You've imported your collection to Refinable or created a collection on Refinable but you can't figure out how and where to set the royalty? You might also be wondering if the royalties set previously are respected.
NFT creators can set a fixed royalty percentage on their collections in order to receive potential perpetual residual income for the original creator.
Refinable allows creators to set royalties up to 10%!
Before we learn how to set royalties on Refinable, you may want to know if Refinable supports setting royalties for your contract or collection.
Here is a list of contracts that Refinable does not support for setting royalties:
- Collections that are created in Rarible
- Collections created in Refinable Creator Suite (note: you can set the royalty while minting your NFTs)
- Collections complying with EIP-2981 standard (note: the default royalty setting is automatically respected. No need to overwrite the setting)
You'll be prompted to the homepage of Creator Suite, click on "My collections" on the right-hand side of the screen. Select the collection you would like to set a royalty percentage.
Click on the "Royalties" tab, you'll be prompted to the following page.
Fill in the percentage amount you want to set and the payout wallet address and hit the "Update" button.
**Note - Refinable supports only ONE payout address and one decimal point.
Once you hit the "Update royalties" button, you'll be asked to approve and sign the transaction. Approve and sign the transactions. The system will notify you that "Royalties have been successfully updated!" and you have now finished setting up the royalty for your collection.
Creators can leave the royalties field blank as it is optional.