License Token
An ERC-721 NFT that allows you to register your IP as a derivative of another, based on the License Terms defined in the token.
Contract
View the smart contract here.
A License Token is represented as an ERC-721 NFT and contains the specific License Terms it represents. Its associated licenseTokenId
is global, as there is one License Token contract.
Once License Terms are attached to an IP Asset, it becomes public so that anyone can mint a License Token for those terms. A License Token is burned when it is used to register another IP as a derivative of the original IP Asset.
Private Licenses
In order to mint a private License Token, the owner of a root IP Asset can issue License Tokens that have terms not yet attached to the IP Asset itself. It is important to also note that derivative IP Assets cannot issue private licenses because it is restricted to only issue licenses of its inherited terms.
Transferability of the License Token
License Tokens might be transferrable or not, depending on the values of the License Terms terms they point to.
Once a non-transferrable License Token is minted to a recipient, it is locked there forever.
Registering a Derivative
There are two ways to register a derivative IP Asset.
Small Note
An IP Asset can only register as a derivative one time. If an IP Asset has multiple parents, it must register both at the same time. Once an IP Asset is a derivative, it cannot link any more parents.
1. Using an Existing License Token
A License Token is burned when it is used to register another IP as a derivative of the original IP Asset.
2. Registering a Derivative Directly
You can also register a derivative directly, without the need for a License Token. Remember that if License Terms are attached to an IP Asset it is public to mint the License Token anyway, so this is simply a convenient way to go about it, thus skipping the middle step of minting a License Token.
Updated 10 days ago