IP Assets

IP Asset Composition

IP Assets are the core building blocks for the new IP paradigm. Each IP Asset is an on-chain ERC-721 NFT (representing an IP). When an IP Asset is registered, an IP Account associated with the IP Asset is created. The IP Account uses a modified ERC-6551 (Token Bound Account) implementation, and the owner (holder) of the NFT has permission to invoke certain functions on the IP Account, e.g. what type of licensing.

Access Control

The set of accessibility permissions is controlled by Story's Access Controller Module, checking against whether owner-only functions are called by the holder of the NFT associated with the IP account, whether licensed-only functions are called by addresses holding a license, and many other permissions. Note that access controllers are not intended for controlling IP Asset registrations, i.e. they do not check newly registered IPs against existing IPs to prevent registrations of potentially violating IPs.