Hi Wei-Hwa! For each of your questions:

1. We’re expecting a production quality consistent with about ~3 months of work, so we’re not necessarily expecting professional graphics and sounds. Same for tabletop — prototype level is OK. While artwork is a factor the judges will consider, gameplay will be the biggest consideration. Reproducibility won’t be a factor.
2. We won’t be asserting any IP rights over the submissions to the competition — it’s your work. Winners will be encouraged to make their work publicly accessible in some way, but it’ll ultimately be up to them. We’re also considering holding an event/gallery show where all the participants can showcase and talk about their work. Again, this will be voluntary/optional.