Mint Songs takes 5% of every primary sale and 2.5% on every secondary sale. The creator of the NFT makes a 10% royalty on every resale of their NFTs.
Let's break that down - The Satoshi Band decides they want to make NFTs on Mint Songs. The Satoshi Band goes to create an NFT for their latest song Ethereum Love Song in our Create portal by entering the song name, description, audio file, album artwork, edition size, and price of each edition. After finishing, the NFTs are immediately minted for $0 minting fees and are listed on their Profile Page for fans to collect. For this example, let's say they created an edition of 100 for their new song priced at .001 wETH per edition.
The primary sales fees come in when someone buys the NFT directly from the artist. Vitalik buys an edition of the Ethereum Love Song NFT for .001 wETH. From this sale, .00095 wETH (95%) goes to the The Satoshi Band and .00005 wETH (5%) goes to Mint Songs.
Over time, the market for The Satoshi Band NFTs is getting hot and Vitalik wants to sell his Ethereum Love Song NFT so he can buy more NFTs. Vitalik lists the NFT for .02 wETH. Bob sees the listing and buys the NFT. Vitalik makes .0175 wETH (87.5%) on the sale. The Satoshi Band makes .002 wETH (10%) in revenue share and Mint Songs takes .0005 wETH (2.5%) in marketplace fees.
Our core mission at Mint Songs is to help as many artists build a sustainable and livable income from creating music. We believe NFTs can help thousands of music artists to better monetize their music in the ever-growing digital collectors market.
The funds collected from marketplace fees will be used to build tools and communities that carry out that core mission.