Welcome to the frontier of digital collectibles! Magic Eden invites creators on EVM chains to amplify their earnings through on-chain royalties using the Royalty Registry. In this guide, we'll unravel the intricacies behind on-chain royalties and provide creators with detailed instructions to seamlessly update and manage their royalties for their collections on Magic Eden.
Unveiling the world of on-chain royalties
How do on-chain Royalties work?
NFT sales initiate a crucial process within marketplaces: withholding a share of the sale proceeds for distribution to the original creator. On-chain royalties, embedded in token contracts, specify the amount and recipient. Despite similarities among specifications like EIP2981, SuperRare, Rarible, and Manifold, variations make compliance challenging, especially for older tokens.
What is the Royalty Registry?
The Royalty Registry serves a dual purpose: simplifying on-chain royalty configurations for marketplaces and enabling contracts lacking initial on-chain support to add it. Comprising the Royalty Registry and Royalty Engine, it provides a streamlined process for configuring royalties and looking up royalty information for any token contract.
Who built the Royalty Registry?
Manifold.xyz built the Royalty Registry in collaboration with Foundation, Nifty Gateway, OpenSea, Rarible, and SuperRare, as an open-source project. The code, available for exploration and contribution, emphasizes transparency and community involvement.
Information for creators:
If your token contract supports EIP2981 or is from Manifold, Rarible, or Zora, you're good to go!
Tokens from Foundation, Rarible, or SuperRare are supported, and you can manage royalties on their respective platforms.
Click 'Configure' to deploy on-chain royalty configurations for older token contracts, reaching out to the platform or contract owner if necessary. Read more in our instructions below.
Navigating the Royalty Registry for on-chain royalties on Magic Eden
Connect and select chain
Visit Royalty Registry and connect your wallet (Use Metamask for a seamless experience).
Choose the blockchain your NFTs are minted on in the top right corner. Your wallet will ask you to switch chains if required.
In the given example, we are utilizing the Goerli testnet. However, it's important to note that the same process applies to all listed blockchain networks.
Look up token information
Enter your token address and ID, then click the search button.
Retrieve crucial details: You will see information such as the Royalty Spec, Etherscan link, payable royalties address, and their associated percentage share.
Updating royalty information
For custom contracts, set an override on royaltyregistry.xyz.
Navigate to 'Configure,' enter your NFT token contract address, and search for existing overrides.
Enter your NFT token contract address in the provided box and initiate a search.
Review the displayed information to check for any existing active royalty overrides associated with your address. If, for example, your token already supports Manifold, creating a new override may not be necessary. In such cases, direct configuration in Manifold is recommended. The same principle applies to tokens minted on platforms with configurability options.
If a new override is needed, proceed by clicking on the "Create New Override" button.
This action will prompt the deployment of a new override contract. Your wallet interface will appear, requesting confirmation for the transaction.
Confirm the transaction in your wallet to deploy the new override contract.
Subsequently, you will be required to approve another transaction to set the override contract. Confirm the approval in your wallet once again.
Configure royalty information
Once you've set the override, proceed to configure the royalty information. Follow these steps:
Click on the "Configure Override" button.
You'll be presented with options to set default royalties for the entire contract, applying to all NFTs within that contract.
Enter the recipient address and specify royalty basis points (BPS), where 500 BPS is equivalent to 5% royalties.
Additionally, you have the flexibility to set per-token royalties, allowing for different royalty recipients and percentages for specific tokens.
Customize the values according to your preferences.
Click either the "Save Default Royalty" button (for the entire contract) or the "Save" button (for individual tokens).
After configuring the royalty information, your wallet interface will pop up, prompting you to confirm the transaction to set the royalty. Confirm the transaction in your wallet.
This detailed process ensures that creators can effectively configure and customize royalty settings for their NFTs based on their unique preferences.
Verify changes
Return to the lookup tab on royaltyregistry.xyz.
Search for your contract address and token to confirm recorded royalty recipient and percentages.
Additional information on BPS: Understanding basis points
Basis Points (BPS) are a standard measure in finance, with 1% equivalent to 100 BPS. When setting royalties, you're essentially defining the percentage of each sale that goes to the creator. For example, setting 500 BPS translates to a 5% royalty share. This flexibility allows precise control over earnings, empowering creators to tailor compensation to their preferences.
Additional tips for custom overrides:
If your NFT was minted on a custom contract, setting a new override ensures on-chain royalty configurations.
The 'Configure Override' process involves deploying a new contract, confirming transactions, and setting default or per-token royalties.
Congratulations! Your on-chain royalties are now updated, ensuring platforms like Magic Eden automatically apply fair compensation.
The Royalty Registry empowers creators to define and enforce on-chain royalties, ushering in a new era of fair compensation. Take control of your NFTs on Magic Eden and beyond by following this comprehensive guide. Your art, your rules — maximize your potential and earn what you deserve!