A common question that gets asked is how to do a collaborative NFT contract to automatically split sales and royalties. Finding partners to create with can be easy, and Tezos has the tools to ensure that everyone involved is protected and that the revenue generated gets distributed correctly.
This post will show you how to set up a collection on OBJKT.com, invite collaborators to it, and split the sales and royalty amounts. By the end of this you should have no problem setting up a collab contract.
Create a Collection
The first thing to do is create a collection on OBJKT.com. You can do it with any collection you've created, but most people would set up a new collection dedicated for the collaboration.
After syncing your wallet to OBJKT, click on your profile picture in the upper right hand corner to expose the Create menu.
Fill in the information for your collection including the image you want to use for it. Collection Type is whatever you want to classify it as, OBJKT may have different categories depending on how it's labeled.
Once all filled out, hit the Create button. It'll cost you about 1 tez to create the collection.
Invite the Collaborators
Now that we have a collection ready, we need to add the collaborator to the collection so they can be listed as a co-creator and show up on the collection and NFT pages.
Click the [...] button from the collection page and select Invite Collaborator.
Enter the wallet address of the person you wish to collaborate with. You'll have to send a transaction with your wallet after selecting Invite.
The person you added as a collaborator will receive an invitation to the collection. You can see your invitations by navigating to the Invitations tab from your profile page. They accept the invitation, send a transaction with their wallet, and then they're able to mint into the collection.
The wallet that received the invitation won't see the collection from the Collections section of their profile, but when they mint a new token, they'll now be able to create an NFT to it.
Creating the Collaborative NFT
Go to the Create section again, but instead of creating a new collection, we'll be creating a new token. Fill out the metadata like you would any other NFT.
- Don't forget to select your collaborator under the Creators section if you want them listed as a co-creator.
- Don't forget to add your collaborator to the royalty split section if you want them to receive royalties! They aren't automatically added to the royalty split.
Listing the Collaborative NFT for Sale
You need to hit Advanced Sale if you want to split the sales amount with your collaborator. Sale amounts are not automatically split, you need to specify.
Enter the wallet address you want to split the sales with, the number on the left hand column is the percentage you want each wallet to get. There's two wallets, so each will get 50%.
Hit the List Token button and send the transaction with your wallet. Now, when this NFT gets sold, the sale will be split 50/50 between these two wallet addresses, and the royalties will automatically be split as well.
The best part is that all creators are listed on the NFT and credited, so they'll still show up under your DNS profile! 😎
Using this information you can now collaborate safely and effectively with any Tezos artist. With creating and selling NFTs this way, you're able to protect everyone involved and ensure a clean, smooth process. It's a powerful addition to every NFT creator's toolbox.
Just remember to be aware of the common mistakes people make with collaborative and split sales, like not adding everyone to the royalty splits, or forgetting to do an advanced sale to automatically split sales, and you should have a smooth ride.