Artist Tokens
Artist tokens are minted by the ovr-program upon request by an account that wants to register as an artist account. The request needs to include token name, token code, token short description, token long description, and costs 10,000 AOVR tokens. If the creating account address has not been registered as an artist, and that account holds at least 10,000 AOVR, the ovr-program distributes a fixed amount of 10 million fungible Artist tokens to the artist account. Additionally, a metadata account is created with the address being a Program Derived Address (PDA). This PDA is essentially an address created by the ovr-program that can contain seed data, for example a prefix of ALLOVR_ARTIST and the artist account address.
The result is a unique address that is not reproducible by any other cryptographic key pair, and verifiably created by the ovr-program. The metadata account PDA contains the artist account address, hence the existence of such an account with the appropriate PDA indicates an existing artist registration for an address. An artist – possibly together with the gallerist that can be nominated by the artist – has control over the initial distribution of their respective artist tokens.
Artist tokens provide a consolidated 15% and 5% profit participation right in all primary and subsequent artwork token transactions respectively (see next section) by the respective artist. Settlement of profit participation is done in the currency of the underlying artwork token sale transaction, as configured by the artwork seller. Technically, any SPL Token could be used, but initially only AOVR, SOL and USDC will be configured. Residual amounts of profit participations that cannot be distributed to artist token holders due to missing decimals in the settlement currency are distributed to the artist account.
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See https://solanacookbook.com/core-concepts/pdas.html#facts See https://spl.solana.com/token
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