How it works
When you buy music on Royal, you own a piece of the streaming royalty rights and get paid a few times a year as royalties accrue. Artists (or their distributors) deposit the royalties into a smart contract, and then you are able to claim the funds from your Royal dashboard.
How royalties accrue
As a song is streamed, it accrues royalties across the various streaming platforms - Spotify, Apple Music, Youtube, etc. The artist then receives their royalties payouts in aggregate for a given period of time. Royalty payouts will vary depending on the drop - you get paid when the artist gets paid, and that varies according to each contract. On average, royalties are paid out bi-annually by the artist in USDC.
As long as you are holding the token at the time of distribution, you will be able to claim your royalties through your Royal Dashboard. We'll notify you when you have royalties available to claim.
Eligibility
Royalty payouts will go to whoever holds the token at the time a payment is made. If you sell your token before a payout, you will not receive any royalties generated while you owned it.
Before you can claim your royalties, you will need to create and verify your Royal account.
You will have 18 months to claim your royalties from the time they become available.
Creating an account
If you haven’t already, click here and sign up.
Verifying your account
Here is a guide on how to verify your Royal account.
Claiming royalties
Once you have created and verified your account, you will be able to claim royalties by sending them to a crypto wallet (bank account transfers coming soon!).
- Navigate to your Royal Profile.
- Click 'Claim royalties'.
- Click ‘SEND TO CRYPTO WALLET’. At this time, we only allow crypto (USDC on the Polygon Mainnet) claims to MetaMask accounts. If you haven’t added a MetaMask wallet to your Royal account yet, check out this guide.
- Select the wallet that you would like to claim with. This wallet should be the wallet where your token was held at the time of royalty disbursement.
If your wallet is not clickable, click on your MetaMask wallet extension > Not connected (as shown below) > connect wallet to site.
- Select the wallet you would like your royalties to be sent to.
If you choose to claim your royalties to your Royal wallet, your royalties will be added to your account's balance.
- Confirm your claim.
- Sign the transaction through the MetaMask extension.
- Add USDC to the Matic Mainnet. Click 'Import Tokens' within your MetaMask extension. Add the following contract address to the 'Token Contract Address' field: 0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174
