Pi Network’s native token PI has plunged more than 30% in the past 24 hours, trading at $0.8405 at press time despite a major ecosystem development. On May 14, the Pi Foundation announced Pi Network Ventures, a $100 million fund…

Pi Network drops 30% despite long-awaited ecosystem announcement

## What is HTTP 402, and why does it matter?
_The web was not really built with payments in mind, especially not for 
autonomous agents or machines. But with the rise of AI anddecentralized 
finance (DeFi), the need for seamless, native digital payments has never been 
more urgent. _
Coinbase x402 announced a new open protocol designed to let APIs, apps and AI 
agents pay instantly using stablecoins like USDC (USDC), all via the familiar 
HTTP protocol.
This isn&#8217;t just a product update. X402 revives a long-forgotten piece of 
internet infrastructure and reimagines it for a future powered by agentic 
systems and crypto.
### HTTP status codes: A quick refresher
Understanding HTTP status codes helps clarify how the web communicates behind 
the scenes. Here are some key ones to know:
 * **HTTP 200 &#8212; OK: **Standard response for successful HTTP requests. 
 * **HTTP 401 &#8212; Unauthorized:** Indicates the request requires user authentication; typically used when credentials are missing or invalid. 
 * **HTTP 403 &#8212; Forbidden:** The server understood the request, but it refuses to authorize it (often due to lack of permissions or access control). 
 * **HTTP 404 &#8212; Not found:** Indicates that the requested resource could not be found. 
 * **HTTP 402 &#8212; Payment required:** Originally intended to support digital payments directly within the protocol but left as a &#8220;reserved for future use&#8221; status code due to the lack of global payment infrastructure at the time.
 * **HTTP 500 &#8212; Internal server error: **A generic error message when the server encounters an unexpected condition.
Although the creators of the web imagined a future where online services might 
request payments directly through the protocol, for decades, no one found a 
practical use for it. It sat dormant for over 25 years, with no widespread 
adoption or defined behavior.
Today, HTTP 402 is finally coming to life, thanks to Coinbase&#8217;s x402 protocol. 
X402 turns HTTP 402 from a placeholder into a real mechanism. It allows 
websites, APIs and services to signal that a payment is required before 
granting access to digital goods or services.
Unlike traditional payment systems, which rely on external redirects or 
complex integrations, x402 enables native, in-protocol payments using 
stablecoins directly over HTTP.
But why do x402 and the activation of HTTP 402 matter?
With machine-to-machine interactions, autonomous agents and AI-driven services 
on the rise, the internet needs a payment layer that is:
 * Instant 
 * Programmable 
 * Interoperable 
 * Trust-minimized.
Activating HTTP 402 positions it as a key enabler for decentralized commerce, 
autonomous agents and crypto-native applications. It could become as 
foundational as HTTP 200 or 404 in a future where services charge micro-fees, 
stream value or sell access dynamically.
## Coinbase x402: A native payment layer for the web
_Coinbase &#8216;s x402 is an open protocol that allows websites and APIs to request 
and receive payments in stablecoins directly over HTTP. It works by using the 
existing HTTP infrastructure and augmenting it with a lightweight payment 
layer. _
Here is the step-by-step process for machine-to-machine transactions using the 
x402 protocol:
 * **Client requests a paid resource:** A client, such as an AI agent, app, or browser initiates a request to an x402-enabled server (e.g., an API, data set or digital service) that requires payment to access. 
 * **The server responds with a 402 Payment Required:** In response, the server returns an HTTP 402 status code, along with the payment details. This includes the amount to be paid, the supported token (such as USDC) and a payment payload or address to use. 
 * **Client submits the payment:** The client uses its crypto wallet to sign and submit the payment. This happens programmatically &#8212; no user interaction is needed, which enables fully automated or agentic payments. It resends the original request, this time including the encoded payment information in an X-PAYMENT HTTP header. 
