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Ordzaar

Royalties

Announced during the inaugural Ordinals Summit, we are introducing the Honor-Based Creators Royalty feature, designed to foster sustainability and reward long-term vision within the burgeoning Ordinals builder ecosystem.

Royalties in Ordzaar adhere to the OIP-06 standard.

What are Royalties?

Royalties provide creators with the opportunity to earn income from subsequent sales when their work is part of a collection with established royalty terms. The original creator will receive a royalty payment for each successful sale, regardless of the owner, as long as the transaction takes place within Ordzaar’s marketplace.

How does it work?

Create collection

Artists, when curating a collection, can establish royalties, with the current upper limit being set at 20%.

Create Collection

After the creation of a collection, Ordzaar will utilize the OIP-06 standard to record on-chain the royalty fee and the corresponding receiving address.

Collection Details

In the Kings of Ordzaar collection, the creator’s royalty rate has been set at 20%. You can access the metadata by clicking here.

{
  ...,
  "royalty": {
    "address": "bc1p8mkym678ltgdyda5lkd0vqtqyps5mlthkpee6q43hhqmevjxzzyq5srwn8",
    "pct": 0.2
  },
  ...
}

Whenever an individual mints an item from a collection that includes royalty provisions, Ordzaar will inspect its on-chain metadata to determine the royalty sum and the destination address for payment. In the case of all transactions involving inscriptions sold on Ordzaar with royalties, creators will receive earnings for each sale.

Listing inscriptions with royalties

While listing an inscription, you’ll be able to identify whether there’s a royalty associated with it.

Sell Modal

Buying inscriptions with royalties

If an inscription includes royalties, it will be shown in the purchase modal, and the royalties will be factored into the price calculation.

With this update, we’ve also enhanced the usability of the Buy modal.

Buy Modal

Considerations

  1. Since royalties are permanently inscribed on the blockchain following the guidelines in [OIP-6]((https://www.oips.io/oip-06-ordinals-royalty-standard), they cannot be modified.
  2. Royalties are exclusively applicable to collections created after the 2.10.0 release.
  3. The royalty system is specific to Ordzaar; it will not be operational when selling items on a different marketplace.

TLDR

Creators can now set royalties for new collections. When inscriptions with royalties are sold on the Ordzaar Marketplace, creators receive automatic royalty fees. These royalties are permanently recorded on the blockchain as per the guidelines in OIP-6 and apply only to collections created after the 2.10.0 release.