What are the fees for cocoNFT?
There are no upfront fees to use cocoNFT. We only get paid when you successfully sell an NFT. We collect a 5% royalty of all initial and future sales. Rarible, our marketplace partner also takes 2.5% as a service fee. Here are two scenarios to help you follow:
Sale price: 0.5690 ETH (~$1,000 USD)
cocoNFT Fee (5%): 0.02845 ETH (~$50 USD)
Rarible Fee (2.5%): 0.014225 ETH (~$25 USD)
Creator Receives (92.5%): 0.526325 ETH (~$925 USD)
Then the first buyer then resells the NFT to a second buyer.
Sale price: 1.138 ETH (~$2,000 USD)
cocoNFT Fee (5%): 0.0569 ETH (~$100 USD)
Rarible Fee (2.5%): 0.02845 ETH (~$50 USD)
Creator Receives (10% royalty): 0.1138 ETH (~$200 USD)
Previous Buyer Receives (82.5%): 0.93885 ETH (~$1,650 USD)
Please note: not all marketplaces recognize royalties. For instance, if the NFT is resold on OpenSea instead of Rarible the creator will not get the 10% royalty as OpenSea does not yet recognize royalties from Rarible.