Smart Contracts on the blockchain have revolutionized the way artists and creators get paid for their work. They have created a system for verifying the authenticity AND ownership of intangible digital items. Beyond that, Smart Contracts allow creators to receive royalties each time a transaction involving their artwork is made.
What does this mean? Each time an NFT is sold after its initial sale, the creator will receive a percentage of each sale in perpetuity. Best of all, all these parameters are coded into existence the moment an NFT is minted. This is significant because artists are instantly and automatically paid upon sale – no waiting around. Initial payments and royalty payments from secondary sales are automatically distributed. The process is easy and painless for creators.
Voice has adopted the industry standard for its royalty system. Every time an NFT minted on Voice is sold on Voice in a secondary capacity, creators will receive 10% of the total secondary sale.