Payment Splitter Contract

WIP : Currently work in progress, subject to change as per core contributors

In the evolving landscape of NFTs, especially those generated using AI models, the creation process often involves multiple stakeholders. For an NFT birthed from an AI model, there's the model creator who designs and fine-tunes the AI model, and the content creator who uses this model to generate unique content. Both play pivotal roles and bring distinct value to the final NFT product. Hence, it's essential that the royalties garnered from the NFT's sales or leases are equitably divided based on their contributions.

Concept:

A Payment Splitter Contract acts as an automated intermediary ensuring that, upon every transaction or event that generates revenue for an NFT, the proceeds are split and dispatched to the respective parties based on a predetermined agreement. This contract operates on the blockchain, ensuring transparency, immutability, and automatic execution without the need for a third-party arbiter.

Utility in Arka Network:

Arka Network recognizes the collaborative nature of AI-generated NFTs and the necessity to fairly compensate all contributors. By developing a robust Payment Splitter Contract technology, Arka Network aims to:

Automate Payments: Upon every sale, lease, or licensing of the NFT, the contract will automatically calculate and dispatch the agreed-upon percentages to the model creator and content creator.

Ensure Transparency: Being on the blockchain, all transactions are recorded. Both parties can verify the amounts received and ensure they align with the agreed-upon split.

Flexibility: While the contract ensures automation, it also provides flexibility. Parties can set their royalty split ratio during the NFT's creation or initial agreement phase, allowing for diverse collaboration terms.

Trustless Operations: By eliminating the need for intermediaries and manual calculations, the contract fosters a trustless environment. Parties can be confident that they'll receive their dues without discrepancies or delays.

By integrating the Payment Splitter Contract, Arka Network not only champions fairness but also promotes collaboration. Model creators and content creators can engage in joint ventures, confident that the system will equitably distribute the fruits of their labor.