Learn how to claim due revenue from a child IP Asset in TypeScript.
This section demonstrates how to claim due revenue from an IP Asset.
There are two main ways revenue can be claimed:
commercialRevShare
in the license terms.There are a few steps you have to complete before you can start the tutorial.
When payments are made, they eventually end up in an IP Asset’s IP Royalty Vault. From here, they are claimed/transferred to whoever owns the Royalty Tokens associated with it, which represent a % of revenue share for a given IP Asset’s IP Royalty Vault.
The IP Account (the smart contract that represents the IP Asset) is what holds 100% of the Royalty Tokens when it’s first registered. So usually, it indeed holds most of the Royalty Tokens.
Quick Note. The below scenarios and examples use a Liquid Absolute Percentage royalty policy. This is currently one of two royalty policies you can use.
In this scenario, I own IP Asset 3. Someone pays my IP Asset 3 directly, and I claim that revenue. Let’s view this in steps:
As we can see in the below diagram, when someone pays IP Asset 3 100 $WIP, 85 $WIP automatically gets deposited into IP Royalty Vault 3 (based on the license terms, which specifiies a LAP royalty policy and the resulting royalty stack).
Now, IP Asset 3 wants to claim its revenue sitting in the IP Royalty Vault 3. It will look like this:
Below is how IP Asset 3 would claim their revenue, as shown in the image above, with the SDK:
Associated Docs: royalty.claimAllRevenue
Claiming revenue is permissionless. Any wallet can run the claim revenue transaction for an IP.
In this scenario, I own IP Asset 1. Someone pays a derivative IP Asset 3, and I have the right to a % of their revenue based on the commercialRevShare
in the license terms. This is exactly the same as Scenario #1, except one extra step is added. Let’s view this in steps:
As we can see in the below diagram, when someone pays IP Asset 3 100 $WIP, 15 $WIP automatically gets deposited to the LAP royalty policy contract to be distributed to ancestors.
Then, in a second step, the tokens are transferred to the ancestors’ IP Royalty Vault based on the negotiated commercialRevShare
in the license terms.
Lastly, IP Asset 1 wants to claim their revenue sitting in its associated IP Royalty Vault. It will look like this:
Below is how IP Asset 1 (or 2) would claim their revenue, as shown in the image above, with the SDK:
Associated Docs: royalty.claimAllRevenue
Claiming revenue is permissionless. Any wallet can run the claim revenue transaction for an IP.
In this scenario, I own IP Asset 1. Someone pays a derivative IP Asset 3, and I have the right to a % of their revenue based on the commercialRevShare
in the license terms. The difference here is that I have previously transferred the royalty tokens in the IP Account to an external wallet, most commonly the wallet that owns the IP. This is exactly the same as Scenario #2, except royalty is being claimed to an external wallet instead of the IP Account. Let’s view this in steps:
As we can see in the below diagram, when someone pays IP Asset 3 100 $WIP, 15 $WIP automatically gets deposited to the LAP royalty policy contract to be distributed to ancestors.
Then, in a second step, the tokens are transferred to the ancestors’ IP Royalty Vault based on the negotiated commercialRevShare
in the license terms.
Lastly, IP Asset 1 wants to claim their revenue sitting in its associated IP Royalty Vault. It will look like this:
Below is how IP Asset 1 (or 2) would claim their revenue, as shown in the image above, with the SDK:
Associated Docs: royalty.claimAllRevenue
Claiming revenue is permissionless. Any wallet can run the claim revenue transaction for an IP.
Congratulations, you claimed revenue using the Royalty Module!
Now what happens if an IP Asset doesn’t pay their due share? We can dispute the IP on-chain, which we will cover on the next page.
Learn how to claim due revenue from a child IP Asset in TypeScript.
This section demonstrates how to claim due revenue from an IP Asset.
There are two main ways revenue can be claimed:
commercialRevShare
in the license terms.There are a few steps you have to complete before you can start the tutorial.
When payments are made, they eventually end up in an IP Asset’s IP Royalty Vault. From here, they are claimed/transferred to whoever owns the Royalty Tokens associated with it, which represent a % of revenue share for a given IP Asset’s IP Royalty Vault.
The IP Account (the smart contract that represents the IP Asset) is what holds 100% of the Royalty Tokens when it’s first registered. So usually, it indeed holds most of the Royalty Tokens.
Quick Note. The below scenarios and examples use a Liquid Absolute Percentage royalty policy. This is currently one of two royalty policies you can use.
In this scenario, I own IP Asset 3. Someone pays my IP Asset 3 directly, and I claim that revenue. Let’s view this in steps:
As we can see in the below diagram, when someone pays IP Asset 3 100 $WIP, 85 $WIP automatically gets deposited into IP Royalty Vault 3 (based on the license terms, which specifiies a LAP royalty policy and the resulting royalty stack).
Now, IP Asset 3 wants to claim its revenue sitting in the IP Royalty Vault 3. It will look like this:
Below is how IP Asset 3 would claim their revenue, as shown in the image above, with the SDK:
Associated Docs: royalty.claimAllRevenue
Claiming revenue is permissionless. Any wallet can run the claim revenue transaction for an IP.
In this scenario, I own IP Asset 1. Someone pays a derivative IP Asset 3, and I have the right to a % of their revenue based on the commercialRevShare
in the license terms. This is exactly the same as Scenario #1, except one extra step is added. Let’s view this in steps:
As we can see in the below diagram, when someone pays IP Asset 3 100 $WIP, 15 $WIP automatically gets deposited to the LAP royalty policy contract to be distributed to ancestors.
Then, in a second step, the tokens are transferred to the ancestors’ IP Royalty Vault based on the negotiated commercialRevShare
in the license terms.
Lastly, IP Asset 1 wants to claim their revenue sitting in its associated IP Royalty Vault. It will look like this:
Below is how IP Asset 1 (or 2) would claim their revenue, as shown in the image above, with the SDK:
Associated Docs: royalty.claimAllRevenue
Claiming revenue is permissionless. Any wallet can run the claim revenue transaction for an IP.
In this scenario, I own IP Asset 1. Someone pays a derivative IP Asset 3, and I have the right to a % of their revenue based on the commercialRevShare
in the license terms. The difference here is that I have previously transferred the royalty tokens in the IP Account to an external wallet, most commonly the wallet that owns the IP. This is exactly the same as Scenario #2, except royalty is being claimed to an external wallet instead of the IP Account. Let’s view this in steps:
As we can see in the below diagram, when someone pays IP Asset 3 100 $WIP, 15 $WIP automatically gets deposited to the LAP royalty policy contract to be distributed to ancestors.
Then, in a second step, the tokens are transferred to the ancestors’ IP Royalty Vault based on the negotiated commercialRevShare
in the license terms.
Lastly, IP Asset 1 wants to claim their revenue sitting in its associated IP Royalty Vault. It will look like this:
Below is how IP Asset 1 (or 2) would claim their revenue, as shown in the image above, with the SDK:
Associated Docs: royalty.claimAllRevenue
Claiming revenue is permissionless. Any wallet can run the claim revenue transaction for an IP.
Congratulations, you claimed revenue using the Royalty Module!
Now what happens if an IP Asset doesn’t pay their due share? We can dispute the IP on-chain, which we will cover on the next page.