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How is NFT activity categorised?

How Recap categorises NFTs

Scott Price avatar
Written by Scott Price
Updated over 10 months 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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