Transfers dominate because listings and bids settle through escrow, and each settlement emits a transfer of its own.

1. 1 list — the object moves into the market escrow account, still owned by the seller in the ownership index.
2. 2 bid — GIF is locked from the bidder, refundable until the listing is filled.
3. 3 fill — the protocol pays the seller, pays the royalty, and writes the new owner into the object trie.
4. 4 commit — the object root of the next block includes the mutated leaf, which is what makes the sale final.