Glossary

A list of terms and definitions related to the IP3.

AMM

AMM stands for Automated Market Maker, it is a type of decentralized finance (DeFi) protocol that uses a mathematical formula called a "constant function market maker" (CfMM) to set the price of assets based on supply and demand, creating a decentralized exchange market without the need of order book or a centralized intermediary. Users can deposit assets into liquidity pools managed by smart contracts, and in return, they receive liquidity tokens that represent their share of the pool and use them to execute trades on the AMM's platform.

Lazy Lease

Lazy Lease is a process of listing NFT IPs on IP3 protocol with 0 gas fees. Users only need to sign to confirm their identity, without any interaction with the smart contract, providing a more secure way to protect the assets of the licensor. When someone buys the license, the information of license and the sale are combined into one transaction writing on blockchain, and the buyer pays the gas fees.

Licensor

The person or organization that grants the rights to use copyrighted material is often referred to as the "licensor."

Licensee

The person or organization that purchases the rights to use copyrighted material is often referred to as the "licensee."