How to mint an IP-NFT?
Demo of how to mint an IP-NFT on Göerli
- 1.Create and sign a legal agreement: Two parties negotiate and sign a legal contract that includes two agreements:
- The first agreement states the rights of the asset holder (dataset, future IP, etc.) and the price paid for the asset. In our case, these agreements are often lined out as Sponsored Research Agreements (SRAs) but they could be any other kind of legal agreement.
- The second agreement assigns the rights of the buyer within the first agreement to the holder of a certain token of the IP-NFT smart contract. After execution, the token holder is the legal counterparty of the agreement.
- 3.Reserve an IP-NFT: To enable the encryption of your documents we are reserving you a TokenID for your NFT. This TokenID will be used to let our access control infrastructure know that only the owner of the TokenID should have access to the data behind the NFT.
- 4.Describe your IP-NFT: Add all the information about your IP-NFT. Select what kind of agreement will be connected to the IP-NFT and if the agreement should be stored publically or privately. All information in this step will be saved in the metadata of the IP-NFT and will be publicly available.
- 5.Attach your signed legal agreement and artwork: Upload the signed legal agreement from step 1 to the Molecule Platform. This document will be encrypted and stored on a decentralised data storage. Addtionally, add an artwork to become the memorable image of your IP-NFT.
- 6.Review your IP-NFT data: Review the data submitted for the IP-NFT. Once ready, continue the process. After submitting your data in this step, the contract will be encrypted and uploaded to the decentralised data storage. The decryption key will be stored with Lit Protocol to manage access control based on the NFT ownership/
- 7.Sign IP-NFT minting transaction: Your metamask will pop-up and ask you to sign a transaction to minting of the IP-NFT.
- 8.View your IP-NFT: Once the transaction goes through you will find an IP-NFT in your wallet. Congrats! You just created an IP-NFT