Whatever's reasonable to you
How much of the graphics are you thinking about?
You'd basically be gambling on the other person's ability to finish/market/sell the game, and them being truthful reporting the amount. A couple tips for you though:
- Get your % as part of gross instead of net profits
- Make sure you can do something else with the artwork if the project isn't completed or doesn't meet expectations


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Few decent artists will work for a percentage unless they're really sure that the game will get released and do extremely well, and for good reason.

