Creating Royalty Tokens
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Revelator has introduced a new way for settling royalty payments using Royalty Tokens—a smart contract that automates royalty distribution to multiple parties on blockchain. This article will take you through creating a royalty token for an eligible track in your catalog.
Talk with our about enabling Royalty Tokens for your enterprise.
Your user account must have "Editor" permissions for Catalog & Asset Management and Royalty Accounting.
Tracks you intend to tokenize must meet the following requirements:
Find a track from your catalog that meets the following requirements:
If any of the above requirements are incomplete, you will first be required to complete them before your track becomes eligible to tokenize.
Open the track and click to Mint Royalty Token from the Original Works summary card.
You can view the currently selected tracks associated metadata by clicking on the track itself. This will open a modal window containing the tracks current metadata, credits and releases it appears on.
If you notice anything incorrect, we recommend first editing the tracks metadata before proceeding to create your Royalty Token.
By default we set a token supply of 10,000 tokens. This ensures you have liquidity for distributing split % to each of your Royalty Token payees. You can update your token supply by opening the token settings.
Choose from preset amounts or set a custom value to suit your needs.
Token supply cannot be changed once your Royalty Token has been created.
The payout rate is the percentage of royalties paid by the payor to the current payees on the Royalty Token contract. The remaining share of royalties is withheld by the payor.
You can set any value between 1% and 100%.
Setting a payout rate of 90%, means the payor will retain 10% of every $ earned by the track before paying out the remaining 90% to be split by the current payees on the Royalty Token contract.
Similar to our regular contracts, simply add payees and assign their split %. The only extra input is whether or not the payee has a wallet address connected to their account.
If a payee already has a wallet, great – their wallet address will be automatically used.
If a payee doesn't have a wallet, a Royalty Vault is created on-chain to store their tokens until they create or connect a wallet themselves.
If you know the payees wallet address, you can add it manually to their account details.
When ready to create your Royalty Token, click Review.
You will be presented with a summary of the Royalty Token you are about to mint on blockchain. It's important to review these details, and ensure the splits are accurate, as once it's recorded on-chain it becomes immutable.
If everything is correct, click Mint Royalty Token to queue your Royalty Token to be minted.
After confirming to mint your Royalty Token, it may take a few minutes before it is confirmed on blockchain. You can check it's status from Royalties → Royalty Tokens.
Royalty Tokens listed here may have the following status:
The Royalty Token has been queued for minting and will be minted within the next few minutes.
The Royalty Token is linked to receive royalties assigned to the asset it represents.
The Royalty Token encountered an error when attempting to mint on-chain.
Once your Royalty Token has been minted successfully, the payees you added will automatically receive the split % of tokens you assigned them.
Payees will receive an email notifying them of the split % of Royalty Tokens they've received.
If a Royalty Vault was created for them, they’ll receive a second email with instructions on how to claim the tokens via their Payee Portal.
Learn more about Receiving Royalty Tokens.
If any of your royalty tokens result in or get stuck for an extended period of time, please contact .
They can then download to view and manage their tokens from their, and receive their royalties directly.
Check out our article on for more.
If you made a mistake or ever wish to undo the connection between an asset and Royalty Token, you may contact to manage this for you.
We support Royalty Token minting on and , paying royalties on-chain in or (on request).
If you would like to mint your Royalty Tokens on a different blockchain, please contact .
Payees can access and manage their Royalty Tokens on
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