How to Update Royalty on Already-deployed Smart Contracts
Easily manage and have more control over your NFT creator royalty fee.
Royalty Update is now available on Smart Contracts!
NiftyKit has leveraged the power of diamond contracts to create an app that allows creators to update their royalty on the already deployed NFT Collection. Learn why and how to install Royalty Update below.
Why should creators update their collection royalty fees?
NFT creators are caught in NFT marketplace wars over their royalties due to the constantly evolving nature of the NFT market, and competition among creators. Each platform has its own rules and royalty structures, which can create confusion and uncertainty for creators who want to ensure that they receive fair compensation for their work.
Solution? Flexible diamond contracts and tools such as NiftyKit's app help creators stay ahead of the curve and take control of their royalties.
Installing Royalty Update
To update royalty terms, have a deployed diamond contract using NiftyKit.
Install the app by clicking add on [Royalty Update] from the apps tab in your NiftyKit dashboard.
Once activated, this will add a royalty update section to your collection’s dashboard.
Now, you can adjust the percentage of royalties you receive. Click edit and set your new royalty percentage.
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You have now the flexibility to update your royalties as needed to adapt to the ever-changing market conditions.