Wait...So what’s all this stuff about NFT royalties?
NFT royalties are what allow an artist/creator to continue profiting from their work long after the initial sale.
In other words, NFT royalties = more money for YOU
Unlike royalties that are received for music placements and public performance, NFT royalties are distributed every time an NFT that was originally created by you is sold to another buyer on the secondary market (like Magic Eden or Opensea). A percentage of each subsequent sale of the NFT is sent to the original creator(s)/artist(s) wallet(s) - easily set in Single.
NFTs minted through Single are set to automatically collect 10% of the selling price from each subsequent sale of the NFT and then deliver that back to the original creator(s)/artist(s). As a fee for the provided platform and minting service, Single automatically collects 5% of that 10% (0.5% of the total selling price of each subsequent sale of the NFT on the secondary market). The remainder of that 10% will then be split up and sent between whatever wallets you have designated to receive those royalties.
Here is an example scenario to break this down further:
Let's say a fan buys an NFT from your store for $25. If that same fan later decides to resell the NFT on the secondary market, they can do so for whatever price they deem fit. For this example, we'll say that they end up reselling it for $40. Well, since NFTs minted on our platform are coded with the information to collect 10% of whatever secondary market sales happen, that means that the fan who is reselling it will receive $36 (90% of $40) and royalties will be collected in the amount of $4 (10% of $40). Now, of that $4 in royalties, you will receive 95% ($3.80) of them because you are the original creator. Single then collects 5% ($0.20) of those royalties.
To go further, if the person that bought it for $40 decides to then resell it again for $50, the process repeats: The new seller would receive $45 (90% of $50) for the sale, then $5 (10% of $50) is set aside for royalties. Of those royalties, you would get $4.75 (95% of $5) and Single would get $0.25 (5% of $5.00).
And so on and so forth...
You can set the royalty percentages on the Wallet page during the initial creation of your NFT.
As mentioned, and as you can see above, Single is automatically designated to receive 5% of the total 10% royalties (again, that's 0.5% of each subsequent sale on the secondary market).
You can connect your wallet by clicking “Add Wallet” and selecting your wallet type. After you enter your credentials, you will see that your wallet is now set to receive the remaining 95% of royalties garnered through sales on the secondary market. If you would like to add additional wallets and further divy up that remaining 95%, you can click “Add Wallet” and enter in the address(es) of the wallet(s) you would like to connect. You can then set the percentages of these additional wallets however you would like, as long as the final total between all of them (including the 5% from Single) equals 100%.
Note: To read about NFT royalties in further detail, please check out this helpful article from cyberscrilla.com.