 * **The payment is verified and settled onchain:** A payment facilitator service, such as Coinbase&#8217;s x402 Facilitator, checks the blockchain to verify that the payment has been made and confirmed. 
 * **The server delivers the resource:** Once the payment is validated, the server fulfills the request and returns the data or content. It also includes an X-PAYMENT-RESPONSE header confirming the success of the transaction.
In x402, payments happen over standard HTTP using two custom headers: 
X-PAYMENT and X-PAYMENT-RESPONSE. These headers allow seamless, automated 
payments between apps, agents and servers &#8212; without changing how HTTP works. 
It&#8217;s a simple yet powerful way to enable web-native, machine-to-machine 
commerce using stablecoins.
What makes x402 revolutionary is that it doesn&#8217;t require platforms, plugins or 
third-party integrations. It creates a native payment layer for the web 
itself, just like HTTPS added security or cookies enabled session management.
_**Did you know?** HyperText Transfer Protocol Secure (HTTPS) is the secure 
version of HTTP, the foundational protocol used to transfer data on the web._
## What are agentic payments, and why are they important?
_As AI systems become more advanced, the agentic era has begun. In this new 
paradigm, software agents, ranging from AI bots to autonomous scripts, are 
expected to act on behalf of users or even independently. _
AI agents will need to perform actions like accessing data, subscribing to 
services or renting compute power. And all of these tasks often require 
payments.
This is where the concept of agentic payments comes in. These are payments 
made by agents, not humans &#8212; fast, automatic and often low-value. Think of a 
data-scraping AI paying a cent to read a scientific article or a supply chain 
bot paying fractions of a dollar for live port data.
Traditional payment infrastructure wasn&#8217;t built for this kind of use case. It 
falls short because of the below reasons:
 * Built for humans, not machines. 
 * Requires logins, manual steps and batch processing. 
 * High fees and slow settlement times make them unsuitable for high-frequency, low-value, autonomous transactions.
Because of the limitations of traditional payment systems, agentic payments 
matter for several key reasons:
 * They enable a machine-first economy, where software can transact just like humans. 
 * Make real-time AI decision-making possible by removing friction from access to paid services. 
 * Pave the way for composable services, where agents can chain together paid APIs and tools autonomously.
As discussed, such payments require machine-readable protocols, instant 
settlement and predictable pricing, all of which x402 enables. It&#8217;s a vital 
step in building a transactional layer for a machine-first internet.
## x402 vs. traditional payment systems
_Today &#8216;s online payment systems are deeply human-centric. Whether it&#8217;s 
signing up for a subscription, entering credit card information or passing 
Know Your Customer (KYC) checks, the current infrastructure assumes a person 
is at the center of every transaction._
This design becomes a bottleneck when payments need to be made automatically, 
in real time and at scale. APIs that want to monetize often face hurdles like 
creating user accounts, handling fraud, managing disputes and integrating with 
centralized processors like Stripe or PayPal. These systems are slow, costly 
and often region-specific.
X402 removes these barriers by allowing servers to ask for and receive payment 
directly through the protocol itself. There&#8217;s no need for logins, billing 
dashboards or delayed bank transfers. The value transfer is embedded into the 
fabric of the internet, optimized for agents and apps.
The contrast between x402 and traditional payment infrastructure is stark. 
While x402 is protocol-first, built on crypto rails, systems like Visa, Stripe 
and PayPal are platform-first. X402 enables payments to settle in seconds 
using onchain transactions, while traditional rails typically settle over one 
to three business days.
Moreover, x402 supports micropayments as small as fractions of a cent, making 
it viable for high-frequency, low-cost interactions &#8212; something that&#8217;s 
infeasible on credit card networks due to fees. It&#8217;s also global by design, 
requiring no currency conversions or regional banking relationships. 
Chargebacks, fraud risk and intermediary fees are virtually eliminated, thanks 
to the immutability of onchain transfers.
Where traditional systems focus on human users with front-end interfaces, x402 
enables machine-native, backend-to-backend monetization.
