We believe in transparency, especially how we determine what you're getting paid for the content you sell on our platform. We've created this article to shed some light on how we handle fees and payouts.
Payouts and fees are covered in our Terms of Service; please look there for our exact policy.
What does Enshrine charge creators for an initial sale?
At this time, we charge a 15% fee for all sales on our platform and have a $0.99 minimum fee for all initial sales.
We will occasionally give creators incentives that include reduced platform fees (our Day One Creator Program, for example). We'll always show you what fee you will be charged when creating a listing.
How did you determine what fee to charge?
Unlike other platforms, we aim to be as transparent as possible with our creators. We did a lot of math to determine how much we need to charge to keep our platform up and running while ensuring that our creators keep the lion's share of their earnings.
Below are what your fee covers:
Payment processing fees
We use Stripe as our payment processor. Why? Simple -- they are the industry standard for secure payment processing. Their services allow us to safely transact, identify potentially fraudulent transactions, and reduce chargebacks.
Stripe charges 2.9% of the total sale price + $0.30 for every transaction they process. Instead of passing it on to you or your fans, we've embedded the cost of payment processing into our fee.
Minting and IPFS storage
Whenever you make a sale, our platform kicks off a process where we create an NFT. This consists of writing media to IPFS and creating the NFT on Polygon. The cost of minting on Polygon changes whenever there is an increased demand for blockchain writes.
To ensure that the payout you receive is predictable, we analyzed millions of Polygon transactions and implemented a lazy minting process to make our costs more predictable.
That's a lot of technical terminology.
TLDR - We handle the variability of transacting on the blockchain so that you (or your fans) don't have to.
NFTs get a bad rap when it comes to their carbon footprint. We've chosen to use the Polygon blockchain because its carbon footprint is a small fraction of the carbon footprint of Ethereum. In fact, Polygon has committed to going carbon neutral in 2022.
We did our own analysis and have pledged that we will purchase carbon offsets that cover the carbon footprint of minting on Polygon.
Enshrine platform costs
The features that we're launching with are just the beginning of what we plan to do with the Enshrine platform. When you sell on Enshrine, you allow us to hire more developers that will, in turn, build more features that will expand the functionality that we offer creators.
How do I know what I'll be charged when creating a listing?
Unlike other platforms that pass the variability that comes with cryptocurrencies on to the creators, we show you exactly how much money you will net from each sale.
We don't believe in hidden fees -- what you see is what you get.
How does Enshrine handle creator payouts?
How do payouts work?
Taking after platforms like Twitch, Facebook, and Amazon, we roll up creator earnings and pay them out in one lump sum on the 15th of the following month.
For example, let's say that you made $100 after fees during June. We'll send you your payout of $100 via ACH on the 15th of July.
This policy is subject to change. Please see our Terms of Service for our current policy.
Why doesn't Enshrine pay me after every sale?
Selling online can be tricky. Costs can add up quickly, from fraudulent charges to chargebacks to high bank fees for ACH transfers.
To keep our fees low, we roll up transactions to (1) give them time to settle in the case of chargebacks and (2) reduce the number of fees that we have to pay to send ACH transfers.
We want to give you your money as quickly as possible, and we're actively researching other options to reduce the time between when someone purchases your NFT to when the funds from the sale land in your account.