If you don’t know how to set royalties on OpenSea. Let me tell in this step-by-step guide. It is very simple and doesn’t require so many technicalities. OpenSea doesn’t allow you set royalties for you each of NFT but you can set royalties on the collection level. In opensea, creators can only set royalties from 0 to 10 percent of the NFT selling price. However, you can set any percentage for royalty fee if you submit your NFTs through a customized smart contract.
How to set royalties on opensea – Step by step guide:
Go to your opensea account. Hower the mouse on your profile picture and it will show you a menu like this.
Open your collections and you will have a screen like this.
Once you will click on create a collection. You will have different options for creating a collection. Scroll down and you will have a creator earnings section like this.
Click on add address. It will allow you to set a royalty percentage and address which will be used to transfer creator’s royalty fees in future.
You give your relevant information here and other information in other sections as well. Once you click on create your NFT collection button this royalty fee information will also be saved for this specific collection.
What is the perfect percentage for the NFT collection royalty fee?
This is the big debate in the NFT space what is the perfect percentage for an NFT collection? First, you need to understand some royalty fee standards that what is high royalty, what is low royalty, and what is average royalty.
- 10% = High royalty
- 5% = Average royalty
- 2.5% = low royalty
Most successful projects like bored apes have low royalties. But it all depends on your collection and preference. Average royalty is the most preferred option for many projects because it’s not too much greedy and not much low.
NFT royalties are the most attractive and useful feature for artists. Many new NFT artists started jumping into the NFT space after knowing this royalties’ utility. Before NFT royalties, artists doesn’t receive any rewards after the primary sale regardless if their art would sell for millions in the secondary sale.
Do not forget that you can only set royalty for a collection, you can not set royalty for each NFT/token. If you still have any questions or suggestions. Please ask in the comments.