_**Did you know?** You can detect HTTP 402 responses using tools like 
Sitechecker Pro, which scans your site like a search bot and flags unusual 
status codes &#8212; including payment-related ones._
## Incumbents&#8217; act: How Visa, Stripe and PayPal are exploring AI-powered 
payments
_To be fair, incumbents aren &#8216;t ignoring this trend. Visa, Stripe and PayPal 
have all acted to be in line with the trend and incorporate appropriate 
changes in their approach._
### Visa
Visa has announced initiatives to allow AI agents to make purchases on behalf 
of users by linking them to its global payments network. This move aims to 
facilitate autonomous AI assistants capable of performing shopping tasks, such 
as managing routine purchases, based on user-defined budgets and preferences.
In partnership with Bridge, a stablecoin infrastructure provider, Visa is 
launching stablecoin-linked Visa cards across multiple countries in Latin 
America. This collaboration enables users to make everyday purchases using 
cryptocurrency tokens, with plans to expand to Europe, Africa and Asia in the 
coming months.
### Stripe
Stripe has unveiled a new AI foundation model aimed at improving fraud 
detection and authorization rates. This model, trained on billions of 
transactions, has significantly increased the detection rate for fraudulent 
activities, such as card-testing attacks, enhancing the security of its 
payment systems.
Stripe has introduced Stablecoin Financial Accounts, allowing businesses in 
over 100 countries to hold balances in dollar-backed stablecoins like USDC and 
USDB. These accounts support global payments and enable firms to manage 
stablecoins alongside traditional payment methods.
### PayPal
PayPal is set to launch a rewards program offering users a 3.7% annual yield 
on holdings of its stablecoin, PayPal USD (PYUSD), in PayPal or Venmo wallets. 
This initiative aims to encourage the adoption and utilization of PYUSD for 
various transactions, including merchant payments and peer-to-peer transfers.
PayPal has expanded its partnership with Coinbase to increase the adoption and 
utilization of PYUSD. This collaboration focuses on developing stablecoin- 
based payments and banking solutions, as well as exploring other use cases for 
PYUSD in DeFi and onchain platforms.
### Protocols vs. platforms: The distinct approaches
While Visa, Stripe and PayPal are making significant strides in integrating AI 
and stablecoins into their services, these companies still operate within 
walled gardens. They offer services, not protocols. Their infrastructures are:
 * **Centralized:** Governed by corporate policies and APIs. 
 * **Permissioned:** Access requires onboarding, KYC and platform approval. 
 * **Closed ecosystems:** Where user experience and interoperability are tightly controlled.
In contrast, x402 is permissionless and open, allowing any developer to plug 
into it without needing a merchant account. And the distinction between 
centralized services and open protocols like x402 will play a crucial role in 
shaping the future landscape of digital payments, potentially leading to a 
more decentralized and agent-driven economy.
## What is x402&#8217;s monetization model?
_One of the most practical use cases for x402 is API monetization. In today &#8216;s 
model, developers must create keys, handle access tiers, and enforce rate 
limits manually. With x402, APIs can simply respond to unauthenticated 
requests with a 402, indicating a cost, for example, $0.001 to access a data 
endpoint._
A client can then send the required stablecoin payment and receive the 
response instantly. This turns APIs into microservices with embedded pricing, 
enabling fine-grained monetization at the level of individual function calls. 
It&#8217;s a model that fits naturally with both AI workloads and human developers 
who want to pay only for what they use.
Stablecoins like USDC are central to the success of x402 and agentic payments 
more broadly. Their key benefit is price stability, allowing developers and 
agents to transact in predictable units without worrying about crypto 
volatility. That&#8217;s critical for applications that operate with tight budgets 
or usage-based pricing.
USDC also offers fast finality, especially on chains like Base, Solana and 
Ethereum layer 2s, where transfers can confirm in seconds with minimal fees. 
