Setting up Royalties for Collections
This guide provides instructions for platform and collection owners on how to set royalties for a collection using the Liteflow dashboard.
Setting up Royalties
If you are a platform owner and do not own the collection for which you wish to set royalties, you will need to invite the collection owner with the role "Collection Owner" to your platform.
To set royalties for a collection:
Log In to the Platform
Access the Liteflow dashboard and navigate to the "Collections" section (opens in a new tab) to view all collections available on your platform.
Open Royalties Menu
Within the collection detail page, click on the "More" button and select "Set royalties" from the dropdown menu.
Enter Royalty Details
On the royalties page, specify the addresses that will receive the royalties and assign the corresponding percentage for each address.
You can add multiple addresses to receive royalties by clicking the "Add" button. This allows you to distribute royalties to multiple parties, such as the artist, the collection owner, and other stakeholders.
Save and Submit
After entering all necessary details, click "Save changes" to confirm the royalty settings. Then, submit the transaction to the blockchain to enforce the royalty settings on-chain.
Any change to the royalty settings will require a new transaction to be submitted to the blockchain. This process may incur gas fees, depending on the blockchain network used.
Changing royalty settings will not affect previous offers and sales. The new settings will only apply to future offers and sales.
Congratulations! You have successfully set royalties for your collection on Liteflow. The royalties will now be automatically distributed to the specified addresses whenever a sale occurs.