No, it is not possible to change the royalty percentage after an NFT is sold. This is because Finay operates on blockchain technology, which ensures transparency and immutability of all transactions.

• Why Blockchain Immutability Matters: When you set the royalty rate for a piece of content, that percentage is permanently recorded on the blockchain. This transparency is essential because it guarantees that the terms of the sale remain consistent for everyone who buys and resells your media. Fans can purchase your NFTs with confidence, knowing that the royalty rate won’t change unexpectedly.

• Establishing Trust with Fans: Fixed royalty percentages on the blockchain help build trust between you and your fans. They know that every resale will follow the original terms, ensuring a fair and stable resale environment. This reliability is something unique to Web3 platforms like Finay, compared to traditional marketplaces.

• Planning for Long-Term Revenue: Although the royalty percentage is unchangeable after setting, artists can still choose a percentage that reflects the long-term value they see in their work. This initial setting allows you to strategize how your work will generate revenue over time, knowing that each resale will provide ongoing earnings.

In summary, while you can’t change the royalty percentage after the initial sale, this system ensures a consistent and transparent experience for both artists and fans, reinforcing the trustworthiness of the Finay marketplace. Be sure to double and triple check your royalty percentages before creating your media.