Its broad support across wallets, APIs and ecosystems makes it a practical 
choice for integration. Other stablecoins like PYUSD or EURC may become 
relevant, but USDC&#8217;s dominance in DeFi and institutional finance gives it a 
clear head start.
## Challenges and opportunities for agentic payments
_Agentic payments raise important questions around security, like how can bots 
manageprivate keys safely? There&#8217;s also the issue of abuse &#8212; will bad actors 
flood servers with fake payments or exploit pricing models? Regulatory 
concerns also loom._
But the upside is enormous. The emergence of a machine-to-machine economy has 
led to a situation where agents transact for data, compute, bandwidth and 
services without human input. Protocols like x402 are the rails that will 
power this fast, open and crypto-native economy.
Coinbase&#8217;s x402 is more than a technical upgrade; it&#8217;s a new payment primitive 
for the programmable web. By bringing crypto payments over HTTP to AI agents 
and APIs, x402 transforms how the internet handles value. It opens the door to 
a future where transactions are embedded, automatic and driven by machines, 
not just people.
As the digital economy evolves, protocols like x402 could become the 
foundation of the new internet, powered by a new-age financial infrastructure.

Coinbase’s x402: Crypto payments over HTTP for AI and APIs

MetaMask co-founder said the company is still considering a native token 
launch and revealed how the team would go about announcing it. In a recent 
interview, the Block&#8217;s Head of Growth, Tim Copeland, asked the crypto wallet&#8217;s 
co-founder Dan Finlay…

MetaMask is ‘maybe’ considering a native token launch

Sygnum Bank is now allowing clients to use staked SOL as collateral for multi- 
currency loans, as institutional demand drives a doubling in its crypto 
lending volume. Swiss digital crypto-friendly bank Sygnum has added staked 
Solana (SOL) to its portfolio of…

Swiss bank Sygnum starts accepting staked SOL as collateral for fiat loans

Publicly-traded firm BTCS Inc. announced a $57.8 million financing agreement 
led by investment firm ATW Partners to purchase Ether as it expands its 
blockchain infrastructure strategy.
The Rockville, Maryland-based company announced the deal on May 14, stating 
that the move will allow it to expand validator node operations and build 
recurring revenue from Ether (ETH) staking.
BTCS CEO Charles Allen said the move follows Strategy&#8217;s (formerly 
MicroStrategy) high-profile Bitcoin (BTC) accumulation blueprint and will 
leverage Ethereum for long-term growth.
&#8220;We are executing a disciplined strategy to increase our Ethereum exposure and 
drive recurring revenue through staking and our block building operations,&#8221; 
Allen said.
_Source:__BTCS_
## BTCS issues initial $7.8 million convertible notes
As part of the agreement, BTCS issued an initial $7.8 million tranche in 
convertible notes, with the option to draw an additional $50 million in 
funding subject to mutual agreement.
The notes are convertible to BTCS common stock at a fixed price of $5.85 per 
share, almost 200% more than the company&#8217;s $1.99 stock price on May 13.
The notes carry a two-year maturity and a 6% annual interest rate. This means 
that BTCS has two years to repay the loan if it&#8217;s not converted into stock, 
and that while the notes are active, the company is paying 6% in interest 
every year.
In simple terms, investors are betting that BTCS stock will rise. In exchange, 
the company gains access to capital for scaling its Ethereum operations.
The investors also received an option to buy 1.9 million shares at $2.75 each 
for the next five years. This is much higher than the current stock price but 
lower than the conversion rate stated in the agreement.
The financing agreement also follows the company&#8217;s recent use of the lending 
protocol Aave to borrow funds to acquire ETH. However, the company did not 
disclose in the announcement how much ETH it acquired through the protocol.
_**Related:**__**Ethereum Foundation unveils security initiative to supplant 
legacy systems**_
## BTCS doubles down on Ether as asset gains 42%
BTCS&#8217; announcement to purchase ETH comes after the crypto asset showed massive 
gains following the Pectra upgrade. On May 12, Ether&#8217;s market cap surged by 
42%, surpassing the stock valuations of Coca-Cola and Alibaba. The surge in 
value placed Ether as the 39th-largest asset by market cap.
