparing for aggregation.
- **Key fields**: `amount` contains either fee payout amounts or mint transaction values, `timestamp` truncated to day boundaries, `chain` identifies the blockchain

### Final aggregation
- **Combining components**: Fee payouts and mint amounts are summed together as they represent different components of total user spending on the platform
- **Currency conversion**: All native token amounts (ETH/WETH) are converted to USD using end-of-day price feeds through the `convert_to_usd_and_correct_decimals` macro, which also applies appropriate decimal corrections based on token metadata  
- **Time aggregation**: Transaction amounts are aggregated to daily totals using day-truncated timestamps, with the `finalize_metric_trading_volume` macro handling the aggregation and filling missing days with zero values
- **Final calculation**: The final trading volume represents the sum of all fee payouts and mint transaction values, converted to USD and aggregated by day, providing a complete picture of economic activity on the Zora marketplace

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

Total value of spot trades executed on the exchange.

ZoraZORA

Trading volume

Trading volume

Competitive landscape

Chain breakdown