How to Collect Royalties?
Collecting royalties from your NFT collection involves setting up your contract correctly and linking it to your wallet.
To gain royalties you will need to connect your own personal digital wallet so that said royalties have a destination.
Royalties apply ONLY to sales on the blockchain and are dependant on the marketplace that services the transaction.
To create a new smart contract with royalties you can either click the "Deploy a Contract" from the dashboard, or head over to the "Contracts" tab in the navigational bar and create a new contract from there.
During the creation of a smart contract you will have the option to add royalty amount through the "Royalt Fee Points" field.
The following is a conversion of how the points translate into percentages of sales.
Fee Points | Percentage of Sale |
|---|---|
1 | 0.01% |
10 | 0.1% |
100 | 1% |
1000 | 10% |
10000 | 100% |
Below "Fee Basis Points" field there is "Royalties Wallet" from where you can add your personal wallet that will receive royalties.
Once a contract with royalties will be created, you will be able to create NFTs from that contract. All NFTs minted using a new contract will inherit/use the royalty scheme from that contract.
IT IS VERY IMPORTANT TO ENTER THE CORRECT WALLET ADDRESS.
You can also set up royalties while minting your NFT. Follow steps below.
Choose the percentage, of each sale transaction, that you would like to receive.
Choose already existing wallet from the list or click "Register New Wallet" to create new one.
Wallet Address
Provide address of wallet that will receive royalties.
IT IS VERY IMPORTANT TO PROVIDE A CORRECT WALLET ADDRESS. IT IS NOT POSSIBLE TO CHANGE AFTER THE CONTRACT HAS BEEN MINTED.
Alias
Helpful in managing various royalities wallets across supported blockchains
How to collect royalties from your NFT collection? Connect Your Wallet: Make sure your wallet is linked to the NFT marketplace where you are selling your NFTs. This is crucial for receiving your royalties automatically. Confirm Your Wallet Address: In the marketplace settings, confirm that your wallet address is correct. This is where your royalties will be sent after secondary sales.