Revenue splits for NFTs
Often it has been found that NFT store owners struggle to split the transaction proceeds among the various stakeholders. In view of this problem, NFTICALLY has brought in a solution, the feature of ‘Payout Groups’.
There will be instances where as a store owner, you would be required to split the revenue arising out of the sale of any NFT among its various stakeholders. With NFTICALLY, you can create a ‘Payout Group’ in advance for every asset, where you can list the intended beneficiaries along with their crypto wallet address.
Once you have created a Payout Group for an asset, the proceeds of the sale will be automatically credited to the beneficiaries- wallets in the stated ratio.
Let us now understand how one can create a Payout Group. The below-mentioned detailed guide will help you proceed in creating and managing a Payout Group:
For splitting the NFT revenue, we first need to create a Payout Group. For this, go to the homepage of your NFT Store, and click on the third icon from the top right.
Upon hitting the icon, you will be presented with a drop-down menu. Select the ‘My Account Settings’ option from the list.
After selecting the ‘My Account Settings’, you will be directed to the account settings page of your NFT Store. Check out the left side panel, and select the ‘Payout Groups’ option from the list.
After selecting the ‘Payout Groups’ option, you will be directed to the corresponding Payout Groups page. Click on the ‘New Payout Group’ tab, highlighted in blue.
When you click on the ‘New Payout Group’ tab, a popup window will appear. This will prompt you to fill in the stated information. Start by giving a name to the respective payout group.
The name of the group can be in line with the name of the particular asset so as it will be easy for the store owner to link a particular group to its respective asset.
The next step is to enter the name of the beneficiary.
The proceeding step requires you to fill in the email address of the intended beneficiary.
The following step is to add the crypto wallet address of the beneficiary. It must be noted here that only the address has to be shared and not any key associated with the wallet.
The next step is very crucial in the entire process as it will require you to add the payout percentage that you would want a particular beneficiary to receive. This has to be a percentage of the final amount that will be received as the sale proceeds of an NFT after all the deductions.
If you have more than one beneficiary to be added to the group, repeat the above process for each beneficiary. Also, add yourself in the payout group too. If you as the store owner does not include you in the payout group then you would not be receiving any part of the sale proceeds for the particular NFT. Also, the breakup of the payout percentage must come up to 100 percent of the amount received as the final payout for a particular sale.
Once all the beneficiaries have been added, hit the ‘Create Now’ tab at the bottom of the page.
When the payout group is created, move on to the next step of linking this group to the particular asset. Go to the asset to which you want to link this Payout Group to. Hit the ‘Sell’ button which appears just below the asset image.
When you click on the ‘Sell’ button, you will be directed to the corresponding page. Here you will see the options to list your assets. Before listing, set the asset price and change the sales proceed option to the group which you want to share the revenue with.
Once the Payout Group is selected, click on the ‘Post Your Listing’ option, visible in blue.
This will complete the process of successfully splitting the NFT revenue among various stakeholders. NFTICALLY has made it extremely easy for the store owners to split the sale proceeds with different beneficiaries.
There will be instances where as a store owner, you would be required to split the revenue arising out of the sale of any NFT among its various stakeholders. With NFTICALLY, you can create a ‘Payout Group’ in advance for every asset, where you can list the intended beneficiaries along with their crypto wallet address.
Once you have created a Payout Group for an asset, the proceeds of the sale will be automatically credited to the beneficiaries- wallets in the stated ratio.
Let us now understand how one can create a Payout Group. The below-mentioned detailed guide will help you proceed in creating and managing a Payout Group:
For splitting the NFT revenue, we first need to create a Payout Group. For this, go to the homepage of your NFT Store, and click on the third icon from the top right.
Upon hitting the icon, you will be presented with a drop-down menu. Select the ‘My Account Settings’ option from the list.
After selecting the ‘My Account Settings’, you will be directed to the account settings page of your NFT Store. Check out the left side panel, and select the ‘Payout Groups’ option from the list.
After selecting the ‘Payout Groups’ option, you will be directed to the corresponding Payout Groups page. Click on the ‘New Payout Group’ tab, highlighted in blue.
When you click on the ‘New Payout Group’ tab, a popup window will appear. This will prompt you to fill in the stated information. Start by giving a name to the respective payout group.
The name of the group can be in line with the name of the particular asset so as it will be easy for the store owner to link a particular group to its respective asset.
The next step is to enter the name of the beneficiary.
The proceeding step requires you to fill in the email address of the intended beneficiary.
The following step is to add the crypto wallet address of the beneficiary. It must be noted here that only the address has to be shared and not any key associated with the wallet.
The next step is very crucial in the entire process as it will require you to add the payout percentage that you would want a particular beneficiary to receive. This has to be a percentage of the final amount that will be received as the sale proceeds of an NFT after all the deductions.
If you have more than one beneficiary to be added to the group, repeat the above process for each beneficiary. Also, add yourself in the payout group too. If you as the store owner does not include you in the payout group then you would not be receiving any part of the sale proceeds for the particular NFT. Also, the breakup of the payout percentage must come up to 100 percent of the amount received as the final payout for a particular sale.
Once all the beneficiaries have been added, hit the ‘Create Now’ tab at the bottom of the page.
When the payout group is created, move on to the next step of linking this group to the particular asset. Go to the asset to which you want to link this Payout Group to. Hit the ‘Sell’ button which appears just below the asset image.
When you click on the ‘Sell’ button, you will be directed to the corresponding page. Here you will see the options to list your assets. Before listing, set the asset price and change the sales proceed option to the group which you want to share the revenue with.
Once the Payout Group is selected, click on the ‘Post Your Listing’ option, visible in blue.
This will complete the process of successfully splitting the NFT revenue among various stakeholders. NFTICALLY has made it extremely easy for the store owners to split the sale proceeds with different beneficiaries.
Updated on: 27/12/2022
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