_**Magazine:**__**Danger signs for Bitcoin as retail abandons it to 
institutions: Sky Wee**_

Nasdaq-listed BTCS Inc. to boost ETH holdings with $57.8M raise

_**Opinion by: Yat Siu, executive chairman and co-founder, Animoca Brands**_
 _A discussion on digital property rights, copyright, intellectual property, 
the open metaverse, AI and value without physical form._
When I attend conferences and similar public events, someone almost always 
approaches me to ask how cryptographic tokens (fungible or non-fungible) can 
have value even though tokens are virtual and do not exist in the physical 
world. It&#8217;s a surprisingly common question, especially one-on-one.
Virtual**** objects like NFTs and cryptocurrencies are both digital and 
intangible; their existence is not based in the real (physical) world, and 
(unlike digital currencies) they generally do not have backing by real-world 
institutions.
The ability to have value (specifically, monetary worth) is crucially 
important regarding the open metaverse, the decentralized internet of Web3 
characterized by true digital ownership (see What IS the open metaverse?).
I recently delved into the value of the virtual during an interview with CNBC, 
which may prove quite helpful to some readers. I&#8217;d like to discuss this topic 
in greater detail and with some historical context.
When discussing whether something that doesn&#8217;t exist in the real world can 
have real monetary worth, it is important to remember that intangible things 
__ have carried value for centuries _;_ the key is ownership and the benefits 
associated with that ownership.
## How the ownership of ideas created the modern world
One of the most important building blocks of modern industry and innovation- 
based economies was laid down more than three centuries ago in Great Britain 
with the long form title of &#8220;An Act for the Encouragement of Learning by 
Vesting the Copies of Printed Books in the Authors or Purchasers of Such 
Copies, During the Times Therein Mentioned.&#8221;
Also known as the Statute of Anne and the Copyright Act of 1709 (or 1710), 
this legislation provided the basis for modern copyright and intellectual 
property laws by establishing that the author of a particular work, not its 
publisher, was its rightful owner.
The statute marked a pivotal moment in history by distinguishing between 
creators and distributors in much the same way that today we distinguish 
between creators (artists, writers, musicians, etc.) and the platforms that 
distribute their works (Netflix, Medium, Spotify, etc.).
By granting creators exclusive rights to their works for a limited time, the 
Statute of Anne and subsequent acts established an economic framework for 
intellectual property under which creators could retain control and financial 
benefits over their works. At the same time, society gained access to those 
works through public libraries, book sales and similar means of distribution.
The result was a veritable explosion of literature, science and philosophy 
that fueled the European Age of Enlightenment and the Scientific Revolution.
This period in history saw the rise of literary giants such as Jane Austen, 
Victor Hugo and Charles Dickens, and intellectual titans including Voltaire, 
Rousseau, Kant, Hume, Mary Wollstonecraft and Adam Smith. In the sciences, the 
publicly available work of visionaries like Charles Darwin, Gregor Mendel and 
Marie Curie allowed us to radically advance our understanding of the physical 
world.
The ability to own their ideas brought fame and financial independence to 
innovators, enabling them to challenge norms, push boundaries and distribute 
groundbreaking ideas. Copyright provided an economic incentive to create and 
share idea-based works, ensuring that contributions would endure and inspire 
future generations.
Copyright was so powerful and impactful that other nations followed with their 
own measures, including the United States with its Copyright Act of 1790.
Copyright and other forms of intellectual property protection have been 
accelerating innovation and powering economies for over three centuries. One 
of the most notable examples of this effect is China.
China was a free haven for IP infringement. Pirated digital and physical goods 
were prevalent until the 1990s and early 2000s, when China began to strengthen 
its IP protection. This contributed to a meteoric rise in domestic Chinese 
innovation, and today, China is the world&#8217;s leading generator of ideas in the 
form of scientific studies, patents, technology, content, etc.
