Smart contract question (can 2 artists split revenue)

Hey guys, total noob here, so please excuse me, but I didn’t find the answer to this in all my searching:

Situation: Myself and another artist are making an NFT, and we want to set up the contract like this…We both give our ETH address, and have 50% of the sale go into my account and 50% into my fellow artist’s account. Then every time the NFT gets resold, we want to keep 20% of the profits (so 10% to me, and 10% to my fellow artist, and 80% to the person selling the NFT).

Doesn’t sound like too complicated a smart contract to me, just not sure Rarible can make this happen. I would hope they have prepared for multiple artists creating and earning from an NFT, but can’t find info anywhere. Anyone let me know if that’s possible?

Thanks SO much!
Mike

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Hi @HoneyTrek, welcome :slight_smile:

Foundation can do it so I know it is technically possible; but for Rarible, you should have a look at this thread that has already asked the question about multiple artist’s split

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Hi and welcome among us @HoneyTrek

@SMARTPopArtist’s answer will help you.

If you have any further question, don’t hesitate :slight_smile:

thanks for the link SmartPop, but I didn’t see anything on that link about splitting the profits from an NFT between two artists that co-produce an NFT. Have any idea if that is possible now, or if it will be once the Rarible Protocol releases?

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didn’t see anything at that link that speaks to splitting the profits (and resale profits) between two artists. Any idea Sheratan?

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Hi @HoneyTrek, the whole theme of that thread says just one artist of a minted piece can own that piece

It seems that hasn’t satisfied your query so I think the best option then is to contact the Rarible team directly to query if it’s something that can be added in the future (similar to FDN)

I read this morning that they’re now promising to get back to queries within 72 hours

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Thanks for the clarification SmartPop, and for the suggestion.

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Pleasure and good luck with it all :slight_smile:

(but I do question the probability of adding that feature to a base that’s already been built on - it might be one of those things that needs to be there from the beginning …)

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What about setting up a Multi-Sig Wallet?

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Isn’t that more for security rather than what the OP is asking about? (And personally I’d always be wondering if the other keyholder(s) are about to die or some other risk associated with a multi-key wallet …)

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I like that idea…how does a multi-sig wallet work? can you set is up so that one of the keyholders can’t empty the entire wallet?

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That’s the point of it - 2 or more keys are needed to access the account; and that’s also its downfall

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oh gotcha, so two keys to do any transactions as well eh? thanks for the insights guys!

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Yes, that’s right, there’s lots of info online about it

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I don’t know if i understood your post correctly, @HoneyTrek , but i’ve been thinking about something similar for some time… Shared authorship. Same as exists in music and comics, etc. A creative team. With a 50-50 split of revenue.

Threadless has this feature. You can even set a % to go to the charity of your choice. That would be so cool to see on NFT markets. Of course the trick here is that perhaps the code / protocols are not as sophisticated and flexible yet, so as to allow this. But it’s just a matter of time, especially if we push for it. I’m sure there’s lots of artists wanting to do collaborative NFTs.

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Hi @PezBanana, as I mentioned already - Foundation already allows this when you create an NFT with them, there is an option to spit a percentage with contributors and so the ‘code/protocols’ already exist. The question then becomes, how probable would it be to integrate that into a platform that has so much stock as Rarible? (i.e. is this a feature that would need to have been there from the beginning?)

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Thanks @SMARTPopArtist … Not sure i get what you mean by “Profile”… I’m guessing if Foundation already has this feature, then Rarible should implement it next? Sometime in the future…

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have you ever experienced those moments when you think about what you’re going to write and so start writing it, but before you’ve finished writing your thoughts go elsewhere and you end up writing those thoughts instead of your intended words? Yeah. That happened :slight_smile: ‘Profile’ was supposed to say ‘Rarible’ so I’ve edited it

again, you have to ask how probable is it that this is something that can be added to an existing platform with thousands of users and millions of stock …? Maybe the feature needs to come from a wallet instead - maybe a wallet gets designed that offers that functionality? Maybe that’s a whole lot more probable than adding it to an existing platform that has so much stock as Rarible?

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I’m no programmer nor NFT expert but i’d bet it’s easier done on Rarible’s side than on a wallet’s side. Of course, this would not be retroactive, applying only to new NFTs. Or maybe actually, it would have to be done at the blockchain level… Ethereum or whichever is being used by an NFT marketplace. Maybe some blockchains are more allowing of this (in principle) than others.

Would love to know @rarible take on this.

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I totally agree with you Pez:

  1. it would only affect new NFTs
  2. it would be much better on Rarible (or OpenSea) as that is where the NFT (and the smart contract) gets created, and that smart contract (which is my understanding) stays with the NFT for its entire life
  3. I think there are a LOT of artists creating things together, that would love this feature. I also think there are a lot of managers/partners/other relationships that would like this feature as well.
  4. I also love the ability to designate a charity to receive some % of each sale & re-sale, and give that charity’s wallet address so it happens seamlessly. I think this would also GREATLY increase the amount that goes to charities, because it will be automatic and not up to the creator to actually follow through with their promise to “give 10% of proceeds”

All in all i think this feature would be great to add to the power of Rarible!

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