This guide gives step by step instructions for creating a smart contract and connecting it to a track distributed by Symphonic.
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This feature is currently in pilot stage and is available to select Symphonic customers only. If you're interested in working with us, please email info@formless.xyz.
First, please ensure you've followed these prerequisite steps:
Add SHARE Protocol as a Payee in Symphonic.
Assign Royalty Splits to SHARE Protocol for your track.
Navigate to Symphonic -> Split Share -> Tracks.
Copy the ISRC and UPC codes for your track. For example ISRC GBRKQ2173603 and UPC 193872934235 in the image below.
Fill out this form and the smart contract will be created for you within 1-3 business days. If you have any questions about how to fill out this form, please reach out to us at info@formless.xyz. The form has the following fields:
Collaborator splits email addresses and percentages.
A list of the email addresses and split percentages for any collaborators on the track that you'd like to add to payouts. If you have no collaborators, just include your email address and 100%.
Community splits percentage and split count.
If you'd like to share revenue with fans, here's where you can set the percentage and number of available spots. For example, 20% and 20 splits. If you don't intend to share revenue with fans, these can be 0.
ISRC and UPC codes.
These are the ISRC and UPC codes for the track which can be viewed in Symphonic Track Assignments. We use these codes to connect the earnings to your new smart contract.
Links to the track on DSPs (Optional).
These are, for example, the Spotify and Apple Music links to the track. If you supply these, we'll add them to your smart contract details so that they show up when someone views the link.
If you're not sharing revenue with fans, these aren't important since you won't be distributing a join link for people to view.
Custom description (Optional).
If you're sharing revenue with fans, a custom description can be shown on the join link. For example "Share a percentage of revenue with me on my latest Spotify track by joining splits."
Preferred blockchain (Optional).
By default we'll use the Polygon blockchain. If you'd like to use Optimism, please let us know.
Once complete, you will receive several confirmation emails. First, you'll receive an automated email that you've been added to the contract as a splits recipient. Second, you'll receive correspondence from FORMLESS to confirm that setup is 100% complete.
(Optional). If you're sharing revenue with fans, you can distribute the link to your contract in engaging ways. For example, by telling your social media followers that the first 100 people to reshare a post get splits on the song. Or, by sending to members of an exclusive mailing list. This is completely up to you, and you can read our case studies here on how others have succeeded.
Your fans and collaborators do not need to know anything about cryptocurrency to get their splits. It is all done through email and is as simple as pressing the JOIN button on the link.
Your fans and collaborators do not need to know anything about cryptocurrency to cash out their earnings.
Tracks with large amounts of splits result in small micropayments being paid out to split owners over time instead of all at once. This means that over the lifetime of the track, all split owners will be paid out equally, although on a given day some may earn more than others. This design overcomes the challenge of paying out small amounts of money to lots of people at once without incurring prohibitive fees.
Done! Next, learn more about Receiving Realtime Royalty Payouts and Cashing Out to Your Bank.
