How do royalties from secondary sales work?

With Soltype, writers receive royalties from every sale of their written work. Watch our short explantory video below or keep scrolling for a written explanation <3
There are two types of sales for written works on Soltype:
The first, or primary sale
The secondary sales (every sale after the first)
As a writer, you decide what % of royalties you would like to receive from every secondary sale of your work. A typical amount to set is 5-20% (but you are free to decide whichever amount you like!).
When you make your first sale, you will receive 100% of the sale price! This money will be deposited directly into your Phantom wallet (aka. your digital wallet) (See: How to create a Phantom wallet).
All sales on Soltype happen in a cryptocurrency called Solana - this currency will be deposited into your Phantom wallet. 
After your first sale, your written work is no longer yours to sell. It is up to the buyer and, therefore, the current owner of your work to sell it! In a secondary sale, a buyer re-sells your written work to a new owner. You will receive secondary royalties from this sale (this is the % you decided when you first published your work!).
You will continue to receive secondary royalties with every sale of your work on Soltype. These royalties are not necessarily enforced on other NFT marketplaces (See: Can I sell a written work from Soltype on another marketplace?).
While you cannot control the price that a buyer re-sells your work for, you can safely assume that they won't try to re-sell it for less than they bought it for - that would just be bad business!

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Last modified 2mo ago

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