Do you want to sell your NFT and need to know how to check NFT royalties on OpenSea? Don’t worry we’ve got you covered. It is easy. With three simple steps which I will list and explain for a better understanding, you will learn how to check NFT royalty fees on OpenSea and how it works. How To Check NFT Royalties On OpenSea?
Let me quickly explain the meaning of NFT for educational benefit.
Non-fungible token (NFT) is a unique digital representation of an asset recorded on a blockchain. It can not be copied, swapped, or bifurcated and is used to prove authentication and ownership.
Though ownership can be transferred when the artwork is sold or traded by the owner. Overall, NFTs contain references to digital files such as images, video clips, and audio. It can also be created by anybody because it requires few or no coding skills.
OpenSea as we all know is the first NFT marketplace to emerge in the world record, it is the marketplace with everything for everyone and thereby the largest general NFT marketplace and crypto collectibles. OpenSea does not only allow the buying and selling of NFTs but also allows users to browse, create and auction their NFTs on the website.
In this article, you will learn what NFT royalties are all about, how to check the NFT creator fee on OpenSea, how to set the NFT royalty fees on OpenSea as a creator, and how to split NFT royalties on OpenSea.
How To Check NFT Royalties on OpenSea
If you’re on this page, you’re probably looking to learn how to view the creator’s fee for an NFT. It is assumed you know what an NFT Royalty fee is but for educational purposes again, we will explain what NFT Royalty fees are all about.
What is NFT Royalty?
Creators and authors benefit from the secondary sales of each of their artwork and this is made possible by the smart contract. During the creation of an NFT, the creator affixes a desired percentage of royalty, and the marketplace takes care of the sales and enforces royalties paid to the creator.
This means as many times the NFT is resold, the creator keeps earning his royalty. As a buyer, you don’t have to worry about this fee because it is included in the listing price by the seller. This fee usually ranges from 5% depending on the creator’s intention.
Similarly, OpenSea charges a 2.5% fee on every collectible sold on its marketplace; the seller pays this fee.
Three simple steps on how to view an NFT Royalty fee
- Go to OpenSea
- Search for the NFT collection
- Locate the Creator Fee
Step-by-step guide on how you can view an NFT Royalty fee
1. Go to OpenSea
Visit the OpenSea website, on the homepage, all NFT collections listed on the marketplace have their royalty fee and be viewed by the visitors.
2. Search for the NFT collection
To search for an NFT collection, you have to use the Search bar located at the top of the homepage. Click on the search bar, enter the name of the desired collection, and click the search button on your keyboard, you will be directed to the collection page in a few seconds.
3. Locate the creator fee
After you have been redirected to the collection page, right under the collection name you will see the Creator fee and the desired % attached to it. Note: this creator fee is the same thing as the Royalty fee.
Any percentage shown as the creator fee determines how much the creator of the artwork gets from the overall price interested buyers pay on every secondary sale.
Let’s assume the listing price of the NFT is $3,500 on the OpenSea marketplace and the creator fee is 10%, automatically the creator gets paid $350 out of the total cost price ($3,500).
Note: The creator of the collection does not need to be present or online during the sales, the marketplace handles all transactions and automatically pays the creator using their royalty settings on the platform, smart contract, or Blockchain platform.
How to Set Royalty Fee on OpenSea
For new authors or aspiring creators who want to learn how to set up NFT royalties on OpenSea, we have compiled a step-by-step guide on how you can set up your royalties.
1. Go to Opensea and select Account
The first step is to log in to your Opensea account. To do this, you must have a crypto wallet. Your crypto wallet enables you to sign in to your Opensea account.
2. On the Account tab, select My collections
Select “My collections” on this tab, there are two options. You can create a new collection by clicking create a collection or you can edit an existing collection that you want to change the royalty or the addresses of or even split the royalty with another address. All you need to do is select the collection and click edit.
3. Enter the details of your Collection
The only required details when filling in the collection details are the collection name and image. The rest are optional, you can choose to enter them or leave them blank.
4. Add address and creators fee
You must add a wallet address where your royalty payments will be sent. To do this, on the “create a collection” page scroll down to ‘Creator fees’ and click Add address. After adding your wallet address, set the percentage. Enter the percentage you want to be receiving from each sale.
Royalties are usually between 2.5% to 10%.
5. Finally click the Create button
After entering the required details, click the Create button and complete your creator fee.
How to split NFT royalties on OpenSea
If you want to share your royalty commission between two addresses or share it with another creator, it is possible and easy on the OpenSea marketplace.
Follow these simple steps to split your royalties on OpenSea.
- Visit Opensea.io
- select ‘account’
- select ‘My collection’
- choose the desired collection, Click the dotted menu, and select edit
- Scroll down to creator fee and select Add address
- Click Submit changes to finalize your changes
1. What is the NFT royalty percentage on OpenSea?
Royalty fees are set up by NFT creators and it defers from marketplace to marketplace. For OpenSea, this percentage falls between 5% and 10% of the secondary sale price.
2. Do you pay taxes on NFT?
Yes, Selling NFTs as a creator or as a source of income is taxable.
3. What is the Average NFT Royalty fee?
NFT royalties were introduced by the NFT community as a way to pay creators for their work both in primary and secondary sales. This royalty falls between 2.5% to 10% of the listing price and most royalty average percentage is 5%.
NFT royalties were introduced by the NFT community as a way to pay art creators for their work, they earn this payment automatically as it is coded in the smart contract of each NFT in a collection. In every single sale, the creator earns some percentage from the total listing price. This percentage usually falls between 2.5% to 10% of the listing price.
Initially, NFT creators earned from their artwork only on primary (first) sales, they were not able to track subsequent transactions on their work. Since NFT Royalties was introduced, creators could earn secondary sales (when it is resold by the previous buyer) Even if the artwork becomes better and more popular, the original creator still receives royalties when it is resold.