The hype and adoption of NFTs are seeing rapid growth due to the underpinned value in the form of royalty. Previously, once NFTs are sold to a buyer, the creator will receive only the selling price. Only with advancements in smart contract development did royalty payments come into existence. Zora, and OpenSea are the notable NFT trading platforms that allow NFT creators to decide the royalty percentage they’d like to get when their creations get sold on the platform. However, not all NFT trading platforms supported this royalty payment at that time. Hence, the ERC-721 Royalty Standard was established to normalize royalty payments for original NFT creators. Let’s see how creators can fix royalties for their NFTs through smart contracts. Suppose the primary sale price of an NFT is 10 ETH. Now, if the creator chooses 5%, then he will receive 5 ETH as royalty rewards.
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