Patented Fitness Equipment (Royalties)

NFTs have smart contract functionality, which facilitates an automated royalty management system. The caveats and conditions are set from the beginning and coded into the contract so that subsequent sales are automatically remitted to the creator’s wallet using a predefined royalty percentage. This removes the manual calculation and remittance of payments and reduces the risk of inaccuracies or human error. The initial setup may take slightly longer to embed, but once done, it should reduce the overall time taken to execute the royalty payment process.