As soon as you create a NFT drop on one of your tracks, the NFTs will become available for sale on Collabhouse’s NFT Market immediately. Any Collabhouse user with a crypto-wallet will be able to buy them. Your NFTs are minted on the Polygon blockchain and transferred to the buyer’s crypto-wallet as soon as someone buys them.
The royalty split you include in your NFT drop will be deducted from your track distribution royalties right away and reserved for the NFT’s future owner to claim.Revenue collected from sales of your NFTs on the NFT Market is accounted for and paid out to you on a daily basis in accordance with the track recording royalty splits provided.
You can change the sales price of the unsold NFTs of a particular NFT drop at any time on the ‘Create NFTs’ tab of your release. Please note, once NFTs are created, they cannot be undone. Creating a NFT drop on a track will automatically extend the minimum distribution period of your release within 5 years and switch your release’s distribution model to the 5% commission model (allowing you to collect 95% of the track’s distribution royalties for the remainder of the distribution period).