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How is NFT activity categorised?
How is NFT activity categorised?
Daniel Howitt avatar
Written by Daniel Howitt
Updated over a week ago

There are several ways that an NFT can arrive in a wallet - this is a breakdown of how Recap categories and makes sense of these transaction types.

Direct purchase (or sale) from another seller (or buyer), via a marketplace such as Opensea or Looksrare

Recap shows this type of transaction as a SWAP as, for tax purposes, it’s a swap of ETH for an NFT (or vice-versa).

A deposit into a smart contract, for distribution thereafter to the buyer or seller

I sell an NFT, but that NFT was scooped up by an aggregating app or contract, such as Genieswap or Gemswap. In this case, my activity will show this sale as a deposit.

At first glance, this will seem incorrect - but what’s actually happening is that the NFT sale has been aggregated by a smart contract, along with some other NFTs - Genieswap and Gemswap are examples of these and the overall aim is for the buyer to reduce transaction fees, as the contract attempts to aggregate many NFTs into a single Ethereum transaction.

Genieswap and Gemswap’s contract addresses can be seen here. These are examples of how this aggregation process works.

Recap shows this type of transaction as a DEPOSIT as the aggregator being used is having the asset deposited to its smart contract for later redistribution

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