With the Creator Standard, creators and collections are able to enforce royalties for their collection.
We only win if the creator wins. That's why we're asking the creator to add Cardinal as a creator, giving us a share of the royalties. The Creator Standard enforces a 90 / 10 split on royalties between the creator and Cardinal when they are paid out during secondary sales on marketplaces. Cardinal's cut will only serve to fund maintenance and further development of the protocol to continually improve the experience for everyone.
If we assume the average collection has a 5% royalty set on-chain, Cardinal would take 0.5% of the sale. By aligning incentives via royalties, Cardinal and creators join forces to ensure royalties are continuously paid out and fight bad actors that try to circumvent the standard.
The creators listed in the NFT's metadata must include Cardinal's address. 90% of royalties will be split amongst the creator addresses with 10% going to Cardinal's address.
There is no other fee for using the Creator Standard except this royalty split. We want to help guarantee the net upside of royalties for artists and collections and take a small portion of this net new revenue.
Transaction:A LILY NFT is sold on MagicEden for 10 SOL.
Payout:The LILY NFT has a 5% creator royalty set. The marketplace would accordingly pay 0.5 SOL as royalties to the on-chain creator splits. LILY's creators would receive 0.45 SOL split, and Cardinal's address would receive the remaining 0.05 SOL.