Estimated NAV and Marketplaces

An Internet Wizard is a Metaplex Core NFT with its own vault, which gives it two kinds of value that are easy to confuse: what is actually inside the vault, and what someone is willing to pay for the Wizard on a marketplace. This page explains why the app shows exact token balances first and an estimated NAV second, how that estimate is calculated and when it goes stale, why a market price is not NAV, and what to check before you list or buy a Wizard on a compatible marketplace. It also covers royalties and the history shown on every Wizard's profile.

Balances first, estimate second#

Every place a Wizard appears (My Wizards, its profile, the collection explorer) leads with exact token balances read from the chain. A SOL or USD figure comes after, and it is always labeled an estimate. A cached database row is never the source of a balance you are about to act on.

Amounts are shown at full precision. MIFI has 6 decimals, SOL has 9, and the tokenized BTC asset uses whatever decimals its mint declares.

Every SOL row above exists only because of actual activity. Conjure fees come from new conjures; trading fees come from trading on the MIFI/SOL pool; royalties come from resales that chose to pay them. If activity stops, those rows stop growing. The Mana page breaks the sources out so you can see the real mix. See The Mana Pool.

How the estimate is calculated#

NAV = (principal MIFI + extra MIFI) * MIFI reference price
    + tokenized BTC balance * BTC-token reference price
    + (retained SOL + pending SOL + unsettled SOL entitlement) * SOL reference price

The estimate follows a few rules:

• Everything is counted once. Settled SOL is in the vault; unsettled entitlement is in the reserve. An amount never appears in both places.
• Rent is excluded. The Wizard's state account, its token vaults, and its SOL account each hold a small rent-exempt minimum. Most of that is refunded at dispel, none of it is earnings, so it stays out of the headline number and shows up in the dispel review instead. Rent is the least magical line item, and it is treated accordingly.
• Fees still sitting on the trading venue are excluded. Trading fees become Mana when they are claimed and ingested by the protocol. This is receipt-time entitlement: nothing counts for anyone until it has actually arrived. The Mana page shows "claimable on venue, not yet received" as its own line so the difference is visible.
• Prices are references, not quotes. Multiplying a balance by a reference price tells you what the balance is marked at. It does not tell you what you would receive if you sold it. Where practical, the app shows a separate exit estimate that accounts for pool depth, clearly labeled as such.

The app shows the estimate in SOL and as a USD estimate. Both are estimates.

Timestamps and stale prices#

Every price used in the estimate carries a timestamp, and the estimate as a whole carries the oldest of them. The app does not quietly reuse a price it cannot vouch for.

If a marketplace or aggregator shows a number for a Wizard, it is using its own data and its own timing. The MIFI app's estimate is the one that reads the vault directly.

Market price is not NAV#

The estimated NAV describes a Wizard's contents. Its market price describes what a buyer and a seller agreed on. The two can differ in either direction:

• A Wizard might trade above its estimate because someone likes the character, the serial, or the cosmetic stage. None of those change reward weight (every active Wizard has exactly one share), but people are allowed to like things.
• A Wizard might trade below its estimate because the estimate uses spot prices, while actually selling the vault's contents would move the market, pay pool fees, and take time.

The app does not tell you which way is right, and it does not present a "discount to NAV" as a buy signal. Treat the estimate as a mark, not an appraisal.

Redemption returns assets, not a dollar value#

Dispel returns exactly what the vault holds: the 100,000 MIFI principal, any extra MIFI, any tokenized BTC, all retained, pending, and unsettled SOL, and the refundable rent. It does not swap anything, it does not guarantee a USD amount, and it does not guarantee that you can sell those assets at the reference price you saw. Prices can move between the moment you read the estimate and the moment you sell. The dispel review lists exact token amounts before you sign. See Internet Wizards: Conjure, Own, Dispel.

Selling and buying Wizards#

MIFI has no exchange of its own for Wizards. They are ordinary Metaplex Core assets and trade on compatible Core marketplaces; the profile page links to a listing action on one such marketplace. Buying MIFI the token happens on its Meteora pool; buying a Wizard the NFT happens on a Core marketplace. Different shelves, same shop.

Transfers need no special accounts, so wallets and marketplaces handle Wizards the way they handle any Core asset. The collection is designed so that burning a Wizard outside the dispel path is rejected, which protects the vault behind every listed Wizard. If a marketplace turns out not to support the collection's lifecycle rules, the app will say so rather than pretend. A custom purchase path that binds vault-content expectations to the trade is possible later, with its own scope and review; it is not part of the initial release.

What the marketplace sees#

What travels with the Wizard#

Transferring the NFT transfers control of the same vault. Nothing is reset, withdrawn, or copied.

Before you buy, refresh#

A Wizard's vault can change while it sits on a listing. Until the sale executes, the seller is still the owner and can:

• Change the spell, which affects unprocessed SOL and future earnings but never sells previously acquired assets. See Spells.
• Run the spell, converting pending SOL into tokenized BTC or MIFI.
• Settle, moving unsettled entitlement into the vault (composition unchanged, still counted once).
• Dispel, which burns the NFT. A listing for a dispelled Wizard can no longer fill.

So, immediately before buying:

1. Open the Wizard's profile in the MIFI app and refresh. Confirm the current owner, the exact balances, the selected spell, and the price timestamp.
2. Compare what you see with the listing price yourself. The marketplace will not do this for you.
3. Use whatever minimum-content or slippage protection the marketplace offers, if any. An off-chain NAV label alone cannot stop the vault from changing before your transaction lands.

Royalties#

Advisory means the marketplace decides whether to collect. Some do, some do not, and some let the buyer choose. Not every resale pays a royalty, and the app never forecasts royalty income. Royalties that do arrive are shown on the Mana page under their own label, separate from conjure fees and trading fees, and they are allocated to whichever Wizards are active when they are received (receipt-time entitlement again).

Wizard history#

Each profile shows what has happened to that Wizard, with timestamps and links to a block explorer.

Lifetime allocated Mana, meaning the SOL this Wizard has been entitled to before any spell ran, is shown as a running total. It drives the cosmetic stage and nothing else. See Wizard Art: How Your Internet Wizard Gets Its Look.

Finality and backfill#

Ownership history is built from the chain, not from a marketplace API. The indexer records events at confirmed so the UI stays responsive, then reconciles them at finalized; anything that never finalizes is removed. After downtime, history is backfilled from the deployment's first slot. While a backfill is running or an event is confirmed but not yet finalized, the profile says so. A partial count is labeled partial and never presented as complete.

Dispelled Wizards#

A dispelled Wizard is not purchasable and does not earn. Its profile moves to the archive with its final portrait, closing balances, and counters. Its serial and its character are never issued again.

Related pages#

• Internet Wizards: Conjure, Own, Dispel: what conjure costs, what you receive, and exactly what redemption returns
• The Mana Pool: where revenue comes from and receipt-time entitlement
• Spells: how each spell treats earned SOL
• Wizard Art: How Your Internet Wizard Gets Its Look: identity, stages, and prototype art
• Risks and Disclosures: market, execution, and marketplace risks in one place