License 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.