Requirements & Workflow for Artist Royalties
User Requirements
To participate in the ecosystem, all users must have a Solana-compatible digital wallet such as Phantom. This wallet is essential for receiving payments, holding MNTD tokens, and converting earnings into fiat currency. Additionally, users must have an off-ramp and on-ramp account with a platform like Robinhood or Coinbase to facilitate the final conversion of tokens into spendable cash.
Workflow: How Artist Royalties Are Paid
Artists Earn Royalties
When a track is streamed, purchased, or included in a curated playlist, artists receive MNTD tokens as royalties directly into their Solana-compatible wallet (e.g., Phantom).
Converting MNTD Tokens
To access their earnings as fiat currency, users must sell their MNTD tokens, which will then be automatically converted into Solana (SOL) tokens.
Using an Off-Ramp Service
Once the MNTD tokens have been converted to SOL, users must transfer them to an off-ramp and on-ramp exchange account (such as Robinhood or Coinbase).
Selling Solana for Fiat
Users will then sell their Solana tokens on the exchange, converting them into fiat currency (USD, EUR, etc.).
Withdrawing to a Bank Account
After converting to fiat, users can withdraw their funds directly to their linked bank account, making the royalties fully accessible for everyday use.
Last updated