How to Set Royalties on OpenSea & Rarible Marketplaces
For the past few months, NFT's popularity took the digital world by storm.
There are thousands of digital artists creating and minting their digital products to participate in the Non-Fungible Tokens market. Celebrities and young digital artists are utilizing the new distribution tool. NFT technology allows the creators to sell their pieces of work directly to the buyers without an intermediary. In addition, creators may acquire royalties for every sale of their digital work.
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How to set your Royalties Fee on OpenSea
Go to your collections editor and set the percentage for royalties. Opensea allows you to set up the fee up to 10%.
You will also need to specify your digital wallet's public address. The public address is going to be your payout address. You will have to put only one address because OpenSea doesn't support multiple payout addresses at this moment.
Revenue will distribute on a bi-weekly basis to your digital wallet. You can view your royalties payouts in collections.
You will only receive a payout if you accumulated at least $20.
If you would like to read more information about royalties, you can visit OpenSea Help Center here
OpenSea is not only an NFT marketplace that allows you to receive royalties over time.
Rarible is another famous Non-Fungible Token marketplace to sell, buy and mint your digital work. The royalties system on Rarible is very similar to OpenSea. The good news is that Rarible allows you to set unlimited royalties percentages!
How to set your Royalties Fee on Rarible
Click on Create and choose your collectible type.
You can upload a file, write a description, set properties of your NFT and royalties percentage on the creation.
On the Rarible marketplace, you will receive a percentage from the sale price whenever your work is resold. For example, if your work is resold for $100 and you set 20% royalties, you will receive $20. The royalties payout for rarible is weekly / bi-weekly.
Please note one important thing - Rarible and OpenSea allows cross-platform sales but not royalties. For example, if you minted your NFT with the royalties option on the Rarible platform, and your work was resold on Opensea, you will not be able to receive royalties and vice-versa. But good news, that both marketplaces are currently working on a better royalties system.
I sincerely hope this article was helpful, and I will keep this article updated with the new information from the NFT marketplaces.
