This contract is deployed alongside and Algorand Standard Asset(ASA) which is to be sold as and NFT to collect royalty from subsequent sales of the ASA.
An angorand ASA with the total parameter of 1 and decimal parameter of 0.
Royalty is a really big reason to sell your creative work digitally over a Blockchain. Using smart contracts is a way to ensure that creators get their royalty on subsequent sales of their work in a guaranteed manner.
- Seller sets up the NFT for sale on our App which is a stateful smart contract.
- Buyer pays the specified amount to the the App. (Note: not directly to the seller)
- On recipt of the payment the NFT is transfered to the buyer
- The App remits the sale amount minus the royalty fee to the seller.
- The royalty is collected on the App an can be redeamed by the creator at any time.
This contract is written in PyTEAL which is one of the supported languages to write TEAL smart contracts.
- We assume you have an algorand node running or the algorand sandbox.
- PyTEAL installed
- Nodejs configured for your system
- From the node folder run
npm installoryarn install - Alternatively you can globaly install the requirements
npm install -g typescript algosdk ts-node - For the test deployment we will use the algorand node and for the production deployment we could set up a node on the mainnet but we will be using purestake.io.
Teal is a DSL which we can implement in python. Although teal and python code cant be mixed. We create chains of teal instruction in Python using the Seq Teal type which is a chain of TEAL instructions. In TEAL functions are called subroutines. Teal compiles the teal instructions into a Approval program and a Clear program. ... To be continued soon.