The creator royalty incentive system enables creators to continuously receive income when their NFT works are resold in the secondary market, and the royalty will be credited instantly with the completion of each transaction. For each resale of their works at the secondary market, the creators will receive the royalty at a percentage of the transaction price of the deal, and the fee will be deducted from the final transaction price. The creator of the NFT will not be charged royalties for the first transaction of it. The stronger the liquidity of NFT in the secondary market, the more royalty income the creator will get. The creator can check the relevant royalty records in their accounts.
How to set royalties for a work or collection?
Creators may set royalties for the NFT works or collections at a rate between 0 - 10%. NFT works minted on the Gate NFT platform usually has a fixed tax rate, which is set by the creator and cannot be changed after the work is completed.
The collection’s royalty rate can be modified at any time by logging into the collection information editing page. The collection’s royalty rate will apply by default to any work it comprises, or the creator may customize the rate for certain work.
You can check the royalties records of a NFT work in the following steps :
Step 1: Enter the Gate NFT homepage and click on the “My Assets” button.
Step 2：On the My Assets page, click on “Collection” management and select the NFT collection of which you want to view the royalty records.
Step 3：On the collection details page, Click on the “⋮” icon, then select “Royalty Records.”
Step 4：On the Royalty Record page, you can view the history of royalties of the assets that have ever been resold.
