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BNC Non-Fungible Token Ecosystem Index (BNEX)

The BNC Non-Fungible Token Ecosystem Index is a rules-based sector index designed to measure and track the real-time market performance of the largest protocols that provide infrastructure, gaming platforms, marketplaces and metaverses to the NFT ecosystem.

The index is created and administered by Brave New Coin.


Factsheet – BNEX

Full Name BNC Non-Fungible Token Ecosystem Index
Symbol BNEX
Description The BNC Non-Fungible Token Ecosystem Index (BNEX) is a rules-based sector index designed to measure and track the real-time market performance of the 10 largest protocols supporting the NFT ecosystem.
Calculation Frequency Sub-second
Base Date 30th September 2021
Base Value 100
Precision Level Published with 3 Decimals
Re-balancing period Quarterly
Index review Quarterly

Asset Pricing

After order books are collected from all constituent exchanges, a volume weighted average price (V-WAP) is calculated for both the bid and ask sides of the order books per market per exchange.

Following that, a midpoint price is calculated from the bid and ask V-WAP values for every market. The median is identified from on all midpoint prices. We then calculate the absolute deviation for each midpoint price from the median (as a % of median). The absolute deviation is converted to a Price Anomaly Factor (PAF) which is used as a weighting factor in calculating the average market price for the underlying assets.

Additionally a de-weighting threshold will be introduced to ensure outliers are disqualified in the market price calculation. Lastly the composite index is calculated using the weighted average of the market prices across all underlying assets.

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Asset Weighting

Free float market capitalization (expressed in USD) is used to determine the weights of each underlying asset. Asset weighting is set at the beginning of each quarter and will remain constant throughout the quarter.


Weighting cap is applied to prevent any one asset from dominating the index. The cap for each asset is set at 25% for the current quarter. If an underlying asset’s free float market capitalization weighting exceeds this number, the excess weights will be distributed proportionally to the other assets until none of the assets’ weights exceeds 25%.

Index Review

Every quarter the Index Steering Committee will meet and review the following to ensure the quality and robustness of the index:

  • Asset weighting for the upcoming quarter
  • Performance and quality of constituent exchanges
  • Index design parameters
  • Key decisions from the index review will be made public on Brave New Coin’s website.

Index Rebalancing

The index is rebalanced on a quarterly basis so that it reflects the underlying assets’ market performance. Rebalancing involves the update of asset weights based on their free float market capitalization (expressed in USD) at the time of rebalancing.

Weight at Last Rebalance (2023-05-03)

Apecoin DAO 22.58%
The Sandbox (SAND) 12.20%
Decentraland (MANA) 11.53%
Theta Network (THETA) 11.50%
Flow (FLOW) 10.65%
Chiliz (CHZ) 9.28%
Axie Infinity (AXS) 7.63%
Render Token (RNDR) 6.30%
Enjin Coin (ENJ) 4.45%
Ethereum Name Service (ENS) 3.88%

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