Distributing Proceeds Example
Let's say you wanted to split royalty proceeds for a music record that 5 members produced together. These are the steps that would occur using the HyperMint Dashboard:
- 1.Create a Splitter Contract for Primary Sale Splits - Fantastic Five Records registers all 5 members as payees in the Splitter contracts with Primary Sale proceeds as -
- 2.Create another Splitter Contract for Secondary Royalties - in which HyperMint automatically takes (
10%), so the rest of the 5 members would receive Alyssa(
- 3.Fantastic Five Records links this splitter contract to their NFT Collection they are creating in the 'Minting' tab.
- 4.HyperMint deploys the Collection Smart Contract which automatically deploys the Splitter Contracts created as well.
- 5.Minting goes live!
- 6.Minting sells out and all minting revenue are forwarded to Primary Sale Splitter (
- 7.Secondary sales go live on OpenSea and Secondary Royalties and are forwarded to Secondary Royalties Splitter (
- 8.Fantastic Five members log on to HyperMint and claim their own portions of overall revenue.