LEXIT, a distributed intellectual property (IP) management platform, and startup marketplace has announced a partnership with Metaverse, a decentralized open platform of digital assets, digital identities, and smart contracts.
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 maximizing the chances of finding a buyer.
The distributed ledger technology on Metaverse will help serve LEXIT’s goals. 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.
The Metaverse 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 LEXIT team said:
“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.”