The next application of DREP+NFT: rights, monetization and value maximization of the intangibles
Why is DREP digging into this area
- Current problems in intangible assets
An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual properties, such as patents, trademarks, and copyrights, are all intangible assets, unlike tangible assets, which include land, vehicles, equipment, and inventory. Sounds fancy, right? Wait, managing the intangibles can prove to be quite tricky.
Due to their exclusiveness, intangible assets can be easily attacked and stolen, usually in the forms of fraud and cyber attack. The negative effects stretch from individual to corporational, sometimes even international. Take kimchi culture. China and South Korea have been arguing for decades over which country owns the culture. Imagine how the fight would look like if Japan or Russia or India joins the line. Pretty messy, huh? One of the challenges facing intangible assets is identifying them. They are not easily recognized as physical assets, with particular vulnerability in the financial sector. Second, transparency. Undisclosured intangibles make a difference between a company’s book value and market value.
Luckily, the World Intellectual Property Orgnization, or WIPO has been helping to increase security and reduce red tape in filing patents, property rights and geographical indicators. From DREP’s point of view, we can do better with improved efficiency and confidentiality. That’s where NFTs shine. With gradual progress and continuous “trials and errors”, DREP aims to achieve higher standards, narrow digital gap and provide security.
- The benefits of tokenising intangible assets using NFTs
As a digital asset, NFTs possess such features as security, transparency and irreplicability. This run-of-the-mill technology has been widely used in arts, films, collectibles, etc. Behld, it can also be applied to the intangibles, further strengthening crypto world and cyber order. NFTs can be tracked on the blockchain with permissive grants, providing an immutable history of the assets. More importantly, they cannot deteriorate over time, which made all the information accessible from day 1, each token is unique to an owner. Owning something that belongs to you only with an encrypted code just seems awesome and is entitled with exclusivity.
NFTs are also valuable assets, for they can be sold, traded/exchanged back into Fiat. Leveraging NFTs to the intangibles helps to verify unregistered IPs, both denying access to those without permission and improving interoperability. Emerged from a powerful toolkit in gaming industry, NFTs have been stigmatized and mocked as a new money splurge for the high-heeled and a killer on the ecosystem, like a giant green gas emitter. But hey, DREP is here to fully tap into NFTs.
The next transition will be programmable assets. As we all know, IPs are the largest category of the intangible assets. In the future, what NFTs can do is to tokenise patents, copyrights and contracts, creating new possibilities for programmable assets, streamlining procedures and greater efficiency. So basically, every piece of intangible asset will be digitalized. This not only intensifies confidentiality, but also saves more energy. However, as for which country owns kimichi culture, we’ll leave that to history and believers.
So, what if DREP tokenises intangible assets with the help of NFTs? Will it make a difference on how people perceive digital assets? Perhaps a new beginning to another revolutionary journey? At best, DREP uses NFTs to solve certain problems gradually and comes up with a new technological solution, and voila, be ready to take on an exciting ride. Or at worst, NFTs will continue to receive criticism and an increasing number of developers lose interest in pursuing something that might turn out to be nothing new as the dotcom bubble. Either way, it doesn’t kill to give a shot. Novel technologies require patience and confidence, especially ones that carry tremendous uncertainties. That is why optimization and improvement are so important. Meanwhile, DREP looks forward to working with peers in this industry to find more feasible solutions.
DREP is a pioneer in on-chain and cross-chain solution, making transactions more convenient and user-friendly. These two mechanisms can provide direct access to block explorer for users to check on-chain transactions easily. Cross-chain transfers will be completed within an hour with real-time progress updates, sharing information with users with improved transparency.
With a future-oriented perspective, DREP has been keeping up with the latest technological development, with a particular focus on blockchian and relevant digital assets. So far we have launched DREP Credit and DREP Crossing, two epitomes for decentralizing solutions. Next, DREP is aimed at drawing more users and striving to provide innovative and comforting products and services. In the meantime, DREP will also pay close attention to the NFT and Defi market, bringing latest news and information to all. Let us know your opinions on NFTs application to the intangibles. One way or another, DREP believes that future holds promises.