Metaverse and LEXIT to Collaborate on the Tokenization of Intellectual Property
We announced this morning that we will collaborate with Metaverse on an ambitious plan to tokenize intellectual property.
Metaverse is an open-source public blockchain that will allow LEXIT to provide a safe and secure environment for the trading of intellectual property (IP), assets, and parts of or entire companies.
This coming year could see a huge change in the way that we license, buy, and sell IP through tokenization on the blockchain.
Entrepreneurs will also for the first time have unfettered access to a global market where mergers and acquisitions can be conducted faster and cheaper than ever before.
Metaverse: ‘Blockchain is the Catalyst for a Better Future’
The functionality provided in digital assets, through the Metaverse Smart Token (MST), allows users and startup founders the power to generate and distribute their own cryptocurrency.
This allows intellectual property and any company assets to be tokenized through the platform, creating a standard to be used across various applications; the searchable LEXIT marketplace could then allow entrepreneurs to make use of their unfulfilled IP by maximising the chances of finding a buyer.
Meanwhile, the digital identity ‘Avatar’ creates a record of the individual and shapes their reputation from interactions with digital assets and other identities. Through this process, any user can become an intermediary or an oracle who works to offer necessary services and expertise where relevant.
This Avatar stays with the user across various application platforms, which creates an immutable and secure digital identity that can be seamlessly used on the LEXIT marketplace.
The distributed ledger tech on Metaverse will work for LEXIT; their platform is one predicated not only on the inherent trust made possible by blockchain, but also on the reputation of intermediaries who are needed to facilitate trades.
How Do Digital Identities Work?
Digital identities on the Metaverse blockchain are self-sovereign identity ledgers, so ‘digital credit’ can only be gained through actions. This can be in the exchange of IP or company assets, but also with the quality and accuracy of services provided by intermediaries.
When digital assets are tokenized they are able to then be transferred to a company’s online address, following the terms of a trade being finalized.
After this, asset registration can be completed and ownership fully handed over to the recipient’s digital identity.
We look forward to working with Metaverse founder Eric Gu and the entire Metaverse team on the future of startup IP.