Journey 3 · Educational Deep Dive
Understanding
Tokenized IP
How King Rat's fractional ownership model works on Base.
The first audiobook where listeners can own—and earn from—the IP. Learn how revenue distribution, forge mechanics, and on-chain ownership actually work.
How it works now vs. how it should work.
Spotify / Audible
You pay monthly. You listen. Platform keeps 100% of IP. You own nothing. Stop paying, lose access.
You're renting. Forever.
Traditional Publishing
You buy the book. You read it. Author and publisher own 100% of IP. You own a physical object, not the story.
You're a customer. Not an owner.
King Rat on Base
You mint a pass. You listen. You own fractional IP. You earn from books, streams, licensing, adaptations. Forever.
You're an owner. You earn.
This is the experiment: What if storytelling actually rewarded the people who cared first?
How IP Ownership Works
20% of all King Rat IP is owned by the community. Here's how it breaks down across 1,200 equivalent units.
Ralph Pass
0.01667%
IP ownership per pass
- •950 passes total
- •Each = 1 equivalent unit
- •950 total units from Ralph Passes
King Ralph Pass
0.08333%
IP ownership per pass (5×)
- •50 passes total (30 direct + 20 forge)
- •Each = 5 equivalent units
- •250 total units from King Ralph Passes
Total equivalent units: 1,200
(950 Ralph + 250 King Ralph equivalent) = 20% of all King Rat IP
What could you actually earn?
Nobody knows if King Rat will succeed. But if it does, here's what the math looks like for pass holders.
Modest Success
King Rat generates $100,000 in Year 1 from:
- •2,000 Listener Passes @ $10 = $20K
- •2,000 Amazon book sales @ $15 = $30K
- •Spotify and Apple Podcasts = $10K
- •Small licensing deals = $40K
20% (community IP) goes to pass holders = $20,000
Split across 1,200 equivalent units (950 Ralph Pass + 250 King Ralph equivalent).
Ralph Pass: ~$16.67 per pass
King Ralph Pass: ~$83.33 per pass (5×)
Breakout Hit
King Rat becomes a phenomenon. Generates $1,000,000 from:
- •50,000 Listener Passes + book sales = $500K
- •Spotify and Apple Podcasts = $40K
- •TV adaptation option = $300K
- •Merchandise + Season 2 = $160K
20% (community IP) goes to pass holders = $200,000
Split across 1,200 equivalent units (950 Ralph Pass + 250 King Ralph equivalent).
Ralph Pass: ~$166.67 per pass
King Ralph Pass: ~$833.33 per pass (5×)
And this compounds every year.
Not financial advice. These are hypothetical scenarios. King Rat could earn nothing. Or it could earn millions. You're betting on the story, not guaranteed returns.
The Forge: 5 Ralph → 1 King Ralph
Want to concentrate your IP? Burn 5 Ralph Passes to forge 1 King Ralph Pass. Same total IP percentage, fewer passes, more exclusive.
King Ralph Pass holders are the inner circle.
When forge opens:
- •After all 30 King Ralph Passes sell out
- •OR 30 days after launch (whichever comes first)
- •Cost: 5 Ralph Passes + $50 forge fee
- •Only 20 forge slots available
How it works
Burn 5 Ralph Passes on Base + pay $50 fee → receive 1 King Ralph Pass.
Supply decreases
Burning is permanent. If all 20 forge slots fill, 100 Ralph Passes are burned forever. Total supply drops from 1,000 to 900 passes.
Same IP, concentrated
King Ralph Pass = exactly 5× the IP of 1 Ralph Pass. No dilution, just concentration. (5 × 0.01667% = 0.08333%)
Limited forge slots
Only 20 King Ralph Passes available via forge. First come, first served. Not everyone will be able to upgrade.
How revenue actually reaches you.
No vague promises. 20% of net King Rat revenue flows into an onchain vault on Base. You hold ERC-20 strategy tokens that represent your claim. Transparent, auditable, withdrawable.
Why Base?
King Rat launches exclusively on Base, Ethereum's leading L2 for onchain applications.
Technical Benefits
- ✓Low gas fees (fractions of a cent)
- ✓Fast transactions (seconds, not minutes)
- ✓Ethereum security and decentralization
- ✓Native ERC-20 and NFT support
Ecosystem Benefits
- ✓Massive adoption and liquidity
- ✓Best-in-class DEXs and DeFi tools
- ✓Strong creator and builder community
- ✓Coinbase integration and support
Ready to participate?
Now that you understand the model, choose your tier and mint on Base on March 19, 2026.