These are terms for digital items sold via a blockchain. Blockchains are decentralised (not owned or controlled by one entity) and are used to verify ownership of digital items. Specifically for music it offers a very fitting way to create value for a new digital format.
Broadly appearing as a traditional digital sale, where your collector gets access to a WAV download, you are technically selling a slot on a list, saved onto a blockchain acknowledging that sale, as proof.
You are not selling any royalties or music rights.
Funds from sales turn up in your release contract immediately, you can withdraw them to your wallet via your Dashboard, and use a service to cash them out to your local currency (if using our recommended wallet Rainbow, see our step-by-step guide here), there wall be small charges to do so. We’d recommend routinely cashing out to avoid crypto currency fluctuations and because it will be taxable income at the value that you received it. Similar to PayPal, funds held in a different currency to yours will fluctuate until you cash out. Your income is taxable at its value when received.
Typically, setting prices in ETH means real-world price can fluctuate. We’re very proud to have created, as part of our collaboration with blockchain protocol Decent, a smart contract feature that automatically adjusts the ETH price to keep in line with an initially set USD value. With Supercollector, tracks priced at $10 will always cost the market rate of $10. (note: “gas” transaction fees will still fluctuate on top of this price, but are low thanks to us using the Optimism blockchain).