_China&#8217;s reforms to IP protection in the 1990s and early 2000s contributed to 
an explosion in the number of annual patent applications, considered a proxy 
indicator of innovation (image from_ _Our World in Data_ _)_
## Owning the work of our minds
Today, it is widely acknowledged that intellectual property is subject to 
ownership just like material things, even though it is intangible and time- 
bound. We recognize that copyright, trademarks, patents and similar measures 
establish and protect ownership of the intangible.
In a previous essay, I mentioned the work of the philosopher John Locke, 
describing the man as &#8220;one of the OGs in the field of ownership and a major 
inspiration for both the European Enlightenment and the US Constitution.&#8221;
Loosely stated, Locke reasoned that a person has a natural right to own the 
labor of their &#8220;body&#8221; and &#8220;hands.&#8221; Copyright applied this Lockean view to the 
intangible products of the mind.
_**Recent:**__**Why crypto &#8216;s next breakthrough could start in the classroom 
&#8212; Animoca&#8217;s Yat Siu**_
As I noted in that essay, Locke&#8217;s reasoning &#8212; that a person&#8217;s labor generates 
property &#8212; provided a strong basis for &#8220;ownership of intangibles including 
intellectual property, usage time, data, and the derivatives of data.&#8221;
Intellectual property is fundamentally intangible: Scientific breakthroughs, 
literary works, musical compositions and various other creations of the mind 
emerge &#8220;from thin air&#8221; and without fixed physical form.
In capitalist economies, the protection of intellectual property plays a 
crucial role in supporting and incentivizing creators, making it possible for 
the work of our minds to enjoy commercial success, distribution and longevity. 
Without IP protection, entire industries (including technology, science and 
medicine) would be severely stunted by the lack of economic incentives to 
undertake research and development.
It is no exaggeration to say that the Statute of Anne changed the world by 
launching a framework for creators to own and protect the work of their minds, 
which in turn made it possible to enhance and sustain innovation.
The introduction of intellectual property protection laid the foundation for 
ownership over the intangible. It enabled our minds to create intangible 
capital assets, thus fuelling the economic engines of wealth generation. Just 
as importantly, copyright granted rights explicitly to creators, helping to 
decentralize the concentration of power away from big publishers.
Ownership of the intangible represents such obvious and immense value to us at 
Animoca Brands that we made the advancement of digital property rights our 
core mission.
## The economic power of assets without physical existence
It is well established in traditional business and finance that the intangible 
can have worth. Brand equity, intellectual property and goodwill are all 
considered valuable. The reams of intangible data you produce daily through 
your online activities are highly prized by companies and platforms that use 
it (and sometimes abuse it) to extract value from you.
Consider that intangibles already dominate the global economy:
 * The US Patent and Trademark Office (USPTO) estimated that in 2019, IP-intensive industries contributed 41% of US domestic economic activity, supporting 63 million jobs (44% of total US employment).
 * The World Intellectual Property Organization (WIPO) estimated that in 2023, intangible assets were valued at $62 trillion &#8212; multiples more than the total market cap of gold (about $17 trillion to $25 trillion).
(On a related topic, the sheer economic power of IP makes recent suggestions 
by Jack Dorsey and Elon Musk that we should &#8220;delete all IP law&#8221; all the more 
bizarre. Removing something that has successfully driven innovation, 
investment and development for more than 300 years hardly seems like the 
wisest course of action. I discussed this matter in a thread on X.)
Blockchain technology is a game-changer because it can provide provable 
ownership, scarcity and economic opportunities for intangible assets in a 
decentralized manner at minimum cost, quickly and securely.
In a non-blockchain framework, a public record of ownership for an asset is 
maintained by a trusted central authority, often a government agency. This 
presents significant challenges, including security, barriers to access, poor 
efficiency, high costs to owners, red tape and the poor cost-effectiveness of 
protecting items of relatively little worth.
