Binary Star is the working title for an initiative mentioned by Magic Machine during multiple Wizard Wednesday spaces. Once completed, its objective is to provide a platform to help Forgotten Runes NFT holders monetize their IP rights. The name "Binary Star" is used for this initiative because a binary star is two stars locked in each other’s gravity, which represents the symbiotic relationship between the Forgotten Runes community and Magic Machine (and eventually, other entities who license IP rights).
The concept behind Binary Star is, it allows those who create IP with their characters (for example, Wizards in the Runiverse), to license an option to their IP rights. This means that they can monetize the IP they've created by allowing its use by other projects. For instance, a television show about Wizards could license the lore from one of these creators. Importantly, this isn't a blanket royalty paid to all NFT holders. Instead, it's a tool for holders to more easily create contracts with third parties who want to use their IP. It's also not limited to Magic Machine (the creators of Forgotten Runes); holders could license their IP to any interested party.
Interestingly, Binary Star, as originally imagined, will also provide the opportunity for the NFT holder to verify their wallet and set permissions for the IP rights. For instance, if you want your Wizard to be licensed for merchandise or as a theme park theme, the software will abstract away the legal details, making the process more accessible. It may even go as far as integrating into fulfillment services like Amazon or other warehousing solutions.
In summary, Binary Star is an innovative approach to leveraging the potential of NFTs beyond simple digital ownership, opening up a whole new realm of possibilities for IP creation and monetization within the Runiverse.