Revenue Share
At this stage, FACTS-NFT will not charge fact-checking organizations for hosting their content on OpenSea. When an NFT is negotiated, the following division is set up on the smart contract:
Beneficiaries | Share |
Third-party platform | 2.5% |
FACTS-NFT | 10% |
FACTS-NFT legal partner | 1% |
Fact-checking organization | 86.5% |
If the buyer decides to resell your organization's NFT using the same third-party marketplace there will be a 10% of royalties to receive. This means that the amount that represents 10% will be divided as per the table above.
There will be no extra revenue if the buyer decides to resell the NFT in other secondary marketplaces (outside OpenSea).
Yes. As we use the Ethereum network, the total amount will suffer a deduction from the fees to transact. In order to interact with the Ethereum blockchain, each transaction needs to pay the so-called GAS. (if you want to understand better what is GAS, we suggest this document).
We are unable to know in advance how much in dollars will be the cost to transact. The fees are variable because it relies on the network traffic.
Basically, the total distribution can take up to 21 days. There are many reasons to take this time in this first stage. One of them relies on the fact that our third-party platform needs to verify each NFT and release the funds after the validation. As we get more transactions they can speed up the process.
Once an NFT is negotiated, the amount (after the fees and revenue split) will reach your Ethereum account in 21 days.
As the NFT we are minted in the Ethereum network, all the transaction will use one single currency: Ether. Ether (ETH) is the cryptocurrency generated by the Ethereum protocol. At this stage, we cannot transfer through a bank account, as this requires some bigger structure, taking more fees, and need approval for regulation purposes.
any transaction will be fully paid to the fact-checking organization - in cryptocurrency (Ether). Your organization needs to have an Ethereum wallet address. (learn more on Getting Started)
