Royalties

The application allows you to set three levels of royalty payouts before you mint your NFT (these are locked once the NFT has been minted):

1. Artist Payout: The percent of the sale the artist receives.
2. Publisher Payout: The percent of the sale the publisher receives.
3. Contributor Payout: The percent of the sale the contributor pool receives.

For example, if an NFT sells for 1 ETH and you have a 2%-4%-2% split, the artist will receive 0.02ETH, the publisher 0.4ETH, and all of the contributors will split the remaining 0.02ETH.

You can set payout rates before an NFT has been minted from the "Catalog" page of the app by clicking any song under one of your managed artists.

Presently, all sales go through OpenSea. OpenSea withholds the total royalty amount plus their own commission at the time of sale. After a brief hold period (usually around 2 weeks), OpenSea then releases that ETH to your WrapDapp wallet.

After receiving your payout, we will email you to inform you of transfer, at which point it is the Publisher's responsibility to send the artist his/her share, as well as review all contributor claims against the contributor royalty pool, and if approved, send those out manually.

We presently partner with OpenSea for all NFT sales and resales. Please see the NFT section of the documentation for more information.

While we have added EIP-2981 support into our contracts, at the present time, OpenSea does not support this standard, so all royalties are handled using the standard OpenSea royalty process.