💸Claiming payouts
How to claim your share of the athlete's earnings
Last updated
How to claim your share of the athlete's earnings
Last updated
Once the athlete has made the relevant share of their earnings available for distribution, FANs will be informed that they can claim their Payouts. Payouts can be claimed via the "Dashboard" page in the "My Payouts" section. FANs can "CLAIM ALL" for all tokens from all athletes or "CLAIM" the payouts related to a specific athlete.
The Dashboard displays the following info:
"Athletes invested": the number of athletes invested in
"Number of Tokens": the number of purchased tokens
"Wallet Balance ($)": balance of the wallet that holds the tokens
"Claimed Payouts ($) ": total value of payouts that have been claimed
"Claimable Payout ($)": total payout value that can be claimed
"Total Payouts ($) ": "Claimable Payout" + "Payouts Claimed"
Payouts can be claimed at defined payout intervals during the payback period.
For Pros:
Payback period: one season (Jan-Dec)
Payout interval: quarterly (following the end of the quarter)
For Talents:
Payback period: 5-10 seasons (depending on the talent)
Payout interval: yearly (at the beginning of the next year)
FANs will be informed via email or in their dashboard once payouts are claimable. This is dependent on the end of the payout interval and the release of the earnings by the athlete for payouts.
Here is how to read the dashboard:
"Claimable Payout" > 0: displayed amount available for claiming
"Claimable Payout" = 0: no amount available for claiming
Note: Claiming payouts will not be possible during the following timeframe:
From the end of Claimable Payout Period
Until the moment the athlete has made the relevant share of their earnings available for distribution
As previously stated, the athlete must lock in the funds for distribution. Otherwise, there may not be enough funds to ensure payouts for each user.
("Athlete's Earnings" x "My Ownership") = ("Claimed Payouts"* + "Claimable Payout")
"Athlete's Earnings": total athlete earnings (prize money and commercial revenue (if applicable) for the payback period (year-to-date)
"My Ownership": total ownership (in percent) of all tokens for one athlete
"Claimed Payouts ($)": the amount of payouts that has been claimed
"Claimable Payout Period": payout period corresponding to the "Claimable Payout"
"Claimable Payout ($)": same as above (per athlete)
*For the calculation to be entirely correct, paid fees (2.5% - see below) for claimed payouts will need to be added (but will not be displayed).
Once the steps from #when-can-i-claim-payouts are fulfilled, there are the following checks on the FAN side:
"Identity verified": FANs must fulfill an identity verification to claim successfully for compliance reasons. FANs will be redirected to the popup screen of FANtium's identity check provider and follow the instructions there. An ID document and liveness check will be performed. Please note that the verification can take up to 5 minutes once the documents are submitted. For any questions or issues regarding the verification process, FANs can always contact FANtium directly via the Intercom or info@fantium.com.
Note: FANs will only need to complete the identity verification for the first claim. It will then be valid for future claims.
"NFT ownership verified": verifies if the token(s) is actually in your Wallet
"No previous claim for this payout": verifies that the "Claimable Payout" amount has not previously been claimed
This differs per athlete. Payouts from professional athletes can be claimed quarterly and from talents yearly. Once the athlete makes their earnings available, FANs have up to 18 months to claim their payouts.
After claiming you will receive the Claimable Payout (all available payouts). As a result, there will be no payouts available until the end of the ongoing payout period. The dashboard will display "Ongoing" under the Athlete's Earnings section. You will be able to see the "Next Possible Payout," which is the next time you can claim your payout.
FANtium will charge a fee of 2.5% of the "Claimable Payout" amount. Network fees are included in this amount. Please note that the displayed amount can sometimes differ from the anticipated amount by +/- $0.01 due to currency round-ups.
Once FANs have claimed their payouts, the funds will be transferred to their wallet. The wallet and balance are on the "Dashboard" page under "Wallet Balance."
Claimed payouts will be paid out in USDC.e (Polygon), a digital currency fully backed by US-Dollar assets, with one USDC.e coin pegged 1:1 to the value of one US-Dollar. Polygon is the network on which FANtium is built. Once received, the payout can be converted into fiat currency (e.g., CHF or EUR) via exchanges.
You can send your claimed payouts to another wallet address. To find your wallet address, click on your profile, select "Wallet" and click on the three dots next to your wallet. Then select "Copy Address".
If you have a TORUS wallet, follow these additional steps:
Go to https://polygon.tor.us/ (this wallet was created upon signing up to FANtium and is a self-custodial wallet hosted by TORUS - Therefore, to access all functions, you need to go to their website)
Sign in using the same credentials as your FANtium profile
Select "Add Token Here"
Enter the USDC.e (Polygon) Token Contract Address: 0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174
Select "Transfer" and type in the wallet address to which you would like to send the funds. Make sure to send it to a wallet address that supports USDC.e.
Note: make sure to have MATIC (Polygon) in your wallet in order to sends funds to another wallet.
You will only be able to claim payouts once the payout period in which you purchased the token has finished (and once the athlete has made the relevant earnings available for distribution).
