Distributing proceeds
Let's say you wanted to split royalty proceeds for a music record that 5 members produced together. These are the steps that would occur using the HyperMint Dashboard:
- Create a Splitter Contract for Primary Sale Splits - Fantastic Five Records registers all 5 members as payees in the Splitter contracts with Primary Sale proceeds as - 20% each
- Create another Splitter Contract for Secondary Royalties - in which HyperMint automatically takes (10%), so the rest of the 5 members would receive Alyssa(25%), Bianca(25%), Usman(20%), Ian(10%), Jay(10%)
- Fantastic Five Records links this splitter contract to their NFT Collection they are creating in the 'Minting' tab.
- HyperMint deploys the Collection Smart Contract which automatically deploys the Splitter Contracts created as well.
- Minting goes live!
- Minting sells out and all minting revenue are forwarded to Primary Sale Splitter (
mintSplitter
) - Secondary sales go live on OpenSea and Secondary Royalties and are forwarded to Secondary Royalties Splitter (
royaltySplitter
) - Fantastic Five members log on to HyperMint and claim their own portions of overall revenue.
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Updated 7 months ago