diff --git a/x/metadata/client/cli/tx.go b/x/metadata/client/cli/tx.go
index aa7f50cf3..1c5357d5b 100644
--- a/x/metadata/client/cli/tx.go
+++ b/x/metadata/client/cli/tx.go
@@ -1320,7 +1320,7 @@ func ParseNetAssetValueString(netAssetValuesString string) ([]types.NetAssetValu
 		}
 		if len(parts) == 2 {
 			volume, err := strconv.ParseUint(parts[1], 10, 64)
-			if err != nil {
+			if err != nil || volume < 1 {
 				return []types.NetAssetValue{}, fmt.Errorf("invalid volume : %s", parts[1])
 			}
 			netAssetValues[i] = types.NewNetAssetValue(coin, volume)
diff --git a/x/metadata/keeper/scope.go b/x/metadata/keeper/scope.go
index c2c017db9..b7220adc3 100644
--- a/x/metadata/keeper/scope.go
+++ b/x/metadata/keeper/scope.go
@@ -701,7 +701,12 @@ func (k Keeper) SetNetAssetValue(ctx sdk.Context, scopeID types.MetadataAddress,
 		return err
 	}
 
-	setNetAssetValueEvent := types.NewEventSetNetAssetValue(scopeID, netAssetValue.Price, source)
+	// Since this field was added we need to ensure the default value matches the previous behavior of always presuming one is used.
+	if netAssetValue.Volume < 1 {
+		netAssetValue.Volume = 1
+	}
+
+	setNetAssetValueEvent := types.NewEventSetNetAssetValue(scopeID, netAssetValue.Price, netAssetValue.Volume, source)
 	if err := ctx.EventManager().EmitTypedEvent(setNetAssetValueEvent); err != nil {
 		return err
 	}
@@ -757,7 +762,7 @@ func (k Keeper) SetNetAssetValueWithBlockHeight(ctx sdk.Context, scopeID types.M
 		return err
 	}
 
-	setNetAssetValueEvent := types.NewEventSetNetAssetValue(scopeID, netAssetValue.Price, source)
+	setNetAssetValueEvent := types.NewEventSetNetAssetValue(scopeID, netAssetValue.Price, 1, source)
 	if err := ctx.EventManager().EmitTypedEvent(setNetAssetValueEvent); err != nil {
 		return err
 	}
diff --git a/x/metadata/keeper/scope_test.go b/x/metadata/keeper/scope_test.go
index ccb03b0d9..2ed635bc2 100644
--- a/x/metadata/keeper/scope_test.go
+++ b/x/metadata/keeper/scope_test.go
@@ -2550,7 +2550,7 @@ func (s *ScopeKeeperTestSuite) TestSetNetAssetValue() {
 			var expErrs []string
 			var expEvents sdk.Events
 			if len(tc.expErr) == 0 {
-				event := types.NewEventSetNetAssetValue(scopeID, tc.netAssetValue.Price, "test")
+				event := types.NewEventSetNetAssetValue(scopeID, tc.netAssetValue.Price, 1, "test")
 				eventU, err := sdk.TypedEventToEvent(event)
 				s.Require().NoError(err, "TypedEventToEvent(NewEventSetNetAssetValue)")
 				expEvents = sdk.Events{eventU}
@@ -2588,6 +2588,7 @@ func (s *ScopeKeeperTestSuite) TestRemoveNetAssetValues() {
 					Denom:  "usd",
 					Amount: sdkmath.NewInt(1000),
 				},
+				Volume: 1,
 			},
 			expErr: "",
 		},
@@ -2605,7 +2606,7 @@ func (s *ScopeKeeperTestSuite) TestRemoveNetAssetValues() {
 			})
 			s.Require().NoError(err, "IterateNetAssetValues err")
 			s.Require().Len(netAssetValues, 1, "Should have added a NAV")
-			s.Require().Equal(tc.netAssetValue, netAssetValues[0], "Should have added the test case nave.")
+			s.Require().Equal(tc.netAssetValue, netAssetValues[0], "Should have added the test case nav.")
 			s.app.MetadataKeeper.RemoveNetAssetValues(ctx, tc.scopeID)
 			netAssetValues = []types.NetAssetValue{}
 			err = s.app.MetadataKeeper.IterateNetAssetValues(ctx, tc.scopeID, func(state types.NetAssetValue) (stop bool) {
diff --git a/x/metadata/types/events.go b/x/metadata/types/events.go
index 85373f4a4..885864dc4 100644
--- a/x/metadata/types/events.go
+++ b/x/metadata/types/events.go
@@ -1,6 +1,8 @@
 package types
 
 import (
+	"strconv"
+
 	"github.com/hashicorp/go-metrics"
 
 	"github.com/cosmos/cosmos-sdk/telemetry"
@@ -277,10 +279,11 @@ func NewEventOSLocatorDeleted(owner string) *EventOSLocatorDeleted {
 }
 
 // NewEventSetNetAssetValue returns a new instance of EventSetNetAssetValue
-func NewEventSetNetAssetValue(scopeID MetadataAddress, price sdk.Coin, source string) *EventSetNetAssetValue {
+func NewEventSetNetAssetValue(scopeID MetadataAddress, price sdk.Coin, volume uint64, source string) *EventSetNetAssetValue {
 	return &EventSetNetAssetValue{
 		ScopeId: scopeID.String(),
 		Price:   price.String(),
 		Source:  source,
+		Volume:  strconv.FormatUint(volume, 10),
 	}
 }