[darawk]

This is the classic "but I can already do all that with rsync" dropbox criticism. Yes, the traditional legal system is still required. Crypto does not make it go away, and anyone who says otherwise is a fool. What it does do is change the UX around transacting with these things.

Right now buying IP rights is a bespoke process involving lawyers. It has very high transaction costs in the Coasean sense. Tokenizing and standardizing these things, and standardizing the way revenue across directly to the rights holder in a way that is agnostic to who the owner is.

This is the value of the decentralized economy. It has the ability to shrink the domain of responsibility for the traditional legal system, and standardize things in a way that simplifies entry for entities that are less legally fluent.

I think an appropriate analogy here would be between the private and public markets. Buying stocks on the public market is easy and simple, because the process is standardized. You don't have to read complex legal agreements or study cap tables. You just click buy. The token economy has similar properties, although all the details of what the best ways to standardize, and what should and shouldn't be standardized, are not yet flushed out.