SolPunksDAO Secures Historic Royalty Deal On Solanart And MagicEden

In brief:

  • 3% of SolPunks sales will be paid into SolPunksDAO’s trust wallet
  • Unfortunately, the Royalties collection will not be backdated
  • The funds will be used to push the brand forward

After months of anti-SolPunks hostility, the SolPunks community finally has something to feel bullish about.

A breakthrough in negotiations came on Boxing Day with a tweet:

SolPunksDao tweet annoucing the royalties on all sales

The terms of the deal stipulate that 3% of SolPunks sales will be paid into SolPunksDAO’s trust wallet, while 2% of the total royalty will be held in Solanart.

This sharing formula is famously described by SolPunks hodler Nathon as a “win-win” situation.

Although not detailed, the funds will be used to push the brand forward. Naturally, the decisions will be made by the DAO collectively.

Unfortunately, the Royalties collection will not be backdated.

What are the SolPunks NFT?

‘SolPunks: punks on Solana offers a unique avatar members can use everywhere to stand out on the Solana blockchain.

It’s the first NFT collection to mint on Solana and is a copycat of CryptoPunk on Ethereum.

The SolPunks obtained are visible on the site’s interface and will be exchangeable on its social networks or marketplace.

You can get as many SolPunks as you want, but once the 10,000 are sold it will be too late to get one at mint cost.

What is Magic Eden and What Does it Do?

Magic Eden offers its Launchpad service that helps creators mint their unique collections without the need of technical know-how. To use Magic Eden Launchpad,  you must own or have legal permission to use, distribute, and sell any artwork associated with your account.

What is Solenart and What Does it Do?

Solanart is an NFT marketplace that uses the Solana network. It allows anyone to buy or sell Solana-based NFTs. Solanart is a marketplace that allows artists and creators to share their work in a trusted environment.

With Solanart, your NFT is placed on a temporary account owned by the marketplace program. It then gets added to a database that stores all the details of the sale. The program transfers the SOL amount of the buyer to the seller when someone purchases your NFT.

After that, it unlocks the NFT and sends it to the buyer. Solanart has both on-chain as well as off-chain data. The database stores the off-chain data and is used to display all NFTs available for sale on the main page. The on-chain data can be used to display NFT one-by-one or from the My NFTs for Sale’ section under the ‘Wallet’ tab.

The current price of Solana is  $170.80 -3.5% in the past 24 hours.