What are Royalties?
- Royalties are payments that buy the right to use someone else’s property. Royalties stem from licensing, which is the process of giving or getting permission to have, produce, or use something that someone else has created or owns.
How does it work?
- When an artist enrolls into the JustNFTs.io royalties program, they will collect royalties from their NFTs whenever it is sold on the JustNFTs.io platform.
What are the requirements?
- The NFT must be the original art that the artist has created. Therefore, if the art associated with an NFT has been created by someone other than the artist, the NFT will not be accepted for the royalties program.
What do I get as an Artist?
- The artist will earn 1.5% each time their NFT is sold on JustNFTs.io.
What does it cost as a seller/re-seller?
- 13%. The original 10% service fee, and the assessed 3% royalty commission. Of that, 1.5% will be returned to the artists. 1.5% will be collected by JustNFTs to maintain the royalty program and expand it’s features.
- The cost will be passed down to the seller of the artist’s NFT if they choose to sell the NFT on the JustNFTs marketplace. Each time an NFT gets resold the royalties commission will be collected from the new seller.
What do I have to do?
- Nothing. JustNFTs actively monitors the sales of each NFT on the site. We will ensure that any items sold by an artist in the royalties program will be assessed the correct commission fee and the royalties be sent to their Ravencoin address saved on file. Royalties will be paid monthly.
How do I register?
- Email us. Send an email to firstname.lastname@example.org and let us know. Artist’s will pay a one-time initiation fee of 500 RVN. After which, there will be no additional costs to the artist.