Claim Revenue

This section demonstrates how to claim due revenue from an IP Asset.

There are two main ways revenue can be claimed:

1. Scenario #1: Someone pays my IP Asset directly, and I claim that revenue.
2. Scenario #2: Someone pays a derivative IP Asset of my IP, and I have the right to a % of their revenue based on the commercialRevShare in the license terms.

⚠️ Prerequisites

There are a few steps you have to complete before you can start the tutorial.

1. Complete the TypeScript SDK Setup
2. Have a basic understanding of the 💸 Royalty Module
3. Obviously, there must be a payment to be claimed. Read Pay an IPA

Before We Start

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.

Scenario #1

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:

1. As we can see in the below diagram, when IP Asset 4 (it doesn't have to be an IP Asset, it can be any address) pays IP Asset 3 1M $WIP, 850k $WIP automatically gets deposited into IP Royalty Vault 3.

   

2. 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:

👀 Note the comments under the claimOptions object.
Associated Docs: royalty.claimAllRevenue

import { WIP_TOKEN_ADDRESS } from '@story-protocol/core-sdk'
// you should already have a client set up (prerequisite)
import { client } from './client'

async function main() {
  const claimRevenue = await client.royalty.claimAllRevenue({
    // IP Asset 3's ipId
    ancestorIpId: '0xDa03c4B278AD44f5a669e9b73580F91AeDE0E3B2',
    // whoever owns the royalty tokens associated with IP Royalty Vault 3
    // (most likely the associated ipId, which is IP Asset 3's ipId)
    claimer: '0xDa03c4B278AD44f5a669e9b73580F91AeDE0E3B2',
    currencyTokens: [WIP_TOKEN_ADDRESS],
    childIpIds: [],
    royaltyPolicies: [],
    claimOptions: {
      // If the wallet claiming the revenue is the owner of the 
      // IP Account/IP Asset (in other words, the owner of the 
      // IP's underlying NFT), `claimAllRevenue` will transfer all 
      // earnings to the user's external wallet holding the NFT 
      // instead of the IP Account, for convenience. You can disable it here.
      autoTransferAllClaimedTokensFromIp: true,
      // Unwraps the claimed $WIP to $IP for you
      autoUnwrapIpTokens: true
    }
  })

  console.log(`Claimed revenue: ${claimRevenue.claimedTokens}`);
}

main();

Scenario #2

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:

1. As we can see in the below diagram, when IP Asset 4 (it doesn't have to be an IP Asset, it can be any address) pays IP Asset 3 1M $WIP, 150k $WIP automatically gets deposited to the LAP royalty policy contract to be distributed to ancestors.

   

2. Then, in a second step, the tokens are transferred to the ancestors' IP Royalty Vault based on the negotiated commercialRevShare in the license terms.

   

3. Lastly, IP Asset 1 & 2 want to claim their revenue sitting in their associated IP Royalty Vaults. 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:

👀 Note the comments under the claimOptions object.
Associated Docs: royalty.claimAllRevenue

import { WIP_TOKEN_ADDRESS } from '@story-protocol/core-sdk'
// you should already have a client set up (prerequisite)
import { client } from './client'

async function main() {
  const claimRevenue = await client.royalty.claimAllRevenue({
    // IP Asset 1's ipId
    ancestorIpId: '0x089d75C9b7E441dA3115AF93FF9A855BDdbfe384',
    // whoever owns the royalty tokens associated with IP Royalty Vault 1
    // (most likely the associated ipId, which is IP Asset 1's ipId)
    claimer: '0x089d75C9b7E441dA3115AF93FF9A855BDdbfe384',
    currencyTokens: [WIP_TOKEN_ADDRESS],
    // IP Asset 3's ipId
    childIpIds: ['0xDa03c4B278AD44f5a669e9b73580F91AeDE0E3B2'],
    // Aeneid testnet address of RoyaltyPolicyLAP
    royaltyPolicies: ['0xBe54FB168b3c982b7AaE60dB6CF75Bd8447b390E'],
    claimOptions: {
      // If the wallet claiming the revenue is the owner of the 
      // IP Account/IP Asset (in other words, the owner of the 
      // IP's underlying NFT), `claimAllRevenue` will transfer all 
      // earnings to the user's external wallet holding the NFT 
      // instead of the IP Account, for convenience. You can disable it here.
      autoTransferAllClaimedTokensFromIp: true,
      // Unwraps the claimed $WIP to $IP for you
      autoUnwrapIpTokens: true
    }
  })

  console.log(`Claimed revenue: ${claimRevenue.claimedTokens}`);
}

main();

🏁 View Completed Code

Congratulations, you claimed revenue using the 💸 Royalty Module!

Dispute an IP

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.

🚧

Coming soon!