In general terms, royalties are specific payments made to creatives when their creations are sold on the secondary market. This also holds true with NFTs.
One of the beautiful things about NFTs is the ability to receive a percentage of the sale price each time your artwork is sold on the marketplace. On NFTb, you can choose to receive between 0 - 30% royalties on your artworks.
These royalty payments are perpetual and are activated through smart contracts on the blockchain. Smart contracts are configured in a way that it ensures the royalty terms specified on any NFT is always fulfilled. As such, a cut of the profits automatically goes to the artist who created them.
We also have a really cool feature where you can split royalties between multiple collaborators on an NFT project - this is not seen on any other platform.
With the Royalty Split feature on NFTb, multiple artists can collaborate in the production of an NFT project and get a percentage of future sales on that NFT.
For example, say 3 artists work on an NFT - one artist creates the sound effects, another designs the characters and another handles the animation, they can split the proceeds of royalties from future sales between themselves. The percentage split can be between 10% - 90% based on the agreement between all the parties involved.
To activate the royalty split feature, click on the toggle button labelled “SPLIT”. Insert the wallet addresses of each collaborator and specify the percentage of the royalty to be assigned. To add more collaborators, click on the "ADD" button. You can split royalties between a maximum of 10 wallets.