In blockchain-enabled frameworks, however, decentralized and immutable ledgers 
can greatly reduce waste, vulnerability and opportunity loss while providing 
and automating important record-keeping functions more efficiently and 
securely than centralized systems. But that&#8217;s not all.
## The work of artificial minds
IP-based value creation is particularly critical in the context of the 
artificial intelligence revolution currently underway.
IP protection recently gained attention through a viral trend of AI-generated 
images in the style of Hayo Miyazaki, the legendary founder of Studio Ghibli. 
This trend brought to the forefront some concerns about AIs that are trained 
using protected IP and the potential impact that easily generated imitations 
have on rightful IP owners.
The film industry has been wrangling with this issue for years:
&#8220;OpenAI, a major US artificial intelligence company, and Google both wrote to 
the Office of Science and Technology Policy about an AI action plan this 
month, making the case that it would be beneficial for AI developers to be 
able to use copyrighted materials to train AI…
&#8220;SAG-AFTRA, the union that represents about 160,000 performers, wanted film 
and TV producers to obtain consent from actors to create and use their digital 
replicas. They also fought for actors to be compensated at their usual rate &#8212; 
even if a digital replica of them performs the role.&#8221;
CBS News, March 17, 2025
These are thorny issues that will impact most industries, sooner or later. Can 
a society successfully legislate to protect the work of our minds from the 
highly efficient imitative assaults of artificial intelligence? Will AI 
regulation enhance industries or merely restrict innovation and 
competitiveness?
There is a technological solution to some of the concerns around AI and 
copyright. Blockchain provides a secure and trustable type of framework for 
large-scale tracking, provenance, ownership and various other aspects of 
intellectual property that are currently being challenged by generative AIs.
Even better, blockchain can also facilitate usage tracking and royalty 
payments related to ownership of individual assets, even for assets of very 
low value.
In the AI-driven world of the near future, blockchain technology can be the 
basis for efficient mechanisms that provide fair rewards and accreditation to 
creators whose intellectual property fuels AI (a subject I addressed briefly 
in my TED Talk).
## Digital property rights: The next frontier
When someone asks me how NFTs or cryptocurrencies can have real value despite 
being intangible, I usually ask them the same question about the work of their 
favorite musician, author or filmmaker. Most people have a fundamental 
appreciation for intellectual property rights in the context of &#8220;traditional&#8221; 
industries because those industries have considerable __ experience managing 
ownership of the intangible.
Intellectual property is recognized to have real value without physicality, 
and creators have the right to ownership over their intangible creations, 
empowering them to create capital &#8220;out of thin air&#8221; through the work of their 
minds. This also applies to virtual objects (and, indeed, virtual objects 
often represent or are linked to intellectual property).
Whether you own an idea, something you wrote, a digital currency, or an NFT, 
the key point is ownership and its associated benefits. Ownership of something 
(virtual or real) confers some __ degree of opportunity that would otherwise 
not be possible without that ownership.
As the world embraces the digital frontier, the mission of Animoca Brands 
strikes me as more relevant than ever: to make available digital property 
rights for all, thereby helping to ensure that all creators can be rewarded 
fairly not only for their own creations but also for their relative 
contributions to the work of others (such as AIs, social networks, 
advertisers, remixers, etc.).
The same principle of ownership over the intangible that helped fuel the 
Enlightenment, the Scientific Revolution, and the Information Age can now be 
extended to our digital lives in the decentralized open metaverse, where 
technological frameworks already enshrine provable ownership of the virtual, 
and where creating and accessing virtual assets is inherently democratic and 
easily available to all participants.
A little over 315 years after the Statute of Anne began to pave the road that 
leads to the open metaverse, the confluence of technology and property rights 
is now poised to unlock nearly unimaginable creativity, economic empowerment 
and progress for billions of people.
_**Opinion by: Yat Siu, executive chairman and co-founder, Animoca Brands.**_
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.