1. ApingX is built on the Polygon (Matic) blockchain. Our xNFT’s are compatible with Opensea
2. Designs developed by ApingX and chosen artists will be printed on a range of garments and accessories (items).
3. An xNFT detailing its inherent properties will be minted on the ApingX backend and mapped to each item bearing the design described on the xNFT.
4. Each xNFT will be assigned a royalty percentage from each item sold.
5. The xNFT will be either airdropped to artists and loyal community members or put up for auction.
6. When an item is sold on our website, royalties will automatically accumulate for holders, Aka Royal Apes, of that particular xNFT
7. Royal Apes can access their royalties via our Red Carpet page using a Metamask wallet which holds the xNFT.
8. Given the xNFT’s are mapped, if Royal Apes decide to sell, we advise to claim all royalties beforehand as royalties can only be claimed by a wallet which holds the xNFT.
9. Therefore, if the xNFT is sold or transferred to another wallet, royalties can only be accessed via the recipient wallet of the xNFT
Example - The “Flex N Grind” xNFT has been minted and mapped to 100 hoodies priced at £50, 100 t-shirts priced at £20 and100 Sweatshirts priced £30. The xNFT is therefore linked to 350 items. It has also been assigned 10% in royalties. When one hoodie is sold, 10% of the proceeds will sit in our Red Carpet portal i.e. £5 is waiting to be claimed. Subsequently, one sweatshirt and one t-shirt has sold. A further £5 (10% of £20 + 10% of £30) is awaiting claim making it £10 in total.
