Basics
So basically to do anything on the Blockchain you're processing transactions. Whenever you buy, sell, send, or receive... a transaction is created, and one of the biggest advantages of the Blockchain is that every single transaction is saved in the network and anyone can see the details of any transactions, on any chain. To analyze a transaction you need a transaction id (TxID) and a blockchain explorer. I like to use Solscan.
"Knowledge is of no value unless you put it into practice." - Anton Chekhov
Let's work with this transaction : 3SijUr6sMZm2fP5agTq5yEyMnE3igSkkipUVpyQuKH2s1XfxvLsqUFAujohiEpntF61tov5spTXLkrzAMQroiuY7 If you copy and paste this Signature into solscan you should have something like this;
So what do we have here? 1. 'Transfer from 'the wallet of the buyer' to 'MagicEden wallet' (to stay simple) for 34 SOL' 2. 'Transfer from 'the wallet where your NFT is stored when you list it on MagicEden' to 'the wallet of the buyer' for '1 Communi3 NFT' (SPL Token of the NFT)'
SPL: Solana Program Library (SPL) tokens are assets that live on Solana's network. These assets benefit from Solana's scalability and network performance. In Fortnite terms, here is the ID of the NFT.
If you click on '9girQP...FPSkXb' (the ID of the NFT) You will have the blockchain details about this NFT. You can click on 'Creators' and see Royalties wallet(s);
So let's get back to our numbers from the first picture : 3. Here come the Royalties! In the NFT Overview we can see that for the Mad Scientist collection, royalties are set to 8% which means that for every sale on this collection, 8% are going back to the team. And when you click on 'Creators (5)' we can see the shares of the royalties as well as the wallets tied to each share. We can see that in Square 3 the first 4 lines are royalties transfers towards team wallets.
But what is the last line for you're wondering?
Well, the last line is a fee transfer! MagicEden is taking 2% fees for each sale on their platform. 4. 'Transfer from 'MagicEden wallet' (to stay simple) to 'the wallet of the seller' for '34 SOL - (royalties + fees)' Royalties = 8% Fees = 2% Royalties + Fees = 10% 34 SOL - 10% = 30.6 SOL With all of that, we saw where every single dollar is going. This is one of the powers of the blockchain you can track everything, use it to your advantage!
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