Royalties

How do royalties work on Rare Mint? Yes, there are royalties on Rare Mint. Aside from the standard service fee that Rare Mint charges on every transaction, royalties are the share of each sale that goes to the original creator. Obviously, if you're a trader, it's all the same to you because royalties and service fees are cost factors that you need to take into consideration. Rare Mint royalties as well as the payout address for creator earnings are set in the relevant collection settings. While proceeds from primary sales are immediately forwarded to the creator's address, his royalties are usually held by Rare Mint for a period of 2-4 weeks before they are paid out. It also applies to royalties on primary sales.

When an artist creates a new NFT and lists it on Rare Mint, he can either auction off the item or set a fixed sales price. Once the NFT is sold, the artists receive the proceeds from the primary sale minus the Rare Mint service fee. Royalties are not automatically set on Rare Mint and in order to do so, you must first create a collection and then add the NFT to that collection. Creator royalties, as well as the payout address, are defined at the collection level.